Markets Actual Q3 Q4 Q1 Q2 2023
Currency 1294.34 1322 1338 1355 1355 1390
Stock Market (points) 2308.95 2239 2177 2118 2118 2003
Government Bond 10Y (%) 3.50 3.81 3.89 3.98 3.98 4.16

Overview Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) 0.60 0 0.8 1.3 1.3 0.6
GDP Annual Growth Rate (%) 3.00 2.8 3 2.6 2.6 2.7
Unemployment Rate (%) 2.80 3.7 3.5 3.4 3.4 3.6
Inflation Rate (%) 5.40 5.7 4.5 3.7 3 2.6
Inflation Rate Mom (%) 0.70 0.1 0.1 0.5 0.5 0.2
Interest Rate (%) 1.75 2.5 3 3.25 3.25 3.25
Balance of Trade (USD Million) -2470.00 6500 5100 5500 5500 6700
Current Account (USD Million) -80.00 5500 8600 8600 8600 7900
Current Account to GDP (% of GDP) 3.50 4 4 4 4 4
Government Debt to GDP (% of GDP) 42.60 50 50 50 50 53
Government Budget (% of GDP) -6.10 -2.8 -2.8 -2.8 -2.8 -2.2
Business Confidence (points) 83.00 87 80 80 80 80
Manufacturing PMI (points) 51.30 51 50 50 50 50
Consumer Confidence (points) 96.40 103 110 110 110 110
Retail Sales MoM (%) -0.10 0.5 0.5 0.5 0.5 0.9
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 45.00 40 40 40 40 40

GDP Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) 0.60 0 0.8 1.3 1.3 0.6
GDP Annual Growth Rate (%) 3.00 2.8 3 2.6 2.6 2.7
GDP (USD Billion) 1630.53 1710 1710 1710 1710 1780
GDP Constant Prices (KRW Billion) 487105.20 491008 491090 497562 499770 510996
Gross National Product (KRW Billion) 455546.70 485994 483278 505654 467391 519306
Gross Fixed Capital Formation (KRW Billion) 138803.60 146942 143702 145558 142412 149488
GDP per capita (USD) 31264.94 28075 28075 28075 28075 28075
GDP per capita PPP (USD) 42251.50 42500 42500 42500 42500 42500
GDP From Agriculture (KRW Billion) 8724.30 7815 8480 8616 8951 8849
GDP From Construction (KRW Billion) 21443.00 22243 21791 22167 22001 22766
GDP From Manufacturing (KRW Billion) 134195.60 132355 132242 133643 137685 137252
GDP From Mining (KRW Billion) 472.30 536 540 498 485 511
GDP From Public Administration (KRW Billion) 29683.50 29807 30192 30574 30455 31400
GDP From Services (KRW Billion) 272796.30 276168 276505 280939 279889 288524
GDP From Transport (KRW Billion) 14099.30 15070 14689 14943 14466 15346
GDP From Utilities (KRW Billion) 12728.80 12401 12470 12530 13060 12868

Labour Actual Q3 Q4 Q1 Q2 2023
Unemployment Rate (%) 2.80 3.7 3.5 3.4 3.4 3.6
Employed Persons (Thousand ) 28222.00 28000 28000 28000 28000 28000
Unemployed Persons (Thousand ) 811.00 1110 1110 1110 1110 1110
Labor Force Participation Rate (%) 64.90 63 63 63 63 63
Labour Costs (points) 105.50 142 142 142 142 142
Wages (KRW/Month) 4505228.00 4026000 4121000 4121000 4121000 4211000
Wages in Manufacturing (KRW/Month) 5232994.00 4446000 4427000 4427000 4427000 4547000
Minimum Wages (KRW/Hour) 9160.00 8990 8990 8990 8990 8990
Population (Million) 51.78 51.98 51.98 51.98 51.98 52.1
Retirement Age Women 62.00 60 60 60 62 62
Retirement Age Men 62.00 60 60 60 62 62
Youth Unemployment Rate (%) 7.30 8.5 8.5 8.5 8.5 8.5
Employment Rate (%) 61.40 61 60 60 60 60

Prices Actual Q3 Q4 Q1 Q2 2023
Inflation Rate (%) 5.40 5.7 4.5 3.7 3 2.6
Inflation Rate Mom (%) 0.70 0.1 0.1 0.5 0.5 0.2
Consumer Price Index CPI (points) 107.56 108 109 109 110 112
Core Consumer Prices (points) 105.73 104 104 105 106 107
Core Inflation Rate (%) 4.10 2.1 1.6 1.6 1.6 1.6
Producer Prices (points) 118.59 115 116 116 120 119
Producer Prices Change (%) 9.70 4 2.5 2.5 2.5 2.5
Food Inflation (%) 6.02 2.5 2.5 2.5 2.5 2.4
CPI Housing Utilities (points) 106.47 108 108 108 109 111
CPI Transportation (points) 119.79 120 120 120 121 121

Money Actual Q3 Q4 Q1 Q2 2023
Interest Rate (%) 1.75 2.5 3 3.25 3.25 3.25
Interbank Rate (%) 2.24 2.24 2.99 3.49 3.74 3.74
Money Supply M2 (KRW Billion) 3656057.60 3536902 3779000 3779000 3779000 4069517
Foreign Exchange Reserves (USD Million) 447711.10 508722 540791 540791 540791 561540
Loans to Private Sector (KRW Hundred Million) 11191639.00 10538334 10783766 10976541 11223403 11272908
Deposit Interest Rate (%) 1.94 1.94 2.69 3.19 3.44 3.44
Private Debt To GDP (%) 272.78 263 263 263 263 263
Central Bank Balance Sheet (KRW Billion) 563775.70 576017 602747 602747 602747 638386
Foreign Stock Investment (USD Million) 940574.20 900000 900000 900000 900000 850000

Trade Actual Q3 Q4 Q1 Q2 2023
Balance of Trade (USD Million) -2470.00 6500 5100 5500 5500 6700
Current Account (USD Million) -80.00 5500 8600 8600 8600 7900
Current Account to GDP (% of GDP) 3.50 4 4 4 4 4
Imports (USD Million) 63222.00 44000 45000 45000 45000 45000
Exports (USD Million) 57730.00 50500 50500 50500 50500 51700
External Debt (USD Million) 654097.80 612101 660947 660947 660947 725021
Foreign Direct Investment (USD Thousand ) 5447000.00 9000000 10000000 10000000 10000000 10000000
Tourism Revenues (USD Million) 785900.00 1000000 1000000 1000000 1000000 1420000
Tourist Arrivals 99999.00 1000000 1250000 1250000 1250000 1250000
Weapons Sales (SIPRI TIV Million) 827.00 800 800 800 800 800

Government Actual Q3 Q4 Q1 Q2 2023
Government Debt to GDP (% of GDP) 42.60 50 50 50 50 53
Government Budget (% of GDP) -6.10 -2.8 -2.8 -2.8 -2.8 -2.2
Government Budget Value (KRW Billion) -21317.00 -26000 -23000 -23000 -23000 -23000
Government Spending (KRW Billion) 86413.00 86904 87644 88857 88660 91257
Government Revenues (KRW Billion) 236310.00 399000 399000 399000 399000 399000
Fiscal Expenditure (KRW Billion) 257627.00 415000 415000 415000 415000 415000
Military Expenditure (USD Million) 46056.00 40650 40650 40650 40650 40650
Government Spending To GDP (% of GDP) 31.15 39 39 39 39 39
Asylum Applications (Persons) 6684.00 4350 5500 5500 5500 3800

Taxes Actual Q3 Q4 Q1 Q2 2023
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 45.00 40 40 40 40 40
Sales Tax Rate (%) 10.00 10 10 10 10 10
Social Security Rate (%) 19.24 18.94 18.94 18.94 18.94 18.94
Social Security Rate For Companies (%) 10.11 9.96 9.96 9.96 9.96 9.96
Social Security Rate For Employees (%) 9.13 8.98 8.98 8.98 8.98 8.98

Business Actual Q3 Q4 Q1 Q2 2023
Business Confidence (points) 83.00 87 80 80 80 80
Manufacturing PMI (points) 51.30 51 50 50 50 50
Industrial Production (%) 7.30 3.2 3.6 3.6 3.6 2.5
Industrial Production Mom (%) 0.10 1.5 1.5 1.5 1.5 1.5
Manufacturing Production (%) 7.80 2.5 2.5 2.5 2.5 2.5
Capacity Utilization (points) 105.00 108 109 109 109 109
Bankruptcies (Companies) 12.00 25 25 25 25 25
Car Registrations 124184.00 175000 190500 190500 190500 190500
Leading Economic Index (points) 128.20 126 128 128 128 130
Steel Production (Thousand Tonnes) 5800.00 5900 6000 6000 6000 6000
Mining Production (%) -11.30 2.5 4 4 4 3
Coincident Index (points) 120.70 117 119 119 119 120
Car Production 3506774.00 44000000 44000000 44000000 44000000 44000000
Electricity Production (Gigawatt-hour) 23449.74 25300 25300 25300 25300 25300

Consumer Actual Q3 Q4 Q1 Q2 2023
Consumer Confidence (points) 96.40 103 110 110 110 110
Retail Sales MoM (%) -0.10 0.5 0.5 0.5 0.5 0.9
Retail Sales YoY (%) 0.70 5 5 5 5 5
Consumer Spending (KRW Billion) 223208.80 228001 226700 231125 229012 237365
Disposable Personal Income (KRW Billion) 2078537.30 1998778 1992962 2140893 2132579 2198698
Personal Savings (%) 35.40 34 33 33 33 33
Consumer Credit (KRW Billion) 1859423.40 1861849 1896550 1917927 1907768 1969711
Bank Lending Rate (%) 3.57 3.57 4.32 4.82 5.07 5.07
Households Debt To GDP (% of GDP) 106.70 93 93 93 93 93
Gasoline Prices (USD/Liter) 1.58 1.64 1.7 1.76 1.82 1.82

Housing Actual Q3 Q4 Q1 Q2 2023
Housing Index (points) 100.90 120 125 125 125 130
Home Ownership Rate (%) 58.00 58.5 58.5 58.5 58.5 58.5
Construction Orders (KRW Million) 8331951.00 9000000 10000000 10000000 10000000 10000000
Construction Output (%) 8.20 2.5 2.5 2.5 2.5 3.2


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. South Korea Forecast - was last updated on Friday, July 1, 2022.