Economic Bulletin (Vol. 32, No.1)

Vol. 32 | No.
Republic of Korea
Economic Bulletin
The Green Book : Current Economic Trends

Overview 3
1. Global economy 4
2. Private consumption 8
3. Facility investment 12
4. Construction investment 14
5. Exports and imports 16
6. Mining and manufacturing production 18
7. Service sector activity 20
8. Employment 22
9. Financial markets 24
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market
10. Balance of payments 28
11. Prices and international commodity prices 30
11.1 Prices
11.2 International oil and commodity prices
12. Real estate market 34
12.1 Housing market
12.2 Land market
13. Composite indices of business cycle indicators 38
Policy Issues
Labor union law revised 40
Economic News Briefing 43
Statistical Appendices 49
The Green Book
Current Economic Trends
Overview
The Korean economy continued an upward trend as real economic indicators such as
production, investment and exports stayed in a recovery phase, while financial markets
remained stable.
Mining and manufacturing production in November rose 1.4 percent month-on-month and
17.8 percent year-on-year. Service output fell 1.2 percent month-on-month, affected by the
H1N1 flu pandemic. On a year-on-year basis, however, the index rose 3.3 percent.
Consumer goods sales slightly declined month-on-month by 0.9 percent in November due to
drops in semi-durable and non-durable goods sales, while the indicator accelerated a year-
on-year rise from 9.8 to 10.0 percent, backed by a low base effect and growing durable goods
sales.
Facilities investment increased in November by 7.0 percent month-on-month and 10.3

percent year-on-year, helped by recovering machinery investment. Construction completed,
thanks to the private sector posting a year-on-year rise in nine months, grew both month-on-
month and year-on-year by 1.2 percent and 4.2 percent, respectively.
Exports in December jumped 33.7 percent year-on-year, positively affected by a rise in major
exports including liquid crystal devices and a low base effect. Imports soared 24.0 percent
year-on-year, as imports of raw materials and capital goods rose and the low base lifted the
index.
The total number of workers hired shed 10,000 year-on-year in November, as hiring in the
agriculture, forestry & fishery significantly dropped. The unemployment rate slightly
increased month-on-month from 3.2 to 3.3 percent.
Consumer prices in December remained in the 2 percent range, despite rising prices of
agriculture, livestock & fishery products, of which the shipments declined due to a cold wave.
In December, financial markets continued to be stable, as worries over Dubai World’s

possible default eased, a Korea’s consortium won a contract to export nuclear facilities to the
United Arab Emirate (UAE), and the stock market rallied reflecting expectations over an
economic recovery, while the interest rate reversed to a slight increase.
To sum up, although the Korean economy passed the critical stage and has continued to
improve, the recovery does not seem to be firmly entrenched, as the private sector is not
strong enough to drive consumption, investment and employment, and external
uncertainties including oil prices are still lingering.
The Korean government, to secure economic recovery, will keep pursuing expansionary fiscal
policies and spend budgets as planned, and at the same time it will continue to create jobs
and support the working class. On the other hand, the government will step up its efforts to
reform the economy through corporate restructuring and nurture growth potential, in order
to found a basis for a future economic take-off.
Economic Bulletin 3
1. Global economy
The global economy is showing a gradual recovery as production and exports improved in
advanced countries. However, potential threats to global economic stability including
sluggish employment still remain.
Also, concerns grew over sovereign debt risks as Standard & Poor’s revised its credit outlook
for Spain to negative from stable on December 9, 2009 and Fitch cut Greece's credit rating to
BBB+ from A- on December 8.
US
The US revised down annualized quarter-on-quarter real GDP growth in the third quarter
from 2.8 to 2.2 percent, as the level of inventory declined and investment in non-housing
construction decelerated.
In November, production and consumption continued upward trends, as industrial

production increased 0.8 percent month-on-month, and retail sales 1.3 percent.
Sales of existing homes in November jumped 7.4 percent from the previous month, backed
by the tax credit, while new home sales fell 11.3 percent.
In November, non-farm payrolls declined at a slightly slower pace, while the unemployment
rate hovered over the 10-percent range, showing the sluggish labor market.
The Federal Reserve announced in the Federal Open Market Committee (FOMC) on
December 17, 2009 that it would maintain the target range for the federal funds rate at 0.0 to
0.25 percent, along with the plan to complete the purchase of US$1.25 trillion of agency
mortgage-backed securities and about US $175 billion of agency debt by the first quarter of
2010.
(Percentage change from previous period)

2008 2009
Annual Q1 Q2 Q3 Q4 Q1 Q2 Q3 Nov
Real GDP1 0.4 -0.7 1.5 -2.7 -5.4 -6.4 -0.7 2.2 -
- Personal consumption expenditure -0.2 -0.6 0.1 -3.5 -3.1 0.6 -0.9 2.8 -
- Corporate fixed investment 1.6 1.9 1.4 -6.1 -19.5 -39.2 -9.6 -5.9 -
- Construction investment for housing -22.9 -28.2 -15.8 -15.9 -23.2 -38.2 -23.3 18.9 -
Industrial production -1.8 0.1 -1.2 -2.3 -3.4 -5.2 -2.7 1.5 0.8
Retail sales -0.7 -0.5 0.4 -1.5 -6.7 -1.2 -0.3 1.6 1.3
New home sales -37.4 -14.8 -9.6 -9.8 -15.0 -13.5 9.9 9.4 -11.3
New non-farm payroll employment
-257 -113 -153 -208 -553 -691 -428 -199 -11
(q-o-q, thousand)2
Consumer prices (y-o-y, %) 3.9 4.2 4.3 5.2 1.5 -0.2 -0.9 -1.6 1.8
1. Annualized rate (%)
2. Monthly average
Source: US Department of Commerce
4 January 2010
1-1 US GDP (q-o-q, annualized rate)
Source: US Department of Commerce
1-2 US non-farm payroll employment (m-o-m change)

Source: US Department of Labor
1-3 US federal funds rate and consumer prices

Source: US Federal Reserve Board & Department of Labor
Economic Bulletin 5
China Investment and consumption in China continued to improve in November, with industrial
production surging and exports declining at a much slower pace. The consumer price index
turned positive and home prices had accelerated a rise since June 2009, fanning concerns
over a potential asset bubble.
Home prices (y-o-y, %)

-1.1 (Apr 2009) -0.6 (May) 0.2 (Jun) 1.0 (Jul) 2.0 (Aug) 2.8 (Sep) 3.9 (Oct) 5.7 (Nov)
(Percentage change from same period in previous year)

2008 2009
Annual Q1 Q2 Q3 Q4 Q1 Q2 Q3 Oct Nov
Real GDP 9.0 10.6 10.1 9.0 6.8 6.1 7.9 8.9 - -
Fixed asset investment (accumulated) 26.1 25.9 26.8 27.6 26.1 28.6 33.6 33.3 33.1 32.1
Retail sales 21.6 20.6 22.2 23.2 20.6 15.0 15.0 15.4 16.2 15.8
Industrial production 12.9 16.4 15.9 13.0 6.4 5.1 9.1 12.4 16.1 19.2
Exports 17.2 21.4 22.4 22.9 4.1 -19.7 -23.5 -20.7 -13.8 -1.2
Consumer prices 5.9 8.0 7.8 5.3 2.5 -0.6 -1.5 -1.3 -0.5 0.6
Producer prices 6.9 6.9 8.4 9.7 2.5 -4.6 -7.2 -7.7 -5.8 -2.1
Source: China National Bureau of Statistics
Japan Japan revised down annualized quarter-on-quarter real GDP growth in the third quarter to
0.3 percent, but automobile sales rose in overseas markets, helping exports and industrial
production continue an upward march.
The Cabinet Office unveiled on December 9, 2009 its new economic stimulus package of 7.2
trillion yen (US$81 billion), which included employment promotion, while deflation took its
course as consumer prices declined for the eighth straight month.
2008 2009
Real GDP -0.7 1.4 -2.1 -1.0 -2.7 -3.1 0.7 0.3 - -
Industrial and mining production -3.4 0.3 -1.5 -3.3 -17.7 -17.2 14.6 5.9 0.5 2.6
Retail sales (y-o-y, %) 0.3 1.8 0.2 0.8 -1.5 -3.9 -0.9 -3.4 -1.0 -1.0
Exports (y-o-y, %) -3.5 5.9 1.8 3.2 -23.1 -46.9 -38.5 -34.4 -23.2 -6.3
Consumer prices (y-o-y, %) 1.4 1.0 1.4 2.2 1.0 -0.1 -1.0 -2.2 -2.5 -1.9
Source: Japan's Statistics Bureau and Statistics Centre
Eurozone
Eurozone’s exports declined at a slower pace, whereas the unemployment rate in October
hit 9.8 percent, the highest since 1980, showing the depressed employment market. The EU,
at the summit meeting on December 14, announced that the eurozone would maintain
economic stimulus policies until a durable economic recovery takes hold, as uncertainties
and vulnerabilities still lingered in the economy.
2008 2009
Real GDP 0.8 0.8 -0.3 -0.4 -1.9 -2.4 -0.2 0.4 - -
Industrial production -1.7 0.9 -1.1 -1.8 -7.6 -8.7 -1.2 2.1 -0.6 -
Retail sales -0.7 0.3 -0.6 -0.5 -0.9 -0.8 -0.3 -0.3 0.1 -
Exports (y-o-y, %) 3.6 6.5 8.0 5.3 -5.0 -20.9 -23.2 -19.3 -16.8 -
Consumer prices (y-o-y, %) 3.3 3.3 3.6 3.8 2.3 1.0 0.2 -0.4 -0.1 0.5
Source: Eurostat
6 January 2010
1-4 China’s GDP and fixed asset investment
Source: National Bureau of Statistics of China
1-5 Japan’s GDP growth

Source: Cabinet Office & Ministry of Economy, Trade and Industry, Japan
1-6 Eurozone GDP growth and industrial production

Source: Eurostat
Economic Bulletin 7
2. Private consumption
Private consumption (preliminary GDP) in the third quarter increased 1.5 percent quarter-on-
quarter, or 0.8 percent year-on-year.

2007 20081 20091
Annual Annual Q1 Q2 Q3 Q4 Q1 Q2 Q3
Private consumption 2
5.1 0.9 4.0 2.3 1.4 -3.7 -4.4 -0.8 0.8
(Seasonally adjusted)3 - - 1.1 -0.2 0.0 -4.6 0.4 3.6 1.5
1. Preliminary 2. National accounts 3. Percentage change from previous period
Source: The Bank of Korea
Consumer goods sales in November edged down 0.9 percent month-on-month, but rose 10.0
percent year-on-year, posting an increase for the seventh consecutive month.
On a month-on-month basis, durable goods sales was up 4.4 percent for the third straight
month, whereas semi-durable and non-durable goods sales fell 1.9 percent and 3.3 percent,
respectively. On a year-on-year basis, durable goods sales jumped 39.5 percent, thanks to
solid automobiles sales backed by tax incentives, while sales of semi-durable and non-
durable goods rose 1.3 percent and 2.1 percent, respectively.

2008 2009
Annual Q2 Q3 Q4 Q1 Q2 Q3 Sep Oct1 Nov1
Consumer goods sales 1.0 2.9 1.4 -4.2 -4.9 1.6 3.4 6.6 9.8 10.0
(Seasonally adjusted) 2
- -1.3 -0.1 -3.5 0.4 5.0 1.5 1.7 2.9 -0.9
- Durable goods 3
1.9 8.7 0.0 -9.9 -13.6 4.0 9.9 26.1 15.6 39.5
Automobiles -2.0 7.1 -4.9 -19.5 -21.3 18.4 29.7 65.7 36.1 108.4
- Semi-durable goods4 -2.4 -2.1 0.6 -9.9 -0.9 0.3 0.2 2.6 3.6 1.3
- Non-durable goods 5
0.7 0.3 1.2 -0.4 -1.4 1.0 2.0 0.3 10.0 2.1
1. Preliminary
2. Percentage change from previous period
3. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc.
4. Semi-durable goods: Clothing, footwear, etc.
5. Non-durable goods: Food, medicine, cosmetics, fuel, tobaccos, etc.
Source: Statistics Korea
Sales at department stores rose 5.5 percent, continuing an upward track for nine months in
a row, while sales at specialized retailers posted double-digit growth for the second straight
month.

2008 2009
Annual Q2 Q3 Q4 Q1 Q2 Q3 Sep Oct1 Nov1
- Department stores 0.5 3.7 0.2 -5.0 1.4 2.8 6.5 8.8 12.0 5.5
- Large discounters 2.2 3.1 -0.2 -1.2 -5.0 -2.9 -3.2 -2.0 5.5 -1.1
- Specialized retailers 2
-1.7 0.7 -1.0 -8.1 -6.9 2.6 4.5 8.6 10.7 12.5
1. Preliminary
2. Specialized retailers are defined as stores carrying a few (1 to 3) specialized items.
8 January 2010
2-1 Private consumption
Source: The Bank of Korea (national accounts)
2-2 Consumer goods sales

Source: Statistics Korea (industrial activity trend)
2-3 Consumer goods sales by type

Economic Bulletin 9
In December, consumer goods sales is likely to turn positive month-on-month, and continue
to rise year-on-year, given improving advanced estimates and consumer sentiment, and a
low base effect from the same period in the previous year.
Domestic credit card spending increased year-on-year from the previous month’s 18.3
percent to 20.0 percent, posting double-digit growth for the second consecutive month.
Sales at department stores grew 12.4 percent year-on-year, up 6.0 percentage points from
the previous month, continuing an upward trend. Sales at large discounters grew 3.9
percent year-on-year from the previous month’s decline of 2.8 percent.
Domestic sales of Korean cars soared 79.9 percent year-on-year, affected by the release of
new cars, demand surge before expiration of the tax break for new car purchases, and a low
base effect from the previous year. However, gasoline sales slightly declined.
Value of credit card use (y-o-y, %)

7.3 (Jul 2009) 10.9 (Aug) 14.7 (Sep) 9.4 (Oct) 18.3 (Nov) 20.0 (Dec)
Department store sales (y-o-y, %)
Discount store sales (y-o-y, %)
-6.0 (Jul 2009) -1.5 (Aug) -6.0 (Sep) 4.5 (Oct) -2.8 (Nov) 3.9 (Dec)
Domestic sales of Korean automobiles (y-o-y, %)
Domestic sales of gasoline (y-o-y, %)
15.8 (Jul 2009) 4.0 (Aug) -0.3 (Sep) 20.7 (Oct) -3.0 (Nov) -4.4 (Dec)
Source: Ministry of Knowledge Economy
The Credit Finance Association
Korea Automobile Manufacturers Association
Korea National Oil Corporation
Ministry of Strategy and Finance (for December data)
Stabilizing financial markets and improving consumer sentiment are also expected to
positively affect consumption.
Consumer prices (y-o-y, %)

The won/dollar exchange rate (monthly average)
1,264 (Jul 2009) 1,238 (Aug) 1,219 (Sep) 1,175 (Oct) 1,164 (Nov) 1,166 (Dec)
KOSPI (monthly average)
1,460 (Jul 2009) 1,579 (Aug) 1,659 (Sep) 1,631 (Oct) 1,583 (Nov) 1,647 (Dec)
Consumer Sentiment Index (CSI)
109 (Jul 2009) 114 (Aug) 114 (Sep) 117 (Oct) 113 (Nov) 113 (Dec)
10 January 2010
2-4 Department store and discount store sales (current value)
Source: Ministry of Knowledge Economy (monthly retail sales)
2-5 Domestic automobile sales

Source: Korea Automobile Manufacturers Association (monthly automobile industry trend)
2-6 Consumer sentiment index

Economic Bulletin 11
3. Facility investment
Facility investment (preliminary GDP) in the third quarter posted a quarter-on-quarter
increase of 10.4 percent, and a year-on-year loss of 7.4 percent.

2007 2008 1
20091
Facility investment2 9.3 -2.0 1.5 1.1 4.3 -14.0 -23.5 -15.9 -7.4
(Seasonally adjusted)3 - - -0.4 0.4 0.2 -14.2 -11.2 10.1 10.4
- Machinery 9.2 -2.7 -1.2 -0.1 6.5 -15.3 -24.0 -19.6 -15.1
- Transportation equipment 9.6 0.4 12.2 5.1 -3.6 -9.9 -21.8 -3.2 21.8
1. Preliminary 2. National accounts 3. Percentage change from previous period
Facility investment in November rose 10.3 percent year-on-year, as machinery investment, in

particular that in semi-conductor equipment, rapidly improved, and transportation
equipment investment, in particular automobile investment, continued to increase.
Machinery investment increased 7.4 percent year-on-year, the second fastest increase since
November 2007 when it rose 7.9 percent, approaching the pre-crisis level.
Machinery investment index

109.7 (Sep 2008) 99.2 (Oct) 83.1 (Jan 2009) 90.1 (Aug) 107.8 (Nov)

2007 2008 2009
Annual Annual Q4 Q1 Q2 Q3 Sep Oct1 Nov1
Facility investment 8.2 -4.3 -13.4 -17.7 -13.4 -10.1 5.0 0.5 10.3
- - -9.3 -11.6 6.6 4.2 17.9 -5.6 7.0
- Machinery 7.5 -5.7 -14.5 -21.9 -19.5 -17.2 -6.0 0.6 7.4
- Transportation equipment 11.3 1.5 -9.0 0.4 11.3 19.6 54.4 0.0 21.1
Domestic machinery orders 20.6 -5.5 -47.3 -33.8 -14.1 6.5 31.9 3.0 56.6
- Public -11.4 4.9 -3.5 150.5 30.9 281.3 129.5 -75.7 108.8
- Private 24.5 -6.2 -53.9 -42.9 -18.5 -12.4 25.5 26.9 46.4
Facility investment 1.7 -2.2 -15.6 -18.9 -8.5 1.6 8.3 -3.0 15.1
adjustment pressure3
1. Preliminary
3. Production growth rate minus production capacity growth rate in the manufacturing sector (%p)
Sources: Statistics Korea
Facility investment in December is projected to stay on an upward track, given growing

corporate investment confidence and improving leading indicators such as rising domestic
machinery orders and increasing facility investment adjustment pressure.
2009 2010
Sep Oct Nov Dec Jan
Business survey indices (base=100) for 95 100 96 98 103

manufacturing facility investment projections
12 January 2010
3-1 Facility investment by type
3-2 Machinery orders and estimated facility investment (3-month average)

3-3 Machinery imports

Source: Korea International Trade Association (KITA)
4. Construction investment
Construction investment (preliminary GDP) in the third quarter rose 2.7 percent year-on-
year, and declined 2.0 percent quarter-on-quarter.

2007 2008 1
20091
Construction investment 2
1.4 -2.1 -1.9 -0.3 0.2 -5.6 1.6 3.7 2.7
- - -2.5 -0.3 0.1 -3.0 5.2 1.7 -2.0
- Building construction -0.0 -4.3 -1.2 -0.1 -0.1 -14.3 -11.1 -3.5 -0.4
- Civil engineering works 3.8 1.3 -3.2 -0.7 0.7 5.7 24.9 14.3 7.7
1. Preliminary
2. National accounts
Construction completed (current value) in November rose 4.2 percent year-on-year, as

construction completed in the private sector improved along with the public sector, for the
first time in nine months since February 2009, landing at a 3.4 percent increase year-on-year.
Both building construction and civil engineering works climbed by 0.5 percent and 9.8
percent, respectively.

2007 2008 2009
Annual Annual Q4 Q1 Q2 Q3 Sep Oct1 Nov1
Construction completed 6.6 4.7 -2.2 4.5 7.0 -0.6 7.7 -5.2 4.2
- - -6.2 7.7 2.2 -6.6 10.1 -2.9 1.2
- Public 8.4 6.5 8.7 24.4 32.1 21.7 32.2 4.9 8.1
- Private 4.6 1.7 -9.1 -5.0 -5.2 -11.3 -4.3 -9.6 3.4
Construction orders 23.6 -9.0 -6.5 -16.5 -2.0 9.1 58.4 27.2 77.0
- Public 40.3 9.1 5.0 22.0 186.5 75.6 101.1 89.7 64.6
- Private 16.5 -15.8 -15.3 -38.4 -62.4 -10.7 61.8 16.3 85.6
Building permit area 13.3 -20.1 -41.9 -31.6 -32.7 -4.6 31.4 -29.5 14.1
1. Preliminary
Source: Statistics Korea & The Ministry of Land, Transport and Maritime Affairs
Construction investment is projected to slightly improve in December, given a rise in leading

indicators such as construction orders and building permit area. Construction orders in the
private sector, for the first time since December 2007, advanced for three consecutive
months from a year earlier.
14 January 2010
4-1 Construction investment
4-2 Construction completed and housing construction

Source: Statistics Korea (construction completed)
Kookmin Bank (housing construction)
4-3 Leading indicators of construction investment

Source: Statistics Korea (construction orders)
Ministry of Land, Transport and Maritime Affairs (building construction permit area)
5. Exports and imports
Exports in December soared 33.7 percent year-on-year to US$36.24 billion.
The large increase in exports is mainly attributed to a low base effect from the previous year
and the global economy recently recovering. Daily average exports in working-day-adjusted-
terms also rose from the previous month.
By export category, liquid crystal devices (up 177.7%) and semiconductors (up 125.5%)
surged, and by regional category, exports to China (up 94.0%) and the EU (up 41.7%) greatly
improved.
(US$ billion)
2008 2009
Annual Dec Q1 Q2 Q3 Oct Nov Dec Jan-Dec
Exports 422.01 27.12 74.41 90.32 94.77 33.96 34.08 36.24 363.77
(y-o-y, %) 13.6 -17.9 -25.2 -21.1 -17.6 -8.5 18.1 33.7 -13.8
Average daily exports 1.53 1.13 1.10 1.30 1.32 1.48 1.48 1.51 1.30
Imports 435.27 26.58 71.45 73.82 84.79 30.34 29.46 32.94 322.79
(y-o-y, %) 22.0 -21.6 -32.6 -35.7 -31.0 -16.0 2.1 24.0 -25.8
Average daily imports 1.58 1.11 1.06 1.06 1.18 1.32 1.28 1.37 1.16
Source: Korea Customs Service
Imports in December jumped 24.0 percent year-on-year to US$32.94 billion due to a low
base effect and improving domestic demand. Average daily imports in working-day-
adjusted-terms also increased from the previous month. Imports of capital goods further
expanded, while raw material imports switched to an increase, affected by rising oil prices.
Raw materials (y-o-y, %)

-34.7 (Q1 2009) -43.0 (Q2) -39.3 (Q3); -7.0 (Nov) 24.8 (Dec)
Capital goods (y-o-y, %)
-29.1 (Q1 2009) -23.6 (Q2) -13.7 (Q3); 17.8 (Nov) 29.1 (Dec)
Consumer goods (y-o-y, %)
-29.5 (Q1 2009) -24.4 (Q2) -20.9 (Q3); 15.3 (Nov) 7.4 (Dec)
The trade balance in December posted a surplus of US$3.30 billion, staying in the black for
eleven straight months since February 2009. The annual trade balance of 2009 recorded a
surplus of US$40.98 billion, the largest surplus ever.
(US$ billion)
2008 2009
Annual Dec Q1 Q2 Q3 Oct Nov Dec Jan-Dec
Trade Balance -13.27 0.32 2.99 16.50 9.98 3.62 4.62 3.30 40.98
Source: Korea Customs Service
16 January 2010
5-1 Exports (customs clearance basis)
Source: Korea Customs Service & Ministry of Knowledge Economy (export and import trend)
5-2 Imports (customs clearance basis)

5-3 Trade balance

6. Mining and manufacturing production
Mining and manufacturing production rose 1.4 percent month-on-month in November,
thanks to an export increase and a low base effect from the previous month due to Chuseok
holidays, while year-on-year it surged 17.8 percent
By business category, semiconductors and parts (up 56.3%), chemical products (up 28.0%),
and automobiles (up 14.9%) posted an increase year-on-year, whereas beverages (down
9.6%) and metalworks (down 2.5%) decreased.
Shipments soared 2.0 percent month-on-month, or 15.3 percent year-on-year, thanks to

brisk shipments of semiconductors and parts, while the level of inventory decelerated a drop
from the previous month’s 16.2 percent to 14.5 percent.
By business category, the shipments of semiconductors and parts (up 47.1%) and
automobiles (up 18.6%) rose year-on-year, while those of refined petroleum products (down
2.4%) and transportation equipment (down 2.9%) declined. The inventories of automobiles
(down 30.9%), primary metals (down 21.4%), and chemical products (down 21.1%) went
down.
The average operation ratio of the manufacturing sector registered 77.3 percent, staying at
the same level as the previous month.

2008 2009
Annual Q3 Nov Q2 Q3 Sep Oct1 Nov1
Production (q-o-q, m-o-m) - -1.9 -10.1 11.4 7.2 5.7 -3.8 1.4
(y-o-y) 3.0 5.6 -13.8 -6.2 4.2 11.0 0.2 17.8
- Manufacturing 3.0 5.6 -14.5 -6.6 4.4 11.5 0.4 18.6
Heavy chemical industry 4.1 6.8 -15.0 -6.2 5.6 12.4 1.9 21.5
Mining and
manufacturing Light industry -2.2 0.0 -12.2 -8.8 -1.8 6.5 -7.1 4.4
activity2
Shipment 2.4 5.3 -13.2 -5.8 2.1 8.9 -0.6 15.3
- Domestic demand -0.7 1.7 -14.0 -6.6 3.1 12.4 -1.0 13.5
- Exports 7.1 10.3 -11.9 -4.7 0.8 4.3 -0.1 17.7
Inventory3 7.3 17.3 16.1 -16.7 -13.9 -13.9 -16.2 -14.5
Manufacturing Average operation ratio (%) 77.2 78.3 68.4 73.7 78.9 80.2 77.3 77.3
activity Production capacity 5.2 5.3 3.4 1.9 2.8 3.2 3.4 3.5
1. Preliminary 2. Including mining, manufacturing, electricity and gas industry 3. End-period
Mining and manufacturing production in December is projected to continue an upward track,

as advanced estimates, in particular electricity sales and exports, showed an improvement.
Industrial electricity sales (thousand GWh)

18.3 (Sep 2009) 17.7 (Oct) 18.1 (Nov) 19.0 (Dec)1
1. Estimate
Exports (US$ billion)

18 January 2010
6-1 Industrial production
6-2 Average manufacturing operation ratio

6-3 Inventory
7. Service sector activity
Service activity in November 2009 decreased 1.2 percent from the previous month partly due
to the H1N1 flu pandemic. From a year earlier, however, service output expanded 3.3
percent.
By business category, real estate & renting services (up 15.9%), healthcare & social welfare
services (up 11.6%) and wholesale & retail sales (up 5.4%) led the year-on-year increase in
the service sector.
Meanwhile, entertainment, cultural & sports services (down 6.9%) and professional,
scientific & technical activities (down 3.9%) declined from a year earlier.

2008 2009
Weight
Annual Q3 Q4 Q1 Q2 Q3 Sep Oct1 Nov1
Service activity index 100 3.4 3.2 -0.4 -0.4 1.6 2.2 4.4 1.3 3.3
- Wholesale & retail 22.0 1.4 3.6 -4.6 -4.0 -2.2 0.3 3.3 1.9 5.4
- Transportation services 9.0 4.3 4.3 -3.2 -10.8 -9.5 -4.1 0.4 -2.5 2.6
- Hotels & restaurants 7.8 0.7 1.7 -3.0 -2.4 -0.3 -2.2 0.0 -2.7 -2.0
- Information & communication services 8.4 3.5 3.4 -0.2 -1.9 0.9 1.5 3.2 1.5 1.4
- Financial & insurance services 15.3 9.7 9.6 4.5 6.6 9.8 8.7 9.4 4.0 4.5
- Real estate & renting 6.3 -2.1 -8.4 -7.5 -3.1 1.5 9.3 9.7 14.3 15.9
- Professional, scientific & technical services 4.8 2.0 1.8 0.9 -1.9 3.2 0.1 3.0 -2.9 -3.9
- Business services 2.9 4.6 3.2 0.1 -4.8 -6.6 -1.1 -1.2 -0.5 -2.4
- Educational services 10.8 1.8 -0.5 2.3 3.7 6.9 -2.6 -0.3 -7.0 0.2
- Healthcare & social welfare services 6.0 6.3 6.1 6.5 8.6 8.1 9.8 11.4 11.4 11.6
- Entertainment, cultural & sports services 2.9 2.2 1.7 4.3 1.5 0.9 0.1 4.7 -6.6 -6.9
- Membership organizations 3.8 0.1 -1.4 -1.0 -3.4 -5.0 -1.7 1.9 -0.8 -3.5
- Sewerage & waste management 0.4 5.8 3.9 4.0 0.5 8.8 5.5 9.6 -3.5 0.3
1. Preliminary
Amid robust advanced indicators including credit card spending, service activity in
December 2009 is expected to reverse its course to post a month-on-month increase, mainly
affected by the subdued H1N1 flu pandemic and rising stock prices.
Value of credit card use (y-o-y, %)

10.9 (Aug 2009) 14.7 (Sep) 9.4 (Oct) 18.3 (Nov) 20 (Dec)1
1. Estimate
KOSPI (monthly average)

1,630 (Oct 2009) 1,583 (Nov) 1,647 (Dec)
20 January 2010
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Economic Bulletin
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21
8. Employment
The number of workers on payroll in November 2009 declined by 10,000 from a year earlier
as hiring in the agriculture, forestry & fishery dropped significantly.
Employment in the manufacturing sector continued to decrease mainly due to sluggish

exports. The pace of decline in the sector, however, decelerated to 43,000. Hiring in the
construction sector stayed on a downward track with a 115,000 decrease as employment in
the private sector remained weak. Employment in the service sector soared by 294,000
driven by the government’s job creation policies. Meanwhile, the number of employed in the
agriculture, forestry & fishery plunged 151,000 as fall cultivation declined while the
temperature dropped.
By status of workers, non-wage workers including self-employed workers plummeted by

424,000 from a year earlier. In the mean time, wage workers rose by 413,000 led by an
increase of 492,000 in regular workers and 186,000 in temporary workers, although the
number of daily workers shrank by 264,000.
(Change from same period in previous year, thousand)

2008 2009
Annual Nov Q1 Q2 Q3 Q4 Q1 Q2 Q3 Oct Nov
Employment growth 145 78 209 173 141 54 -146 -134 -1 10 -10
- Manufacturing -52 -86 -18 -34 -52 -103 -163 -151 -143 -87 -43
- Construction -37 -32 -22 -46 -40 -41 -43 -113 -103 -147 -115
- Services 263 150 307 300 262 187 47 155 269 269 294
- Agriculture, forestry & fishery -37 42 -63 -54 -38 8 14 -25 -25 -29 -151
- Wage workers 236 159 312 289 208 137 73 175 356 376 413
Regular workers 386 318 435 448 347 316 318 313 386 490 492
Temporary workers -93 -103 -98 -96 -83 -94 -136 -5 125 136 186
Daily workers -57 -56 -25 -63 -56 -85 -108 -133 -155 -250 -264
- Non-wage workers -92 -81 -102 -115 -66 -83 -220 -309 -357 -367 -424
Self-employed workers -79 -83 -79 -67 -76 -95 -197 -286 -276 -266 -307
The employment rate stood at 59.1 percent, down 0.8 percentage points compared to the
same month of the previous year. The unemployment rate rose 0.2 percentage points year-
on-year to 3.3 percent, while that of youths aged 15 to 29 was up 1.5 percentage points from
a year earlier to 7.6 percent.
(Change from same period in previous year, thousand)

2008 2009
Annual Nov Q1 Q2 Q3 Q4 Q1 Q2 Q3 Oct Nov
Unemployment rate (%) 3.2 3.1 3.4 3.1 3.1 3.1 3.8 3.8 3.6 3.2 3.3
Employment rate (%) 59.5 59.9 58.5 60.3 59.9 59.4 57.4 59.3 59.1 59.3 59.1
22 January 2010
8-1 Number of employed and employment growth
8-2 Share of employed by industry

8-3 Unemployment rate and number of unemployed

9. Financial market
9.1 Stock market

The Korean stock market in December 2009 was up amid global market rallies and
expectations over an economic recovery.
Investor sentiment in the market was boosted as Korea’s GDP in the third quarter expanded
3.2 percent from the previous quarter posting the highest quarter-on-quarter growth in 90
months while the IMF upgraded its forecasts for Korea’s economic growth for 2009 and 2010
to 0.25 percent and 4.5 percent, respectively, from initial estimates of minus 1 percent and
3.6 percent.
Despite liquidity problems of Kumho Asiana Group, the Korean stock market rallies
continued until the end of the year, mainly affected by a Korean consortium’s gaining of the
nuclear-plant contract with the United Arab Emirate (UAE).
Foreign investors led domestic stock market rallies by continuing their net-buying of Korean
shares since July, although the market was in a wait-and-see mode toward the end of the
year.
(End-period, point, trillion won)

KOSPI KOSDAQ
Nov 2009 Dec 2009 Change 1
Nov 2009 Dec 2009 Change1
Stock price index 1,555.6 1,682.8 127.2 (8.2%) 464.3 513.1 48.8 (10.5%)
Market capitalization 818.5 887.3 68.8 (8.4%) 75.4 85.2 9.8 (13.0%)
Average daily trade value 4.0 4.5 0.5 (12.5%) 1.6 2.0 0.4 (25.0%)
Foreign stock ownership 32.7 32.7 0.0 (0.0%) 7.3 7.4 0.1 (5.8%)
1. Change from the previous month
9.2 Exchange rate

The won/dollar exchange rate in December rose 1.7 won from 1,162.9 won at the end of
November to wrap up the month at 1,164.5 won.
The exchange rate dropped to 1,153 won, the lowest this year, on December 4 as did on
November 18, as fear eased over Dubai’s debt default crisis. It, thereafter, turned to an
increase as investors’ appetite for safe assets grew as downgrades of Greece’s sovereign
credit rating fueled concerns over credit risks in the eurozone.
The won/yen exchange rate fell to the 1,200 won range with worries about deflation in
Japan.
(End-period)
2006 2007 2008 2009
Dec Dec Dec Nov Dec Change1
Won/Dollar 929.8 936.1 1,259.5 1,162.8 1,164.5 8.2
Won/100Yen 783.4 828.6 1,396.8 1,348.8 1,264.5 10.5
1. Appreciation from the end of the previous year (%); the exchange rate is based on the closing price at 3:00 p.m., local time.
24 January 2010
9-1 Stock prices
9-2 Foreign exchange rate (month-end)
9-3 Recent foreign exchange rate
9.3 Bond market
Treasury bond yields were up in December due to less demand for safe assets with global
stock market rallies and expectations over an economic rebound.
Despite the Bank of Korea’s decision to keep its policy rate unchanged, the yields
accelerated the growth pace, as foreign investors made a net selling of KTB futures amid an
improvement of economic indicators such as industrial activities.
(End-period)
2005 2006 2007 2008 2009
Dec Dec Dec Dec Oct Nov Dec Change1
Call rate (1 day) 3.76 4.60 5.02 3.02 2.01 2.01 2.01 0
CD (91 days) 4.09 4.86 5.82 3.93 2.79 2.79 2.88 9
Treasury bonds (3 yrs) 5.08 4.92 5.74 3.41 4.44 4.10 4.44 34
Corporate bonds (3 yrs) 5.52 5.29 6.77 7.72 5.58 5.21 5.56 35
Treasury bonds (5 yrs) 5.36 5.00 5.78 3.77 4.94 4.61 4.98 37
1. Basis point changes in December 2009 from the previous month
9.4 Money supply & money market

The M2 (monthly average) in October expanded 9.9 percent from a year earlier excluding
cash management accounts (CMAs), which were included in M2 since July 2009. The year-
on-year M2 growth was higher than the previous month’s 9.5 percent, as financial
institutions are likely to have hiked their deposit rates to attract matured deposits.
(Percentage change from same period in previous year, average)

2007 2008 2009
Annual Annual Q1 Q2 Q3 Q4 Oct Q1 Q2 Aug Sep Oct Oct1
M1+2 -5.2 -1.8 -12.4 -0.1 2.1 5.0 4.2 10.8 17.6 18.5 19.5 19.6 371.5
M2 11.2 14.3 13.3 15.3 14.7 13.8 14.2 11.5 10.1 9.5 9.5 9.9 1,543.4
Lf3 10.2 11.9 11.6 12.8 12.1 11.2 11.9 8.8 7.3 7.6 7.3 Lower7 1,965.34
1. Balance at end October 2009, trillion won
2. M1 excluding corporate MMFs and individual MMFs while including CMAs
3. Liquidity aggregates of financial institutions (mostly identical with M3)
4. Balance at end September 2009, trillion won
Bank deposits in November increased driven by time deposits which expanded at a faster
pace with the inflow of massive corporate funds fueled by deposit rate hikes.
Asset management company (AMC) deposits shifted to an increase as financial institutions’

short-term idle money flowed into the deposits while money withdrawals from equity funds
declined.
(Monthly change, end-period, trillion won)

2007 2008 2009
Annual Nov Annual Nov Sep Oct Nov Nov1
Bank deposits 59.6 11.2 104.3 9.4 16.5 -6.8 1.5 1,015.8
AMC deposits 61.8 14.3 63.0 2.8 -18.3 -7.3 4.4 342.9
1. Balance at end November 2009, trillion won
26 January 2010
9-4 Interest rates
9-5 Total money supply

9-6 Share of deposits by financial sector (M3 as of year-end)

* Retail finance: Mutual savings banks & National Credit Union Federation of Korea, Others: Investment banks, post office savings, etc.
10. Balance of payments
Korea’s current account recorded a US$4.28 billion surplus in November.
The goods account surplus exceeded US$5 billion for three consecutive months since
September 2009 as the trade balance continued to post a surplus.
The surplus expanded to US$5.84 billion from US$5.68 billion a month earlier. The service
account deficit increased to US$1.66 billion from the previous month’s US$1.31 billion, as
deficits swelled in the travel balance and fee payments such as payments for patent rights.
The income account surplus reduced to US$390 million from US$560 million of the previous
month as dividend and interest payments increased.
The current transfer account deficit was up to US$290 million from the previous month’s
US$160 million with increased outward remittance.
(US$ billion)
2008 2009
Annual Q1 Q2 Q3 Q4 Q1 Q2 Q3 Oct Nov Jan-Nov
Current account -5.78 -4.87 -0.41 -8.33 7.83 8.62 13.10 10.40 4.76 4.28 41.15
- Goods balance 5.67 -1.38 5.53 -3.23 4.75 8.31 17.58 14.70 5.68 5.84 52.11
- Service balance -16.67 -4.94 -4.46 -5.84 -1.44 -1.93 -4.17 -5.33 -1.31 -1.66 -14.40
- Income balance 5.90 1.98 -0.52 1.50 2.94 0.92 0.29 1.69 0.56 0.39 3.86
- Current transfers -0.67 -0.53 -0.96 -0.76 1.58 1.31 -0.60 -0.66 -0.16 -0.29 -0.41
The capital and financial account in November posted a net inflow of US$1.54 billion.
Capital & financial account balance (US$ billion)

-1.44 (Q1 2009) 8.68 (Q2) 14.40 (Q3); 1.58 (Oct) 1.54 (Nov)
The direct investment account expanded the net outflow to register US$2.84 billion from the
previous month’s deficit of US$510 million as outbound foreign direct investment (FDI) by
locals increased while inward FDI by foreigners decreased.
The portfolio investment account decreased the net inflow to record US$3.39 billion from
US$6.13 billion a month earlier as foreign investment in the Korean bond market declined.
The financial derivatives account turned to a net inflow of US$850 million from a net outflow
of US$570 million in the previous month as payments related to overseas financial
derivative transactions decreased.
The other investment account reversed its course to post a surplus of US$190 million after
recording a deficit of US$3.48 billion a month earlier as financial institutions collected short-
term foreign currency-denominated lending from overseas.
The current account is likely to record a surplus of around US$2 billion in December as the
trade balance posted a surplus of US$3.30 billion.
28 January 2010
11. Prices and international commodity prices
11.1 Prices
Consumer prices in December 2009 increased 0.4 percent month-on-month while rising 2.8
percent year-on-year.
Consumer price inflation

2008 2009
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Month-on-Month (%) 0.0 0.1 0.7 0.7 0.3 0.0 -0.1 0.4 0.4 0.1 -0.3 0.2 0.4
Year-on-Year (%) 4.1 3.7 4.1 3.9 3.6 2.7 2.0 1.6 2.2 2.2 2.0 2.4 2.8
Core consumer prices (y-o-y) 5.6 5.2 5.2 4.5 4.2 3.9 3.5 3.2 3.1 2.7 2.6 2.5 2.2
(m-o-m) 0.5 0.2 0.4 0.4 0.2 0.2 0.1 0.2 0.1 0.1 0.1 0.2 0.1
Consumer prices for basic
3.0 2.8 3.3 3.1 3.0 1.8 0.5 0.4 1.3 1.7 1.5 2.3 3.3
necessities (y-o-y)
The overall price index was up 0.4 percent month-on-month as prices for agricultural,
livestock and fishery products gained strength and a price adjustment increased personal
service charges in the year-end. Prices of agricultural, livestock and fishery products rose 2.8
percent from the previous month due to decreased supply affected by cold wave and higher
storage cost.
Prices of agricultural, livestock & fishery products in December 2009 (m-o-m, %)

Rice (-1.9), radish (0.7), Chinese cabbage (-6.4), cucumber (50.3), lettuce (36.3), mandarin orange (-11.1),
Korean beef (1.5), pork (3.1), mackerel (5.6), scabbard fish (4.1), Alaska pollack (3.1)
Despite stabilized international oil prices, prices of oil products increased 0.2 percent from a month
earlier affected by LPG price increases in December.
Prices of oil products in December 2009 (m-o-m, %)

Gasoline (-0.5), diesel (-0.7), kerosene (-0.3), LPG for automobiles (5.4), LPG for kitchen use (4.4)
Public utility charges remained at a similar level to the previous month as an increase in local public
utility charges was offset by falling medical service fees followed by expanded medical insurance
coverage.
Due to higher expenses for dining-out affected by beef price increases and strong demand for year-
end parties on top of a peak price tariff introduced in the tourism and lodging industry during the
high season, personal service charges rose 0.3 percent month-on-month.
Consumer price inflation in major sectors

Agricultural,
livestock & fishery Industrial Oil Housing Public Personal
Total
products products products rents utility services
Month-on-Month (%) 0.4 2.8 0.1 0.2 0.2 0.0 0.3

Contribution (%p) 0.35 0.23 0.03 0.01 0.02 0.00 0.09
Year-on-Year (%) 2.8 3.4 4.6 11.9 1.2 1.8 2.0
Contribution (%p) 2.80 0.28 1.42 0.63 0.11 0.29 0.71
Core consumer prices, which exclude the prices of oil and agricultural products, rose by 2.2 percent
year-on-year. Consumer prices for basic necessities, a barometer of perceived consumer prices, were
up 3.3 percent compared to the same month of the previous year.
30 January 2010
11-1 Prices
Source: Statistics Korea (consumer prices, core inflation) & The Bank of Korea (producer prices)
11-2 Consumer price inflation

Source: Statistics Korea (consumer price trend)
11-3 Contribution to consumer price inflation

Source: Statistics Korea (consumer price trend)
11.2. International oil and commodity prices
Before rising to the high-US$70s affected by strong demand for heating oil in the month-end,
international oil prices in December tumbled to remain around US$70 a barrel as the US
dollar gained strength. The monthly average oil prices turned to a fall for the first time in three
months.
(US$/barrel, period average)
2007 2008 2009
Annual Annual Annual Jun Jul Aug Sep Oct Nov Dec
Dubai crude 68.4 94.3 61.9 69.4 65.0 71.4 67.7 73.2 77.7 75.5
Brent crude 72.8 97.5 61.7 68.6 64.6 72.9 67.5 72.8 76.7 74.5
WTI crude 72.3 99.9 61.9 69.7 64.2 71.1 69.4 75.8 78.1 74.5
Source: KOREAPDS
Record high oil prices (spot prices, US$/barrel)

Dubai crude: 141 (Jul 4, 2008), Brent crude: 145 (Jul 3), WTI crude: 146 (Jul 14)
Despite the won’s deppreciation, domestic prices of oil products inched down month-on-
month as weak international oil product prices by mid-December were reflected with the
time lag.
(Won/liter, period average)

2007 2008 2009
Gasoline prices 1,526 1,692 1,601 1,607 1,639 1,670 1,681 1,627 1,655 1,646
Diesel prices 1,273 1,614 1,397 1,389 1,428 1,447 1,453 1,409 1,452 1,441
Source: Korea National Oil Corporation
Prices of non-ferrous metals in December continued to rise while international prices of grain
rose due to China’s increased demand.
Prices of non-ferrous metals increased with expectations of economic recovery in 2010

rather than fundamental factors including demand and supply conditions. Aluminum prices
grew at double digit with the spreading recognition that it remained relatively undervalued
compared to other non-ferrous metals.
Corn and soybean prices rose due to deteriorating weather conditions and increasing
demand from China while the wheat price increase is limited by favorable supply and
demand dynamics.
Prices of non-ferrous metals and grain in December 2009 (m-o-m, %)

Corn (3.0), wheat (0.2), soybean (2.4), bronze (4.8), aluminum (11.7), nickel (0.6), zinc (8.6), lead (1.2), tin (4.9)
Reuters index*
(Period average)
2007 2008 2009
2,400 2,536 2,079 2,117 2,082 2,159 2,147 2,197 2,243 2,294
* A weighted average index of 17 major commodities Source: KOREAPDS
32 January 2010
11-4 International oil prices
Source: Korea National Oil Corporation
11-5 International oil prices (Dubai crude) and import prices

Source: Korea National Oil Corporation & Korea Customs Service
11-6 International commodity prices

Source: Bloomberg (CRB) & The Bank of Korea (Reuters index)
* CRB demonstrates futures price index of 21 commodities listed on the US Commodity Transaction Market, including beans and other crops, crude oil and jewelry.
12. Real estate market
12.1 Housing market
In December 2009, nationwide apartment sales prices were up 0.2 percent month-on-month,
decelerating the pace of increase for three straight months. Compared with the end of 2008,
apartment prices rose 1.6 percent. Apartment sales prices in the Seoul metropolitan area
were down for the first time since March 2009 as property transactions in major areas such
as Gangnam (down 0.1%), Seocho (down 0.1%), and Gwacheon (down 0.7%) continued to
contract. On the other hand, apartment sales prices in other cities, especially Busan (up
0.8%) and Daejeon (up 0.7%), increased relatively significantly.
Nationwide apartment sales prices

2006 2007 2008 2009
Annual Annual Annual Dec Annual Q1 Q2 Q3 Q4 Oct Nov Dec Dec71 Dec141 Dec211 Dec281
Nationwide 13.8 2.1 2.3 -0.5 1.6 -1.2 0.4 1.5 0.9 0.4 0.3 0.2 0.05 0.03 0.03 0.03
Seoul 24.1 3.6 3.2 -1.6 2.6 -1.3 1.0 2.6 0.3 0.3 0.0 0.0 -0.01 -0.01 0.00 0.01
Gangnam2 27.6 0.5 -1.9 -2.0 3.9 -1.1 1.7 3.1 0.2 0.3 0.0 0.0 -0.01 -0.01 0.00 0.04
Gangbuk 3
19.0 8.3 9.4 -1.3 0.9 -1.7 0.2 2.0 0.4 0.4 0.1 0.0 -0.01 0.00 0.00 -0.02
Seoul metropolitan area 24.6 4.0 2.9 -1.4 0.7 -1.8 0.5 1.8 0.2 0.3 0.0 -0.1 -0.03 -0.03 -0.02 -0.01
5 metropolitan cities 2.1 -0.6 1.0 -0.3 2.8 -0.7 0.3 1.3 1.9 0.6 0.8 0.5 0.19 0.08 0.09 0.10
Other cities 3.0 0.3 2.3 -0.3 2.2 -0.3 0.3 0.8 1.5 0.5 0.6 0.4 0.08 0.12 0.08 0.05
1. Weekly trends 2. Upscale area of southern Seoul 3. Northern Seoul Source: Kookmin Bank
The rental prices have slowed down the growth pace for the third month in a row with the
beginning of the winter low season, by rising 0.3 percent from the previous month. From the
end of 2008, rental prices were up 4.5 percent. The rental prices in Gangnam (up 0.8%),
Seocho (up 1.2%), and Songpa (up 0.7%) remained strong.
Nationwide apartment rental prices

2006 2007 2008 2009
Annual Annual Annual Dec Annual Q1 Q2 Q3 Q4 Oct Nov Dec Dec71 Dec141 Dec211 Dec281
Nationwide 7.6 1.9 0.8 -1.4 4.5 -1.3 0.9 2.8 2.0 0.9 0.8 0.3 0.09 0.09 0.08 0.08
Seoul 11.5 2.2 -1.8 -2.7 8.1 -0.8 1.8 4.7 2.3 1.1 0.8 0.4 0.14 0.08 0.12 0.01
Gangnam 2
11.3 0.5 -3.6 -0.9 10.4 -0.1 2.4 5.1 2.7 1.1 1.0 0.5 0.25 0.10 0.18 0.20
Gangbuk3 11.8 4.6 0.5 -2.4 5.4 -1.6 1.0 4.2 1.9 1.1 0.6 0.2 0.00 0.07 0.04 -0.01
Seoul metropolitan area 11.7 2.1 -0.4 -2.2 5.6 -1.8 1.4 4.1 1.8 1.0 0.7 0.1 0.02 0.04 0.04 0.06
5 metropolitan cities 3.0 1.1 1.6 -0.4 3.9 -0.9 0.4 1.9 2.6 0.8 1.1 0.7 0.21 0.14 0.15 0.13
Other cities 4.1 2.2 2.6 -0.5 2.9 -0.4 0.5 1.0 1.8 0.5 0.7 0.5 0.13 0.17 0.11 0.09
1. Weekly trends 2. Upscale area of southern Seoul 3. Northern Seoul Source: Kookmin Bank
Apartment sales transactions in November decreased 6.6 percent from 87,329 a month
earlier to post 81,589. The transactions were up 52.1 percent from a year earlier and down
8.3 percent compared with the monthly average recorded in the same month for the past 3
years.
Apartment sales transactions

(Monthly average, thousand)
2006 2007 2008 2009
Annual Nov Annual Nov Annual Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Nationwide 94 152 84 80 74 54 57 49 60 79 76 72 81 91 81 90 87 82
Source: Korea Land Corporation
34 January 2010
12-1 Real estate prices
Source: Kookmin Bank (national housing price trend)
12-2 Weekly apartment sales prices and monthly transaction volume

Source: Kookmin Bank (weekly APT price trend) & Korea Land Corporation (monthly land trade trend)
12-3 Apartment prices by region

Source: Kookmin Bank (national housing price trend)
12.2 Land market
Nationwide land prices in November rose 0.30 percent, the same level as the previous
month, continuing the moderate recovery pace since April 2009. The accumulated increase
rate from January to November was 0.61 percent, with land prices standing below the record
high in October 2008 by 3.5 percent.
In the Seoul metropolitan area, Seoul continued to slow the upward pace while Incheon and
Gyeonggi province continued to post high price increases rising by 0.55 percent and 0.47
percent, respectively.
Land price increases in Seoul metropolitan (m-o-m, %)

0.41 (Sep 2009) 0.37 (Oct) 0.36 (Nov)
In addition, price increases in other cities, especially Daegu (up 0.35%) and North
Gyeongsang province (up 0.33%), accelerated the growth pace.
Land price increases in other cities (m-o-m, %)

0.09 (Aug 2009) 0.12 (Sep) 0.16 (Oct) 0.21 (Nov)
Land prices by region

2007 2008 2009
Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Q1 Q2 Q3 Oct Nov
Nationwide 3.88 0.96 0.79 0.91 1.15 -0.31 1.23 1.46 1.18 -4.08 -1.20 0.35 0.88 0.30 0.30
Seoul 5.88 1.38 1.07 1.40 1.90 -1.00 1.83 2.17 1.59 -6.34 -1.38 0.68 1.30 0.30 0.24
Gyeonggi 4.22 1.07 0.89 1.05 1.14 -0.26 1.28 1.57 1.28 -4.28 -1.62 0.37 1.13 0.42 0.47
Incheon 4.86 1.24 1.28 1.12 1.13 1.37 1.36 1.67 2.01 -3.57 -1.39 0.53 1.16 0.51 0.55
Nationwide land transactions in November expanded 39.0 percent or 58,000 land lots from a
year earlier to 207,000 land lots. In terms of gross area, land transactions were up 39.9
percent.
Nationwide land transactions excluding Daegu (down 26.1%) increased year-on-year.

Particularly, land transactions in Daejeon (up 98.0%), Gangwon province (up 74.2%), and
Busan (up 69.4%) soared.
Land sales transactions

(Monthly average, land lot, thousand)
2007 2008 2009
Annual Annual Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Nationwide 208 208 173 191 148 162 134 164 207 207 192 215 222 206 226 212 207
Seoul 33 26 20 23 14 13 13 15 20 24 22 27 26 25 28 25 19
Gyeonggi 49 45 37 36 28 31 26 34 41 48 45 49 50 48 56 52 48
Incheon 13 13 11 10 8 8 7 7 9 10 9 10 11 10 13 14 11
36 January 2010
12-4 Land and consumer prices since 1970s
Source: Korea Land Corporation (land prices) & Statistics Korea (consumer prices)
12-5 Land prices by region

Source: Korea Land Corporation (land price trend)
12-6 Land trade volume

Source: Korea Land Corporation (land trade trend)
13. Composite indices of business cycle indicators
The coincident composite index was up 0.3 percent in November from the previous month
while the cyclical indicator of coincident composite index remained unchanged.
Three out of all components of the index including the volume of imports decreased. The
value of construction completed, the mining & manufacturing production index, the
domestic shipment index, and the number of non-farm payroll employment were up.
Components of coincident composite index in November 2009 (m-o-m)

Value of construction completed (2.5%), mining & manufacturing production index (1.0%), domestic shipment
index (0.7%), number of non-farm payroll employment (0.1%), service activity index (0.0%), manufacturing
operation ratio index (-0.1%), wholesale & retail sales index (-0.7%), volume of imports (-0.9%)
The year-on-year leading composite index, which foresees the future economic conditions,
went up 1.3 percentage points month-on-month in November. The 12-month smoothed
change in leading composite index increased 1.2 percentage points month-on-month,
running on an upward track since January.
The value of received construction orders, the value of machinery orders received, the
indicator of inventory cycle, the ratio of job openings to job seekers, the volume of capital
goods imports, and the composite stock price index were up.
Components of the leading composite index in November 2009 (m-o-m)

Value of received construction orders (27.4%), value of machinery orders received (12.7%), indicator of
inventory cycle (5.7%p), ratio of job openings to job seekers (3.4%p), volume of capital goods imports (0.5%),
composite stock price index (0.3%), liquidity in the financial institutions (0.3%), net terms of trade index
(0.1%), spreads between long & short term interest rates (0.0%p), consumer expectations index (-1.0%p)
2009
Jan Feb Aug Sep Oct1 Nov1
Coincident composite index (m-o-m, %) -1.9 0.0 0.9 0.6 0.4 0.3
Cyclical indicator of coincident composite index 92.4 92.0 96.7 96.9 96.8 96.8
(m-o-m, p) -2.2 -0.4 0.5 0.2 -0.1 0.0
Leading composite index (m-o-m, %) 0.3 1.1 1.0 0.7 1.1 1.3
12 month smoothed change
-4.0 -2.9 9.1 10.1 11.3 12.5
in leading composite index (%)
(m-o-m, %p) 0.1 1.1 1.3 1.0 1.2 1.2
1. Preliminary
38 January 2010
13-1 Cyclical indicator of coincident composite index
13-2 Leading composite index

13-3 Coincident and leading composite indices

Policy Issues
Labor Union Law Revised
The proposed revision of the labor union law was passed by the National Assembly, which
limits wage payment for full time unionists and allows multiple unions at one workplace.
Background
Banning corporations from paying wages to full time union members and allowing multiple
unions at one workplace have been controversial for 13 years, although both of them need
to be adopted to help improve Korea’s labor-management relations. The revised labor union
law regulates details concerning ban on paying full time union members and multiple unions
at one workplace, which aim to guarantee as much freedom as possible to companies and
unions, while at the same time be in line with the principles of labor-management relations.
Main contents of the revision
1. Banning corporations from paying full time union members
Although full time union members are allowed when employers agree or collective
agreements approve, they are required to be paid not by companies but by unions.
Corporations paying full time labor union members will be punished for not complying with
the law. However, the revised labor union law provides some flexibility to the wage payment
system for labor unionists.
The revision allows unionists to be paid by corporations through the time-off system, in
which employees receive time off payment when they are engaged in union activities
considered relevant to the common interests of the union and management, such as
collective bargaining and job site safety, or when the activities are considered essential for
operating the union. The ceiling of time off for union activities is set by the deliberation
committee, based on the number of union members in a worksite.
40 January 2010
The deliberation committee is composed of 10 members, five appointed by the business
circle and labor community, and five by the government. The existing time off ceilings are
examined every three years to decide whether to keep the current limits or revise them. The
deliberation committee is required to decide on the first time off ceiling by April 30, 2010,
otherwise the five members appointed by the government will set the ceiling.
10 million won or less penalty will be imposed on strikes which demand wage payment to
full time unionists beyond the time off ceiling, even if wage demand is not a major issue of a
strike, but one of the agenda of a strike. Existing agreements will be in force until they
expire, although the revised law has taken effect since January 1, 2010.
2. Multiple unions in one workplace
Multiple unions will be allowed in one workplace from July 1, 2010, but they are required to
use a single negotiation channel when they bargain with employers. The revised law
regulates ways and procedures to set up a single body representing multiple unions, as the
representative body, if set up in a fair and reasonable way, will increase negotiation
efficiency and minimize chances of strife between employers and employees.
The procedure to set up a representative body starts when one of the multiple unions calls
for a negotiation with the employer. Each union is entitled to call for a negotiation before the
existing collective agreement expires, and employers are required to announce the call to
give all unions in the company an equal opportunity to be a representative body. The
negotiation union is chosen by unions in the company, or if the unions fail to select their
representative body, the union with more than half of the total corporate union members
represents the other unions. In the process, the unions are allowed to unite to be a majority
union, or become part of a larger union.
If the unions fail to have a representative body with more than half of the total corporate
union members, they need to create a new negotiation body. The unions of which the
number of members exceeds 10 percent of the participants in the negotiation union
selecting process can qualify for being a part of the new representative body. If this fails
again, the Labor Relations Commission will set up a negotiation body, reflecting the number
of members in each union.
The negotiation body represents all union members in a company or workplace, without
being affected by industrial unions or craft unions. However, the revised law allows separate
negotiation bodies when there are major differences in working conditions, employment
types, and negotiation styles. The Labor Relations Commission decides on whether separate
negotiation bodies are necessary, and separate bodies are set up with the same procedures
as those for setting up general negotiation bodies. Employers as well as unions are allowed
to request a separate negotiation body.
The negotiation union is responsible for fairly representing the other unions: It is required to
listen to minority unions before or during a negotiation. Employers are also responsible for
taking part in a negotiation without any bias. If the negotiation union fails to be a fair
representative body, the union claiming to be treated unfairly reports the case to the Labor
Relations Commission within three months from the incident. The commission then orders
removal of unfairness if any unequal treatment is detected.
Terms regulating walkouts and time off union activities are added to the revision: Staging a
strike requires consent from more than half of the total union members, but individual
unions are not entitled to deciding on a strike. Only a representative union decides on
strikes. Union activities taken as time off work are set through a negotiation between a
representative union and an employer, or by the Labor Relations Commission.
42 January 2010
Economic
News Briefing
Government to frontload 70% of 2010 estimated expenditure
Korea will spend some 70 percent of the 2010 estimated expenditure during the first half of
the year in an effort to accelerate the economic recovery, the Ministry of Strategy and Finance
said on January 4, 2010. The spending plan covering both the general and special accounts is
as follows:
2010 budget plan

(Trillion won, %)
Annual Q1 Q2 Q3 Q4
Budget 255.3 109.8 68.6 44.8 32.1
Spending rate (accumulated) 43.0 69.8 87.4 100.0
Some 178.4 trillion won of the government’s planned annual expenditure of 255.3 trillion won
will be spent during the period, from which a total of 164 trillion won will be spent to create
jobs, stabilize low-income households, and support on-going SOC projects.
The spending plan was released along with the budget spending guidelines, the purposes of
which are: (i) to facilitate early spending; (ii) to help reduce energy consumption in public
institutions by 10 percent; and (iii) to enhance transparency and efficiency in budget
spending.
Asia to launch Chiang Mai Initiative Multilateralization (CMIM) in March
Korea, China, Japan, and 10 member states of the Association of Southeast Asian Nations
(ASEAN+3) completed the signing of the Chiang Mai Initiative Multilateralizaton (CMIM)
Agreement on December 24, 2009 to launch the pact on March 24, 2010.
The CMIM will strengthen the region’s capacity to safeguard against increased risks and
challenges in the global economy. The core objectives of the CMIM are (i) to address
balance-of-payments and short-term liquidity difficulties in the region and (ii) to supplement
the existing international financial arrangements.
The initial amount of the multilateral currency swap fund will be US$120 billion. The CMIM
will provide financial support through currency swap transactions to the CMIM participants
facing balance-of-payments and short-term liquidity difficulties. Participating countries are
entitled to swap its own currency into US dollars in accordance to their contributions.
CMIM contributions and maximum amount of available funds

(End-period, %)
Financial contribution Maximum amount of available funds
US$ (billion) (%) US$ (billion)
China 1
38.40 32 19.20
Japan 38.40 32 19.20
Korea 19.20 16 19.20
ASEAN 24.00 20 63.10
1. Hong Kong is included
Korea to further develop Knowledge Sharing Program (KSP)

The Knowledge Sharing Program (KSP), a comprehensive policy consultation program
launched by the Ministry of Strategy and Finance to share Korea’s development experience
with other countries, will be further advanced in 2010 to provide more systematic assistance
to developing countries.
With Korea’s accession to the OECD Development Assistance Committee (DAC) last
November ahead of chairing the G20 Summit this year, Korea plans to improve its official
development assistance (ODA) system and establish an original Korean assistance model as
a part of its contribution to the international society. In this regard, the Korean government
will upgrade KSP in a more systematized way in 2010 while expanding aid volume to
developing countries.
44 January 2010
The 2010 KSP will be directed in ways as follows: (i) 20 cases of Korea’s economic
development experience to be selected and developed into programs; (ii) consultants and
consulting firms specializing in KSP to be introduced; (iii) the link between KSP and
untied/tied aid to be strengthened to fully support developing countries; (iv) joint
consultation with international organizations to be accompanied by Korea’s official financial
aid; and (v) comprehensive consultation to be provided to 4 countries in 2010 from only one
country in 2009.
Microcredit program starts from December 2009
The “Miso Credit Foundation”, a microcredit lending program in Korea to support low
income households, opened its first branch on December 15, 2009 as Samsung has set up
the first office of Microcredit foundation in Suwon. Other non-financial companies including
Hyundai-Kia Automotive, SK, LG, POSCO and Lotte have also launched their microcredit
foundations in December 2009. In the banking sector, Kookmin, Woori, Shinhan, Hana and
Industrial Bank of Korea (IBK) have embarked their foundations.
The Miso Credit Foundation plans to open some 50 branches by May 2010 and gradually
expand branches up to 300 through 2010. In addition, 11 regional units of Miso Credit
Foundation are to kick off by February 2010.
Current situation of Miso Credit Foundation
Names of foundation Dates of establishment
Samsung Miso Credit Foundation December 15, 2009
Kookmin Miso Credit Foundation
Woori Miso Credit Foundation December 17, 2009
Shinhan Miso Credit Foundation
Hyundai-Kia Automotive Miso Credit Foundation December 18, 2009
LG Miso Credit Foundation

December 21, 2009
Hana Miso Credit Foundation
SK Miso Credit Foundation December 23, 2009
Posco Miso Credit Foundation December 24, 2009
Lotte Miso Credit Foundation December 28, 2009
IBK Miso Credit Foundation December 30, 2009
Korean group wins landmark UAE nuclear power deal
A Korean consortium, on December 27, 2009, won a landmark deal valued at about US$20.4
billion to build four nuclear reactors for the United Arab Emirates (UAE), in a high-profile
contest with a French consortium led by Areva, an industry leader, and a US-Japanese
consortium including General Electric and Hitachi. The victory for the Korea Electric Power
(Kepco) led consortium marks the first international deal for Korea, which built its first
commercial nuclear plant in 1987, making the nation the world’s sixth exporter of the nuclear
reactors after the US, France, Canada, Russia and Japan. The deal is expected to secure
stepping stone for the country’s advance into the fast-growing international market for
nuclear power plants.
The Kepco led group also includes Hyundai Engineering and Construction, Samsung C&T,
Doosan Heavy Industries and Construction as well as Westinghouse, a US-based unit of
Japan’s Toshiba. According to the deal, the Korean consortium will build four 1,400-
megawatt nuclear power units in the UAE that will be completed from 2017 to 2020. The
Korean group expects to earn another US$20 billion by jointly operating the reactors for 60
years, and hopes to build more plants in the UAE beyond 2020 to meet future demand.
The Ministry of Knowledge Economy attributed the Korean consortium’s winning of the UAE
deal to its cost-effectiveness, high safety standards, technological know-how and relatively
short period of construction. President Lee Myung-bak’s aggressive diplomacy also
contributed to the success of Korea’s nuclear power plant export, which was highlighted in
his surprise trip to Abu Dhabi on December 26 to support the Korean firms.
At a summit with President Sheikh Khalifa bin Zayed al-Nahayan in Abu Dhabi on December
27, 2009, President Lee said the contract will deepen relations between Korea and the UAE
in the economic, cultural, security and diplomatic sectors. The two leaders also agreed to
continue developing the relationship between the countries into a strategic partnership to
help ensure their joint development in the future.
Korea’s trade surplus hits all-time high in 2009
Korea’s trade balance posted a record high US$40.98 billion surplus in 2009 as exports fell
13.8 percent year-on-year to US$363.77 billion while imports declined 25.8 percent from a
year earlier to US$322.79 billion. Amid the substantial decrease in global trade volume,
Korea’s exports performed relatively well, making the nation the ninth largest exporter in
2009. Year-on-year export growth in December, in particular, jumped 33.7 percent from the
previous month’s 18.1 percent, confirming the upward trend in exports.
46 January 2010
By export item, ships and LCD devices led the healthy export performance by increasing 4.4
percent and 28.5 percent, respectively. By export destination, exports to emerging markets
such as China (down 7.5%) and the Middle East (down 11.7%) declined at a smaller pace
compared with those to developed countries including the US (down 18.9%) and Japan
(down 23.7%).
The Korean government forecasts that exports this year will increase around 9 percent from
the previous year to post US$410 billion while imports will climb about 21 percent to register
US$390 billion, resulting in the trade surplus of around US$20 billion.
48 December 2009
Statistical
Appendices
Tables & Figures
2. Production, shipment and inventory
3. Production capacity and operation ratio
4. Consumer goods sales index
5. Consumer goods shipment index and consumer sentiment index
6. Machinery orders received, domestic machinery shipment,
and estimated facility investment index
7. Value of construction completed and domestic construction orders received
8. Composite indices of business cycle indicators and BSI
9. Balance of payments (I)
10. Balance of payments (II)
11. Prices
12. Employment
13. Financial indicators
14. Monetary indicators
15. Exchange rates
(year-on-year change, %, chained 2005 year prices)
Real GDP Gross fixed capital formation

Final
Period consumption
Agri., fores. expenditure
Manufacturing Construction Facilities
& fisheries
2002 7.2 -2.2 8.7 8.1 7.1 6.2 7.3

2003 2.8 -5.4 5.4 0.5 4.4 8.5 -1.5
2004 4.6 9.1 10.0 1.0 2.1 1.3 3.8
2005 4.0 1.3 6.2 4.6 1.9 -0.4 5.3
2006 5.2 1.5 8.1 5.1 3.4 0.5 8.2
2007 5.1 4.0 7.2 5.1 4.2 1.4 9.3
2008P 2.2 5.5 3.1 1.6 -1.7 -2.1 -2
2002 I 6.6 2.3 5.1 10.3 7.5 11.4 2.6

II 7.0 -2.4 7.2 9.1 7.9 7.2 7.7
III 6.8 -1.1 9.3 7.7 3.2 -1.5 9.8
IV 8.1 -5.5 13.1 5.7 9.6 9.4 9.1
2003 I 3.5 0.7 5.4 2.0 5.1 8.2 2.9

II 1.8 -1.6 3.1 0.3 4.7 8.4 -0.7
III 2.0 -9.6 4.3 0.0 2.8 8.3 -5.8
IV 3.9 -8.0 8.5 -0.4 5.0 9.0 -2.2
2004 I 5.2 8.2 10.9 -0.1 2.3 5.3 -0.6

II 5.9 7.6 12.9 1.3 4.9 4.2 6.4
III 4.8 8.3 10.4 1.0 3.1 1.2 7.7
IV 2.7 11.6 6.2 1.8 -1.4 -3.5 1.8
2005 I 2.7 0.4 4.8 2.7 -0.3 -3.1 3.4

II 3.4 4.8 3.9 4.7 1.8 0.9 2.8
III 4.5 3.8 6.7 5.9 1.5 -0.3 4.1
IV 5.1 -3.1 9.3 4.9 3.9 0.3 10.8
2006 I 6.1 3.9 9.4 5.8 3.8 1.9 7.2

II 5.1 -0.3 9.1 4.9 0.1 -4.2 8.0
III 5.0 -1.4 8.7 4.6 4.0 -0.5 12.0
IV 4.6 4.2 5.4 5.1 5.7 5.1 5.7
2007 I 4.5 1.6 4.5 5.1 7.3 4.4 12.6

II 5.3 7.0 7.2 5.4 5.7 2.0 13.0
III 4.9 8.2 6.3 5.3 1.5 -0.2 4.0
IV 5.7 -0.7 10.2 4.7 3.1 0.4 8.0
2008P I 5.5 7.4 9.1 3.9 -0.5 -1.9 1.5

II 4.3 4.4 8.4 2.6 0.6 -0.3 1.1
III 3.1 4.2 5.6 2.0 1.8 0.2 4.3
IV -3.4 6.4 -9.1 -1.9 -7.3 -5.6 -14.0
2009P I -4.2 1.5 -13.6 -2.0 -8.1 1.6 -23.5

II -2.2 -1.2 -7.3 0.9 -2.7 3.7 -15.9
III 0.9 3.1 1.6 1.7 -0.8 2.7 -7.4
P: Preliminary
50 January 2010
Growth rate by economic activity
Growth rate by expenditure on GDP
2. Production, shipment and inventory See graphs 6-1, 6-3, 7-1, 7-2 & 7-3
(constant prices, 2005 = 100)
Service
Production Shipment Inventory
Period Y-o-Y Y-o-Y Y-o-Y production Y-o-Y
index index index
change (%) change (%) change (%) index change (%)
2007 115.9 6.9 115.3 7.2 117.2 5.6 112.2 6.8

2008 119.4 3.0 118.1 2.4 125.7 7.3 116.1 3.5
2007 I 109.6 4.1 109.6 5.2 114.0 5.0 106.7 5.5

II 114.9 6.3 115.2 7.1 114.5 4.1 111.2 6.5
III 112.9 6.1 111.9 5.6 112.7 2.9 112.6 7.4
IV 126.2 10.9 124.7 10.5 117.2 5.6 118.1 7.4
2008 I 121.6 10.9 119.6 9.1 123.7 8.5 113.8 6.7

II 125.1 8.9 122.8 6.6 133.1 16.2 116.5 4.8
III 119.2 5.6 117.8 5.3 132.2 17.3 116.2 3.2
IV 111.9 -11.3 112.1 -10.1 125.7 7.3 117.6 -0.4
2009 I 102.7 -15.5 102.0 -14.7 116.5 -5.8 113.3 -0.4

II 117.4 -6.2 115.7 -5.8 110.9 -16.7 118.4 1.6
III 124.2 4.2 120.3 2.1 113.7 -14.0 118.6 2.1
2007 1 112.8 8.7 110.3 8.3 118.6 10.8 105.9 4.3

2 100.2 -0.2 101.7 2.0 115.6 8.4 102.8 6.7
3 115.7 3.5 116.8 5.1 114.0 5.0 111.4 5.5
4 113.8 6.4 114.6 7.5 111.8 4.0 109.4 5.4
5 115.8 5.8 116.0 6.6 114.2 3.7 112.1 6.2
6 115.1 6.7 114.9 6.9 114.5 4.1 112.1 8.1
7 113.4 13.6 112.6 14.3 115.6 2.8 112.1 10.0
8 113.7 9.0 112.5 7.3 115.6 5.5 112.9 7.9
9 111.6 -3.0 110.6 -3.5 112.7 2.9 112.8 4.5
10 128.6 16.1 126.3 15.6 115.0 4.9 115.3 9.3
11 127.6 7.7 126.1 7.8 114.9 4.3 115.6 6.7
12 122.5 9.4 121.6 8.6 117.2 5.6 123.4 6.2
2008 1 126.0 11.7 121.7 10.3 123.9 4.5 114.2 7.8

2 110.9 10.7 109.7 7.9 124.4 7.6 109.3 6.3
3 127.8 10.5 127.3 9.0 123.7 8.5 118.0 5.9
4 126.1 10.8 124.5 8.6 124.8 11.6 116.3 6.3
5 126.1 8.9 123.5 6.5 128.9 12.9 117.7 5.0
6 123.1 7.0 120.3 4.7 133.1 16.2 115.5 3.0
7 123.1 8.6 121.5 7.9 132.4 14.5 116.8 4.2
8 115.8 1.8 114.5 1.8 132.3 14.4 115.1 1.9
9 118.6 6.3 117.3 6.1 132.2 17.3 116.8 3.5
10 126.2 -1.9 124.0 -1.8 135.1 17.5 116.9 1.4
11 110.0 -13.8 109.5 -13.2 133.4 16.1 113.9 -1.5
12 99.6 -18.7 102.8 -15.5 125.7 7.3 121.9 -1.2
2009 1 93.9 -25.5 93.2 -23.4 124.4 0.4 113.0 -1.1

2 99.8 -10.0 99.5 -9.3 118.1 -5.1 109.6 0.3
3 114.4 -10.5 113.2 -11.1 116.5 -5.8 117.2 -0.7
4 115.8 -8.2 114.5 -8.0 112.6 -9.8 118.5 1.9
5 114.7 -9.0 112.8 -8.7 111.4 -13.6 118.1 0.3
6 121.7 -1.1 119.8 -0.4 110.9 -16.7 118.7 2.8
7 124.0 0.7 119.9 -1.3 112.7 -14.9 117.9 0.9
8 117.0 1.0 113.4 -1.0 113.5 -14.2 116.2 1.0
9 131.7 11.0 127.7 8.9 113.8 -13.9 121.9 4.4
10P 126.5 0.2 123.2 -0.6 113.2 -16.2 118.4 1.3
11P 129.6 17.8 126.2 15.3 114.1 -14.5 117.7 3.3
P: Preliminary
52 January 2010
3. Production capacity and operation ratio See graph 6-2
Production Operation Average

Period capacity index Y-o-Y ratio index Y-o-Y operation
(2005=100) change (%) (2005=100) change (%) ratio (%)
2007 109.7 5.4 100.4 0.1 80.1

2008 115.4 5.2 96.8 -3.6 77.2
2007 I 107.5 4.5 97.2 -2.1 78.9

II 108.3 4.5 102.6 0.7 79.9
III 110.2 6.0 96.2 -1.7 80.1
IV 112.6 6.4 105.5 3.4 81.3
2008 I 114.0 6.0 98.9 1.7 80.8

II 115.3 6.5 102.7 0.1 80.4
III 116.0 5.3 95.1 -1.1 78.3
IV 116.5 3.5 90.6 -14.1 69.3
2009 I 116.9 2.5 80.7 -18.4 65.8

II 117.5 1.9 94.3 -8.2 73.7
III 119.3 2.8 97.5 2.6 78.9
2007 1 107.2 4.4 99.8 2.6 78.5

2 107.5 4.6 88.2 -7.2 79.5
3 107.7 4.3 103.6 -1.9 78.8
4 107.9 4.5 101.5 0.7 78.8
5 108.2 4.2 103.9 0.9 80.5
6 108.9 4.9 102.5 0.7 80.4
7 109.7 5.8 98.3 7.3 80.6
8 110.2 6.1 96.6 1.4 81.1
9 110.8 6.1 93.8 -12.3 78.6
10 112.3 6.5 109.4 9.6 81.9
11 112.5 6.3 107.4 0.1 81.0
12 113.0 6.5 99.7 0.9 80.9
2008 1 113.8 6.2 102.9 3.1 81.3

2 113.8 5.9 89.2 1.1 80.2
3 114.3 6.1 104.6 1.0 80.9
4 114.7 6.3 104.2 2.7 81.0
5 115.5 6.7 103.0 -0.9 80.0
6 115.7 6.2 100.8 -1.7 80.2
7 115.7 5.5 99.4 1.1 79.2
8 116.0 5.3 91.9 -4.9 78.4
9 116.2 4.9 94.1 0.3 77.3
10 116.3 3.6 103.8 -5.1 77.3
11 116.3 3.4 89.1 -17.0 68.4
12 116.8 3.4 78.9 -20.9 62.3
2009 1 116.8 2.6 72.9 -29.2 61.4

2 116.9 2.7 78.8 -11.7 66.9
3 117.1 2.4 90.4 -13.6 69.2
4 117.2 2.2 93.1 -10.7 71.5
5 117.2 1.5 92.2 -10.5 72.9
6 118.2 2.2 97.5 -3.3 76.6
7 118.8 2.7 98.4 -1.0 78.7
8 119.2 2.8 90.9 -1.1 77.7
9 119.9 3.2 103.3 9.8 80.2
10P 120.2 3.4 99.0 -4.6 77.3
11P 120.4 3.5 100.5 12.8 77.3
P: Preliminary
4. Consumer goods sales index See graphs 2-2, 2-3, 2-4 & 2-5
(constant prices, 2005 = 100)
Consumer
goods
Period Durable Semi-durable Non-durable
sales
Y-o-Y goods Y-o-Y goods Y-o-Y goods Y-o-Y
index
change (%) change (%) change (%) change (%)
2007 109.3 5.1 124.7 9.6 108.1 3.9 108.5 5.2

2008 110.4 1.0 127.1 1.9 105.5 -2.4 109.3 0.7
2007 I 106.6 5.2 119.6 16.6 99.9 5.4 106.6 4.3

II 108.3 4.3 124.6 12.5 110.1 1.5 107.6 3.5
III 107.1 7.2 126.0 10.2 94.1 3.6 110.5 8.4
IV 115.1 3.6 128.6 0.8 128.5 5.4 109.4 5.0
2008 I 111.3 4.4 131.0 9.5 103.7 3.8 108.6 1.9

Il 111.4 2.9 135.5 8.7 107.8 -2.1 107.9 0.3
III 108.6 1.4 126.0 0.0 94.7 0.6 111.8 1.2
IV 110.3 -4.2 115.9 -9.9 115.8 -9.9 109.0 -0.4
2009 I 105.9 -4.9 113.2 -13.6 102.8 -0.9 107.1 -1.4

II 113.2 1.6 140.9 4.0 108.1 0.3 109.0 1.0
III 112.3 3.4 138.5 10.1 94.9 0.2 114.0 2.0
2007 1 106.2 0.4 118.7 22.0 98.0 4.6 104.4 -4.9

2 103.6 10.3 111.2 11.5 91.5 5.7 107.4 16.0
3 110.1 5.6 128.8 16.2 110.2 5.8 108.1 3.7
4 106.6 3.8 120.5 13.9 111.5 -0.1 105.0 3.3
5 111.3 5.6 126.5 14.3 116.2 1.8 110.3 5.0
6 107.0 3.6 126.8 9.4 102.5 2.7 107.4 1.9
7 105.0 9.1 130.5 20.7 94.4 3.2 105.3 8.7
8 103.6 5.8 127.0 11.4 80.0 2.8 109.6 5.7
9 112.6 6.6 120.5 -0.3 107.8 4.6 116.7 10.9
10 113.4 6.8 124.8 11.7 123.9 8.2 109.3 4.1
11 113.9 3.9 129.1 4.0 130.0 4.3 106.6 5.4
12 118.1 0.5 131.8 -10.3 131.7 3.9 112.2 5.3
2008 1 111.7 5.2 129.5 9.1 104.5 6.6 108.1 3.5

2 107.2 3.5 118.7 6.7 97.3 6.3 107.9 0.5
3 115.1 4.5 144.8 12.4 109.2 -0.9 109.8 1.6
4 113.0 6.0 140.6 16.7 109.2 -2.1 108.1 3.0
5 114.8 3.1 137.6 8.8 112.5 -3.2 111.7 1.3
6 106.3 -0.7 128.2 1.1 101.8 -0.7 103.9 -3.3
7 109.3 4.1 141.1 8.1 98.0 3.8 105.7 0.4
8 105.9 2.2 121.5 -4.3 87.1 8.9 111.4 1.6
9 110.5 -1.9 115.4 -4.2 99.1 -8.1 118.2 1.3
10 109.5 -3.4 124.4 -0.3 112.5 -9.2 105.8 -3.2
11 108.6 -4.7 109.0 -15.6 121.2 -6.8 107.0 0.4
12 112.8 -4.5 114.4 -13.2 113.8 -13.6 114.3 1.9
2009 1 108.0 -3.3 102.5 -20.8 103.2 -1.2 113.6 5.1

2 100.7 -6.1 114.3 -3.7 96.8 -0.5 98.8 -8.4
3 109.1 -5.2 122.9 -15.1 108.4 -0.7 108.8 -0.9
4 108.6 -3.9 123.7 -12.0 110.0 0.7 107.0 -1.0
5 116.6 1.6 142.8 3.8 113.5 0.9 112.5 0.7
6 114.3 7.5 156.3 21.9 100.7 -1.1 107.5 3.5
7 111.3 1.8 141.3 0.1 95.8 -2.2 110.9 4.9
8 107.9 1.9 128.8 6.0 87.3 0.2 112.6 1.1
9 117.8 6.6 145.5 26.1 101.7 2.6 118.6 0.3
10P 120.2 9.8 143.8 15.6 116.5 3.6 116.4 10.0
11P 119.5 10.0 152.1 39.5 122.8 1.3 109.2 2.1
P: Preliminary
54 January 2010
5. Consumer goods shipment index and consumer sentiment index
See graph 2-6
Domestic consumer
goods shipment index Consumer
Period (2005=100) Durable Non-durable sentiment index
Y-o-Y goods Y-o-Y goods Y-o-Y
change (%) change (%) change (%)
2007 113.0 6.0 124.5 12.8 108.4 3.2 -

2008 114.6 1.4 126.6 1.7 109.8 1.3 -
2007 I 111.1 8.4 119.8 17.6 107.6 4.8 -

II 111.0 7.8 122.5 15.0 106.4 4.7 -
III 111.3 2.4 122.9 9.3 106.7 -0.5 -
IV 118.7 5.9 132.8 9.9 113.0 4.1 -
2008 I 117.3 5.6 132.5 10.6 111.3 3.4 -

II 115.7 4.2 136.4 11.3 107.5 1.0 -
III 113.5 2.0 123.0 0.1 109.7 2.8 -
IV 111.8 -5.8 114.5 -13.8 110.7 -2.0 -
2009 I 105.9 -9.7 112.8 -14.9 103.2 -7.3 -

II 113.1 -2.2 137.9 1.1 103.2 -4.0 -
III 118.4 4.3 137.6 11.9 110.7 0.9 -
2007 1 114.9 11.1 118.0 21.9 113.6 7.2 -

2 104.3 8.0 113.7 14.8 100.5 5.0 -
3 114.1 6.2 127.8 16.2 108.6 2.2 -
4 111.6 10.1 119.9 19.5 108.3 6.3 -
5 113.0 8.8 125.3 18.2 108.0 4.8 -
6 108.5 4.7 122.4 8.0 102.9 3.2 -
7 109.7 10.0 124.3 23.6 103.9 4.5 -
8 112.9 6.0 125.0 13.9 108.1 2.8 -
9 111.3 -7.1 119.5 -5.8 108.0 -7.6 -
10 121.6 11.8 136.4 16.9 115.7 9.6 -
11 118.0 3.1 131.8 6.7 112.4 1.4 -
12 116.4 2.9 130.2 6.5 110.9 1.3 -
2008 1 125.2 9.0 131.5 11.4 122.7 8.0 -

2 106.4 2.0 122.4 7.7 100.0 -0.5 -
3 120.3 5.4 143.5 12.3 111.1 2.3 -
4 119.8 7.3 144.0 20.1 110.1 1.7 -
5 115.8 2.5 136.9 9.3 107.4 -0.6 -
6 111.6 2.9 128.2 4.7 105.0 2.0 -
7 117.6 7.2 134.2 8.0 111.0 6.8 84
8 111.3 -1.4 118.8 -5.0 108.3 0.2 96
9 111.5 0.2 116.0 -2.9 109.7 1.6 96
10 119.5 -1.7 127.8 -6.3 116.2 0.4 88
11 107.0 -9.3 111.0 -15.8 105.5 -6.1 84
12 108.8 -6.5 104.6 -19.7 110.5 -0.4 81
2009 1 105.7 -15.6 99.0 -24.7 108.4 -11.7 84

2 102.3 -3.9 115.2 -5.9 97.2 -2.8 85
3 109.8 -8.7 124.3 -13.4 104.0 -6.4 84
4 110.5 -7.8 119.0 -17.4 107.1 -2.7 98
5 111.5 -3.7 138.6 1.2 100.6 -6.3 105
6 117.4 5.2 156.0 21.7 102.0 -2.9 106
7 117.6 0.0 143.7 7.1 107.1 -3.5 109
8 109.9 -1.3 124.6 4.9 104.0 -4.0 114
9 127.8 14.6 144.5 24.6 121.0 10.3 114
10 119.8P 0.3P 138.6P 8.5P 121.3P -3.4P 117
11 118.5P 10.7P 145.7P 31.3P 107.6P 2.0P 113
12 - - - - - - 113
P: Preliminary
Source: Statistics Korea & The Bank of Korea
6. Machinery orders received, domestic machinery shipment
and estimated facility investment index See graph 3-2
Domestic machinery orders received Domestic
Estimated
excluding ship (billion won, constant prices) machinery
facility investment
Period shipment
index
excluding ship
Total Public Private (2005=100)
Manufacturing (2005=100)
2007 27,279 2,199 25,080 15,635 118.1 114.5

2008 23,798 2,309 21,488 12,809 113.0 114.5
2008 I 7,863 371 7,492 4,936 112.8 111.7
ll 6,088 535 5,552 3,140 121.2 120.6
III 5,474 354 5,121 2,947 113.7 113.9
IV 4,372 1,049 3,324 1,786 104.3 111.9
2009 I 5,205 931 4,274 2,083 92.8 98.1
ll 5,227 701 4,527 2,330 104.9 111.2
III 5,833 1,348 4,484 2,456 102.2 106.3
2008 1 3,110 148 3,661 2,032 107.8 106.3
2 2,339 68 2,271 1,571 104.2 102.9
3 2,414 155 2,259 1,332 126.4 125.9
4 2,043 95 1,947 1,137 122.6 119.6
5 1,863 89 1,775 913 122.5 122.1
6 2,182 352 1,830 1,090 118.4 120.0
7 2,372 179 2,193 1,239 118.9 119.6
8 1,688 87 1,602 965 113.3 108.3
9 1,414 88 1,326 743 108.9 113.8
10 1,711 399 1,312 754 105.8 112.5
11 1,259 207 1,053 555 103.6 108.2
12 1,402 444 959 478 103.5 115.1
2009 1 1,636 232 1,404 741 84.7 84.3
2 1,727 519 1,209 562 92.4 97.5
3 1,842 181 1,661 780 101.3 112.5
4 1,534 93 1,441 690 99.4 109.5
5 1,466 98 1,368 700 102.7 102.9
6 2,228 510 1,718 940 112.6 121.2
7 2,544 1,074 1,470 795 96.5 106.4
8 1,423 73 1,350 691 95.7 97.0
9 1,865 201 1,663 970 114.3 115.4
10P 1,762 97 1,665 939 106.3 108.0
11P 1,972 430 1,542 972 114.3 114.6
Y-o-Y change (%)
2007 20.6 -11.4 24.5 29.9 8.2 3.3
2008 -12.8 5.0 -14.3 -18.1 -4.3 0.0
2008 I 22.7 9.7 23.5 44.6 -3.8 1.3
ll -0.5 84.7 -4.7 -7.4 -2.7 0.6
III -15.2 -26.9 -14.3 -23.7 3.0 6.5
IV -47.3 -3.5 -53.9 -64.0 -13.4 -7.4
2009 I -33.8 150.5 -42.9 -57.8 -17.7 -12.2
ll -14.1 30.9 -18.5 -25.8 -13.4 -7.8
III 6.5 281.3 -12.4 -16.7 -9.9 -6.7
2008 1 51.2 67.3 50.5 78.7 -2.2 1.8
2 2.6 -54.7 6.6 26 -8.0 0.2
3 16.7 55.3 14.7 29.5 -1.5 1.6
4 5.0 3.2 5.1 5.9 -4.2 4.4
5 -6.4 -2.4 -6.6 -13.6 -1.1 -0.8
6 0.0 229.6 -11.8 -13.7 -2.7 -1.7
7 17.0 5.3 18.1 12.0 7.0 7.1
8 -9.0 -32.2 -7.3 -1.4 -0.9 2.6
9 -45.0 -52.8 -44.4 -58.2 2.9 10.0
10 -46.4 349.0 -57.7 -67.5 -6.2 -1.0
11 -52.6 -5 -56.8 -66.9 -14.9 -10.1
12 -42.8 -43.2 -42.7 -50.8 -18.4 -10.4
2009 1 -47.4 56.4 -52.6 -63.6 -21.4 -20.7
2 -26.2 660.1 -46.8 -64.2 -11.3 -5.2
3 -23.7 16.7 -26.5 -41.4 -19.9 -10.6
4 -24.9 -2.9 26 -39.3 -18.9 -8.4
5 -21.3 10.5 22.9 -23.4 -16.2 -15.7
6 2.1 45.1 -6.2 -13.8 -4.9 1.0
7 7.3 498.8 -32.9 -35.9 -18.8 -11.0
8 -15.7 -15.7 -15.7 -28.4 -15.5 -10.4
9 31.9 129.5 25.5 30.6 5.0 1.4
10P 3.0 -75.7 26.9 24.5 0.5 -4.0
11P 56.6 108.8 46.4 75.2 10.3 5.9
P: Preliminary
56 January 2010
7. Value of construction completed and domestic construction
orders received See graphs 4-2 & 4-3
(current prices, billion won)
Value of Type of order Domestic Type of order

construction construction
Period
completed orders received
(total) Public Private (total) Public Private
2007 82,939 25,098 54,559 112,502 28,695 77,554

2008 86,806 26,728 55,509 102,321 31,320 65,294
2008 I 18,283 5,279 12,142 21,048 7,398 13,077
ll 22,158 6,568 14,367 25,995 6,056 19,171
III 22,317 6,503 14,712 17,061 4,691 10,795
IV 24,047 8,383 14,288 38,217 13,175 22,252
2009 I 19,115 6,562 11,536 17,567 9,024 8,055
ll 23,716 8,678 13,623 25,485 17,350 7,201
III 22,181 7,915 13,052 18,620 8,237 9,640
2008 1 6,074 1,716 4,072 6,275 1,907 4,166
2 5,473 1,519 3,698 6,152 2,048 3,887
3 6,736 2,040 4,372 8,621 3,442 5,024
4 7,026 1,967 4,636 7,880 1,743 5,933
5 7,321 2,224 4,731 8,578 2,499 5,884
6 7,811 2,376 5,001 9,537 1,814 7,353
7 7,168 2,025 4,789 5,372 1,392 3,452
8 7,312 2,139 4,822 6,169 1,520 4,432
9 7,837 2,339 5,101 5,519 1,779 2,911
10 7,741 2,498 4,819 8,187 2,451 4,827
11 7,779 2,572 4,743 8,151 3,088 4,722
12 8,528 3,312 4,726 21,879 7,636 12,703
2009 1 6,048 2,149 3,608 5,333 2,552 2,514
2 6,129 2,036 3,782 4,880 2,695 2,079
3 6,937 2,377 4,147 7,354 3,778 3,462
4 7,451 2,643 4,415 7,249 5,610 1,260
5 7,271 2,611 4,232 6,988 4,295 2,573
6 8,995 3,423 4,977 11,247 7,445 3,369
7 7,005 2,380 4,249 5,527 2,947 2,362
8 6,734 2,443 3,923 4,352 1,713 2,569
9 8,442 3,092 4,879 8,741 3,576 4,709
10P 7,339 2,620 4,355 10,415 4,650 5,616
11P 8,109 2,781 4,904 14,425 5,082 8,766
Y-o-Y change (%)
2007 6.6 8.4 4.6 23.6 40.3 16.5
2008 4.7 6.5 1.7 -9.0 9.1 -15.8
2008 I 5.6 6.8 3.0 -3.7 17.4 -14.1
ll 6.1 3.5 4.6 -6.1 14.6 -4.7
III 10.6 6.6 10.5 -22.7 2.9 -32.3
IV -2.2 8.7 -9.1 -6.5 5.0 -15.3
2009 I 4.5 24.4 -5.0 -16.5 22.0 -38.4
ll 7.0 32.1 -5.2 -2.0 186.5 -62.4
III -0.6 21.7 -11.3 9.1 75.6 -10.7
2008 1 10.5 16.5 5.6 -9.3 3.6 -15.0
2 3.1 -1.0 2.6 -7.0 2.1 -14.1
3 3.6 5.5 1.0 3.6 40.1 -13.4
4 4.2 2.4 2.6 -0.5 -5.6 3.4
5 7.5 5.0 5.9 16.4 50.7 16.0
6 6.6 3.1 5.3 -23.0 2.0 -21.0
7 8.7 3.2 9.2 -13.2 -9.2 -8.4
8 8.3 9.5 5.9 -8.1 9.3 -10.7
9 14.8 6.9 16.7 -39.8 8.8 -59.6
10 5.1 20.4 -3.3 -23.7 -25.8 -32.1
11 -1.3 5.7 -7.1 -39.3 -16.6 -46.7
12 -8.6 3.4 -16.2 30.7 37.8 23.4
2009 1 -0.4 25.2 -11.4 -15.0 33.8 -39.7
2 12.0 34.0 2.3 -20.7 31.6 -46.5
3 3.0 16.5 -5.1 -14.7 9.7 -31.1
4 6.0 34.3 -4.8 -8.0 221.8 -78.8
5 -0.7 17.4 -10.5 -18.5 71.9 -56.3
6 15.2 44.1 -0.5 17.9 310.3 -54.2
7 -2.3 17.5 -11.3 2.9 111.7 -31.6
8 -7.9 14.2 -18.6 -29.5 12.7 -42.0
9 7.7 32.2 -4.3 58.4 101.1 61.8
10P -5.2 4.9 -9.6 27.2 89.7 16.3
11P 4.2 8.1 3.4 77.0 64.6 85.6
P: Preliminary
8. Composite indices of business cycle indicators and BSI
See graphs 13-1, 13-2 & 13-3
Cycle of
Leading Coincident
coincident
Period index Y-o-Y index BSI (results) BSI (prospects)
index
(2005=100) change (%) (2005=100)
(2005=100)
2006 1 104.2 6.9 104.0 100.4 95.4 102.6

2 104.3 6.4 104.1 100.1 90.5 102.4
3 104.2 5.8 104.5 100.1 111.5 118.9
4 104.3 5.4 104.6 99.8 99.8 112.7
5 104.6 5.2 105.2 99.9 94.1 110.7
6 105.0 5.0 105.5 99.8 94.2 98.6
7 105.2 4.5 105.2 99.1 79.1 94.2
8 105.7 4.4 105.6 99.1 85.9 93.4
9 106.4 4.6 106.4 99.4 99.4 107.7
10 107.4 5.1 108.3 100.7 99.4 103.5
11 108.1 5.4 109.1 101.1 103.7 104.3
12 108.7 5.4 109.4 101.0 100.4 101.4
2007 1 109.2 5.5 109.4 100.6 85.6 96.5

2 109.9 5.8 109.8 100.6 87.5 93.4
3 110.3 5.7 110.2 100.5 109.4 112.3
4 111.0 5.9 110.7 100.5 105.8 107.7
5 111.3 5.8 111.2 100.6 104.1 110.9
6 112.3 6.3 112.1 100.9 100.2 105.6
7 113.2 6.7 113.0 101.4 95.8 99.3
8 114.1 7.1 113.7 101.6 94.4 102.5
9 114.9 7.3 113.8 101.2 101.5 111.8
10 115.8 7.6 114.4 101.3 108.3 116.3
11 116.7 7.9 115.0 101.5 106.0 112.4
12 117.0 7.6 116.0 101.9 98.9 103.4
2008 1 116.6 6.6 116.8 102.2 95.2 103.0

2 115.8 5.1 116.9 101.9 95.6 94.8
3 115.2 3.9 117.1 101.7 101.1 102.1
4 114.9 3.0 117.1 101.2 101.7 98.1
5 114.8 2.3 117.3 101.0 98.1 104.7
6 114.4 1.3 117.3 100.6 79.1 95.3
7 113.7 0.1 117.6 100.4 80.8 83.2
8 113.5 -0.5 117.7 100.1 83.1 80.8
9 113.4 -0.9 117.9 99.8 76.8 98.3
10 112.7 -1.8 117.6 99.2 64.6 84.9
11 111.3 -3.3 115.9 97.3 53.7 63.7
12 110.4 -4.3 113.0 94.6 52.4 55.0
2009 1 110.7 -4.0 110.9 92.4 58.1 52.0

2 111.9 -2.9 110.9 92.0 62.4 66.0
3 113.0 -1.9 111.9 92.5 89.0 76.1
4 115.0 0.1 113.6 93.5 93.7 86.7
5 117.4 2.6 114.5 93.8 100.9 103.8
6 120.5 5.8 116.9 95.4 96.6 100.2
7 122.2 7.8 118.3 96.2 98.5 98.7
8 123.4 9.1 119.4 96.7 96.0 99.8
9 124.3 10.1 120.1 96.9 110.5 117.0
10 125.7P 11.3P 120.6P 96.8P 107.5 116.5
11 127.3P 12.5P 121.0P 96.8P 103.8 109.0
12 - - - - 104.8 105.9
2010 1 - - - - - 103.1
P: Preliminary
Source: Statistics Korea & The Federation of Korean Industries
58 January 2010
9. Balance of payments (I) See graphs 5-1, 5-2, 5-3, 10-1 & 10-2
(million US$)
Current Goods Services Income

Period Current
balance trade trade trade
Exports Imports transfers
balance balance balance
2007 5,876.0 28,168.0 371,489.1 356,845.7 -19,767.6 1,002.7 -3,527.1

2008r -5,776.3 5,669.1 422,007.3 435,274.7 -16,671.5 5,900.0 -673.9
2007 I -1,013.3 5,721.8 84,703.5 82,261.7 -5,391.3 -618.1 -725.7

II -1,303.6 5,811.9 92,984.5 87,961.9 -4,415.9 -1,662.4 -1,037.2
III 4,344.1 8,881.9 90,529.1 86,058.8 -5,256.6 1,795.9 -1,077.1
IV 3,848.8 7,752.4 103,272.0 100,563.3 -4,703.8 1,487.3 -687.1
2008r I -4,866.4 -1,375.4 99,444.5 106,052.9 -4,936.9 1,979.7 -533.8

II -411.5 5,526.4 114,492.0 114,792.8 -4,460.5 -521.1 -956.3
III -8,329.7 -3,230.5 115,000.1 122,901.0 -5,837.8 1,503.3 -764.7
IV 7,831.3 4,748.6 93,070.6 91,528.0 -1,436.3 2,938.1 1,580.9
2009P I 8,618.2 8,308.8 74,405.3 71,445.5 -1,926.2 922.3 1,313.3

II 13,097.4 17,576.0 90,318.7 73,820.7 -4,167.7 292.7 -603.6
III 10,395.5 14,702.5 94,769.4 84,786.1 -5,334.5 1,690.7 -663.2
2007 1 439.4 1,505.6 28,092.6 27,560.1 -1,409.6 610.1 -266.7

2 430.4 2,140.0 26,225.1 25,406.2 -2,356.4 867.2 -220.4
3 -1,883.1 2,076.2 30,385.8 29,295.5 -1,625.3 -2,095.4 -238.6
4 -2,558.6 1,233.1 29,944.5 29,596.9 -1,371.3 -2,203.8 -216.6
5 193.8 1,476.9 31,039.9 29,856.9 -1,396.5 504.0 -390.6
6 1,061.2 3,101.9 32,000.1 28,508.1 -1,648.1 37.4 -430.0
7 1,773.7 3,250.9 30,207.4 29,223.2 -1,675.3 557.1 -359.0
8 589.1 2,386.2 30,998.1 29,642.1 -2,050.6 610.7 -357.2
9 1,981.3 3,244.8 29,323.5 27,193.6 -1,530.7 628.1 -360.9
10 3,010.5 4,361.0 34,433.8 32,741.2 -1,527.0 454.1 -277.6
11 1,674.4 2,723.8 35,807.9 33,926.1 -1,410.8 474.8 -113.4
12 -836.1 667.6 33,030.3 33,895.9 -1,766.0 558.4 -296.1
2008r 1 -2,343.6 -935.1 32,274.6 36,318.0 -1,957.3 840.3 -291.5

2 -2,372.0 -524.2 31,178.2 32,624.3 -2,205.7 792.3 -434.4
3 -150.8 83.9 35,991.8 37,110.6 -773.9 347.1 192.1
4 -1,578.8 1,733.1 37,850.2 38,260.4 -1,072.9 -1,914.2 -324.8
5 -566.7 367.0 39,383.2 38,704.5 -1,215.3 563.5 -281.9
6 1,734.0 3,426.3 37,258.6 37,827.9 -2,172.3 829.6 -349.6
7 -2,433.9 487.2 40,961.2 42,952.5 -2,719.6 350.0 -551.5
8 -4,676.2 -2,926.8 36,610.6 40,420.4 -1,962.9 427.4 -213.9
9 -1,219.6 -790.9 37,428.3 39,528.1 -1,155.3 725.9 0.7
10 4,644.8 2,102.2 37,111.1 36,098.8 180.5 1,590.6 771.5
11 2,408.2 1,230.4 28,841.6 28,853.6 -70.0 757.4 490.4
12 778.3 1,416.0 27,117.9 26,575.6 -1,546.8 590.1 319.0
2009P 1 -1,612.3 -1,762.2 21,130.1 24,937.3 -710.5 596.4 264.0

2 3,585.8 3,100.1 25,391.9 22,597.7 -540.4 510.5 515.6
3 6,644.7 6,970.9 27,883.2 23,910.4 -675.3 -184.6 533.7
4 4,274.1 6,105.2 30,324.9 24,843.7 -1,117.3 -803.1 89.3
5 3,442.6 4,872.3 27,805.5 23,346.5 -1,524.4 389.6 -294.9
6 5,380.7 6,598.5 32,188.3 25,630.5 -1,526.0 706.2 -398.0
7 4,419.5 6,114.5 31,895.4 27,639.2 -1,898.0 511.1 -308.1
8 1,922.1 3,319.5 28,948.0 27,397.8 -1,803.4 617.7 -211.7
9 4,053.9 5,268.5 33,925.9 29,749.1 -1,633.1 561.9 89.3
10 4,757.3 5,675.1 33,957.8 30,336.2 -1,312.6 559.4 -164.6
11 4,277.7 5,842.3 34,074.7 29,456.7 -1,662.7 390.0 -291.9
R: Revised P: Preliminary
Source: The Bank of Korea & Korea Customs Service
10. Balance of payments (II) See graph 10-3
(million US$)
Capital & Changes in

Capital transfers Errors and
Period financial Direct Portfolio Financial Other & acquisition of reserve
omissions
account investment investment derivative investment non-financial assets
assets
2007 7,128.1 -13,835.9 -26,057.8 5,444.8 43,964.5 -2,387.5 -15,128.4 2,124.0
2008r -50,083.6 -15,632.6 -2,405.6 -14,769.9 -17,384.8 109.3 56,446.0 -586.1
2007 I 6,364.4 -900.4 -12,227.6 1,300.5 19,005.7 -813.8 -3,998.3 -1,352.8

II 8,948.8 -2,847.0 -1,055.9 1,067.4 12,466.7 -682.4 -6,250.1 -1,395.2
III -4,323.2 -2,605.7 -11,455.8 1,432.9 8,879.1 -573.7 -2,495.8 2,474.8
IV -3,861.9 -7,482.8 -1,318.5 1,644.0 3,613.0 -317.6 -2,384.2 2,397.2
2008r I 1,990.3 -5,781.5 -4,401.5 -1,249.5 13,533.2 -110.4 3,850.0 -973.9

ll -3,160.7 -4,140.0 8,356.7 -1,240.7 -5,909.9 -226.8 5,717.7 -2,145.5
III -6,286.4 -3,661.1 -9,421.3 -3,550.4 10,564.1 -217.7 12,883.1 1,733.0
IV -42,626.8 -2,050.0 3,060.5 -8,729.3 -35,572.2 664.2 33,995.2 800.3
2009P I -1,399.2 -2,045.4 3,532.3 -4,893.6 1,282.5 725.0 -9,017.4 1,798.4

II 8,682.0 -172.1 16,740.2 -614.9 -7,566.0 294.8 -19,541.8 -2,237.6
III 14,399.1 -2,137.6 19,914.7 -1,296.5 -2,258.0 176.5 -23,886.9 -907.7
2007 1 2,180.0 -222.2 -1,915.9 292.8 4,381.7 -356.4 -2,350.7 -268.7

2 -527.6 -644.0 -2,366.7 368.2 2,318.3 -203.4 -1,134.7 1,231.9
3 4,712.0 -34.2 -7,945.0 639.5 12,305.7 -254.0 -512.9 -2,316.0
4 4,481.4 -402.1 3,601.6 197.7 1,325.2 -240.8 -1,878.4 -44.6
5 4,750.2 -282.8 -12.6 409.0 4,871.5 -234.9 -4,492.9 -451.1
6 -282.8 -2,162.1 -4,644.9 460.7 6,270.2 -206.7 121.2 -899.5
7 -552.7 -321.9 -7,912.0 705.2 7,203.9 -227.9 -2,421.6 1,200.6
8 137.3 -1,427.0 -6,531.8 440.1 7,864.0 -208.0 -937.6 211.1
9 -3,907.8 -856.8 2,988.0 287.6 -6,188.8 -137.8 863.4 1,063.1
10 -3,753.9 -4,514.4 -638.2 663.4 900.4 -165.1 -847.5 1,590.8
11 -373.3 -1,723.3 -2,473.5 627.2 3,269.5 -73.2 -493.8 -807.2
12 265.3 -1,245.1 1,793.2 353.4 -556.9 -79.3 -1,042.9 1,613.6
2008r 1 1,171.9 -3,002.7 -949.8 -130.4 5,313.5 -58.7 1,436.1 -264.4

2 202.3 -90.9 -3,144.5 -298.1 3,750.7 -14.9 1,703.1 466.6
3 616.1 -2,687.9 -307.2 -821.0 4,469.0 -36.8 710.8 -1,176.1
4 -835.4 -2,561.0 4,093.1 -560.3 -1,720.5 -86.7 2,411.3 2.9
5 -113.8 -683.4 9,168.1 -627.6 -7,921.8 -49.1 2,264.6 -1,584.1
6 -2,211.5 -895.6 -4,904.5 -52.8 3,732.4 -91.0 1,041.8 -564.3
7 -6,014.3 -1,465.4 -7,025.3 -551.2 3,204.5 -176.9 9,171.4 -723.2
8 5,113.2 -1,428.7 -343.4 -69.3 7,062.4 -107.8 -1,215.2 778.2
9 -5,385.3 -767.0 -2,052.6 -2,929.9 297.2 67.0 4,926.9 1,678.0
10 -23,462.3 -978.9 5,004.0 -3,888.3 -23,952.6 353.5 19,988.1 -1,170.6
11 -13,488.5 -615.2 -2,524.0 -1,347.1 -9,215.7 213.5 10,904.2 176.1
12 -5,676.0 -455.9 580.5 -3,493.9 -2,403.9 97.2 3,102.9 1,794.8
2009P 1 4,655.2 -538.7 5,678.8 -248.5 -379.9 143.5 -4,488.6 1,445.7

2 -3,216.5 -785.8 161.4 -2,312.2 -609.6 338.7 -1,260.0 890.7
3 -2,837.9 -720.9 -2,307.9 -2,323.9 2,272.0 242.8 -3,268.8 -538.0
4 2,193.3 112.4 7,133.0 -679.8 -4,532.5 160.2 -5,444.1 -1,023.3
5 6,707.8 -574.5 4,263.5 1,341.1 1,586.6 91.1 -10,248.6 98.2
6 -219.1 290.0 5,343.7 -1,276.2 -4,620.1 43.5 -3,849.1 -1,312.5
7 2,200.5 -1,323.9 7,940.1 -272.7 -4,379.0 236.0 -5,573.6 -1,046.4
8 5,296.9 -276.1 4,063.5 -721.0 2,177.0 53.5 -7,095.2 -123.8
9 6,901.7 -537.6 7,911.1 -302.8 -56.0 -113.0 -11,218.1 262.5
10 1,582.9 -509.0 6,130.5 -572.9 -3,477.9 12.2 -7,966.2 1,626.0
11 1,544.2 -2,835.0 3,389.4 848.7 193.9 -52.8 -5,637.4 -184.5
R: Revised P: Preliminary
60 January 2010
11. Prices See graphs 11-1, 11-2 & 11-3
(2005 = 100)
Producer prices
Consumer prices Export & import prices
(2005=100)
Period
All Items Commodity Service Core All items Commodity Export Import
2007 104.8 103.5 105.7 104.2 102.3 101.5 89.8 105.5

2008 109.7 109.9 109.6 108.6 111.1 112.5 109.5 143.7
2008 1 106.8 106.3 107.1 105.6 104.7 104.4 93.7 118.4

2 107.2 106.6 107.5 106.0 105.7 105.7 94.8 121.6
3 108.2 107.1 108.9 107.2 107.1 107.5 100.8 131.5
4 108.8 108.2 109.2 107.7 109.4 110.3 103.3 136.5
5 109.7 110.0 109.5 108.2 111.5 113.1 110.7 151.1
6 110.4 111.5 109.7 108.7 113.3 115.5 112.0 155.2
7 111.2 112.9 110.1 109.2 115.5 118.1 112.1 156.8
8 111.0 112.2 110.3 109.4 115.2 117.6 110.5 149.9
9 111.1 112.1 110.4 109.9 114.8 117.0 115.6 153.4
10 111.0 111.7 110.6 110.1 114.4 116.7 124.5 159.7
11 110.7 110.3 110.9 110.4 111.8 113.3 120.4 149.1
12 110.7 110.2 111.0 110.9 109.9 110.9 115.0 140.6
2009 1 110.8 110.4 111.1 111.1 109.6 110.4 111.1 138.1

2 111.6 112.1 111.2 111.5 110.3 111.5 116.5 143.5
3 112.4 113.3 111.8 112.0 110.8 112.1 118.4 145.4
4 112.7 113.8 112.0 112.2 111.0 112.1 112.2 134.1
5 112.7 113.6 112.0 112.4 110.1 111.0 106.3 130.0
6 112.6 113.3 112.1 112.5 109.8 110.5 108.3 136.7
7 113.0 113.9 112.5 112.7 111.1 112.1 109.0 136.6
8 113.4 114.5 112.7 112.8 111.7 112.9 109.3 139.5
9 113.5 114.6 112.7 112.9 111.8 113.0 107.3 136.8
10 113.2 113.9 112.8 113.0 110.9 111.8 104.0 135.3
11 113.4 114.2 112.9 113.2 111.3 112.5 104.3 137.9
12 113.8 115.0 113.0 113.3 111.9 113.1 105.1 138.6
Y-o-Y change (%)
2007 2.5 2.0 2.9 2.4 1.4 1.0 -2.1 4.5
2008 4.7 6.2 3.7 4.2 8.6 10.8 21.8 36.2
2008 1 3.9 4.8 3.2 2.8 4.2 4.8 5.8 21.2

2 3.6 4.2 3.2 2.8 5.1 6.1 7.6 22.2
3 3.9 4.7 3.5 3.3 6.0 7.3 13.4 28.0
4 4.1 5.3 3.5 3.5 7.6 9.3 15.7 31.3
5 4.9 7.0 3.6 3.9 9.0 11.3 24.0 44.6
6 5.5 8.6 3.7 4.3 10.5 13.6 25.2 49.0
7 5.9 9.3 3.9 4.6 12.5 16.1 25.1 50.6
8 5.6 8.4 4.0 4.7 12.3 15.6 21.9 42.6
9 5.1 7.1 3.9 5.1 11.3 14.4 27.4 42.6
10 4.8 6.3 3.9 5.2 10.7 14.0 38.6 47.1
11 4.5 5.1 4.1 5.3 7.8 9.9 31.5 32.0
12 4.1 4.4 4.0 5.6 5.6 6.9 25.0 22.4
2009 1 3.7 3.9 3.7 5.2 4.7 5.7 18.6 16.7

2 4.1 5.2 3.4 5.2 4.4 5.5 22.9 18.0
3 3.9 5.8 2.7 4.5 3.5 4.3 17.4 10.6
4 3.6 5.2 2.6 4.2 1.5 1.6 7.7 -1.8
5 2.7 3.3 2.3 3.9 -1.3 -1.9 -4.1 -13.9
6 2.0 1.6 2.2 3.5 -3.1 -4.3 -3.3 -11.9
7 1.6 0.9 2.2 3.2 3.8 -5.1 -2.7 -12.9
8 2.2 2.0 2.2 3.1 -3.0 -4.0 -1.1 -7.0
9 2.2 2.2 2.1 2.7 -2.6 -3.4 -7.2 -10.8
10 2.0 2.0 2.0 2.6 -3.1 -4.2 -16.5 -15.3
11 2.4 3.5 1.8 2.5 -0.4 -0.7 -13.4 -7.5
12 2.8 4.4 1.8 2.2 1.8 2.0 -8.6 -1.4
12. Employment See graphs 8-1, 8-2 & 8-3
Economically active persons (thous.) Wage workers (thous.)

Unemploy-
Period
Employed persons (thous.) ment (%)
Regular Temporary Daily
All industry Manufacturing S.O.C&service
2007 24,216 23,433 4,014 17,679 3.2 15,970 8,620 5,172 2,178
2008 24,347 23,577 3,963 17,906 3.2 16,206 9,007 5,079 2,121
2008 1 23,738 22,964 4,022 17,651 3.3 16,032 8,815 5,115 2,102
2 23,703 22,884 4,017 17,510 3.5 15,836 8,804 5,055 1,977
3 24,114 23,305 3,999 17,732 3.4 15,993 8,898 5,023 2,073
4 24,495 23,711 4,001 17,929 3.2 16,258 8,894 5,127 2,238
5 24,692 23,939 3,987 18,046 3.0 16,405 9,010 5,165 2,231
6 24,727 23,963 3,993 18,067 3.1 16,385 9,039 5,132 2,214
7 24,673 23,903 3,975 18,088 3.1 16,363 9,054 5,163 2,146
8 24,380 23,617 3,899 17,872 3.1 16,104 9,107 4,970 2,027
9 24,456 23,734 3,928 17,951 3.0 16,221 9,142 5,015 2,064
10 24,582 23,847 3,945 18,005 3.0 16,314 9,138 5,034 2,142
11 24,566 23,816 3,897 18,086 3.1 16,377 9,111 5,071 2,195
12 24,032 23,245 3,888 17,935 3.3 16,189 9,068 5,082 2,040
2009 1 23,709 22,861 3,895 17,663 3.6 16,053 9,102 4,982 1,969
2 23,667 22,742 3,842 17,539 3.9 15,953 9,194 4,862 1,897
3 24,062 23,110 3,813 17,701 4.0 16,076 9,174 4,941 1,961
4 24,456 23,524 3,846 17,899 3.8 16,353 9,227 5,051 2,076
5 24,658 23,720 3,846 18,016 3.8 16,484 9,316 5,076 2,092
6 24,927 23,967 3,836 18,251 3.9 16,736 9,340 5,281 2,115
7 24,756 23,828 3,802 18,210 3.7 16,589 9,383 5,255 1,952
8 24,525 23,620 3,761 18,048 3.7 16,479 9,472 5,117 1,890
9 24,630 23,805 3,810 18,155 3.4 16,687 9,606 5,151 1,931
10 24,655 23,856 3,858 18,130 3.2 16,690 9,628 5,170 1,892
11 24,625 23,806 3,855 18,267 3.3 16,790 9,603 5,256 1,931
12 24,063 23,229 3,872 18,104 3.5 16,555 9,632 5,074 1,849
Y-o-Y change (%)
2007 1.0 1.2 -1.0 2.2 - 2.7 5.1 0.6 -1.2
2008 0.5 0.6 -1.3 1.3 - 1.5 4.5 -1.8 -2.6
2008 1 0.7 1.0 -0.6 1.8 - 2.4 5.2 -1.2 0.2

2 0.7 0.9 -0.3 1.6 - 1.9 4.8 -1.4 -1.9
3 0.6 0.8 -0.4 1.4 - 1.7 5.5 -3.2 -1.8
4 0.7 0.8 -0.6 1.4 - 1.8 5.2 -2.1 -1.7
5 0.6 0.8 -0.8 1.5 - 1.9 5.6 -1.8 -3.2
6 0.5 0.6 -1.1 1.4 - 1.6 4.9 -1.6 -3.3
7 0.5 0.6 -1.2 1.3 - 1.5 4.4 -1.7 -2.4
8 0.7 0.7 -1.2 1.3 - 1.4 3.9 -1.5 -2.3
9 0.5 0.5 -1.6 1.1 - 1.0 3.6 -1.7 -3.2
10 0.4 0.4 -2.3 1.2 - 1.0 3.5 -1.7 -2.8
11 0.4 0.3 -2.2 0.7 - 1.0 3.6 -2.0 -2.5
12 0.2 -0.1 -3.3 0.6 - 0.5 3.6 -1.8 -6.3
2009 1 -0.1 -0.4 -3.2 0.1 - 0.1 3.3 -2.6 -6.3

2 -0.2 -0.6 -4.4 0.2 - 0.7 4.4 -3.8 -4.1
3 -0.2 -0.8 -4.7 -0.2 - 0.5 3.1 -1.6 -5.4
4 -0.2 -0.8 -3.9 -0.2 - 0.6 3.7 -1.5 -7.2
5 -0.1 -0.9 -3.5 -0.2 - 0.5 3.4 -1.7 -6.2
6 0.8 0.0 -3.9 1.0 - 2.1 3.3 2.9 -4.5
7 0.3 -0.3 -4.3 0.7 - 1.4 3.6 1.8 -9.1
8 0.6 0.0 -3.5 1.0 - 2.3 4.0 3.0 -6.7
9 0.7 0.3 -3.0 1.1 - 2.9 5.1 2.7 -6.5
10 0.3 0.0 -2.2 0.7 - 2.3 5.4 2.7 -11.7
11 0.2 0.0 -1.1 1.0 - 2.5 5.4 3.7 -12.0
12 0.1 -0.1 -0.4 0.9 - 2.3 6.2 -0.2 -9.3
62 January 2010
13. Financial indicators See graphs 9-1 & 9-4
(period average)
Yields (%) Stock

Period
Call rate CD Corporate bonds Treasury bonds Treasury bonds KOSPI
(1 day) (91 days) (3 years, AA-) (3 years) (5 years) (end-period)
2005 1 3.3 3.5 4.1 3.7 3.9 932.70

2 3.3 3.6 4.6 4.2 4.5 1,011.40
3 3.3 3.6 4.5 4.0 4.3 965.70
4 3.3 3.5 4.3 3.9 4.1 911.30
5 3.3 3.5 4.1 3.7 3.9 970.20
6 3.3 3.5 4.2 3.8 4.0 1,008.20
7 3.3 3.5 4.5 4.1 4.4 1,111.30
8 3.3 3.5 4.8 4.3 4.7 1,083.30
9 3.3 3.7 4.9 4.5 4.8 1,221.00
10 3.4 3.9 5.2 4.8 5.1 1,158.10
11 3.5 4.0 5.5 5.1 5.4 1,297.40
12 3.7 4.0 5.5 5.1 5.3 1,379.40
2006 1 3.7 4.2 5.5 5.0 5.3 1,399.80

2 3.9 4.3 5.3 4.9 5.0 1,371.60
3 4.0 4.3 5.3 4.9 5.1 1,359.60
4 4.0 4.3 5.2 5.0 5.2 1,419.70
5 4.0 4.4 5.1 4.8 4.9 1,371.70
6 4.2 4.5 5.2 4.9 5.0 1,295.70
7 4.2 4.6 5.2 4.9 5.0 1,297.80
8 4.4 4.7 5.1 4.8 4.8 1,352.70
9 4.5 4.6 5.0 4.7 4.8 1,371.40
10 4.5 4.6 4.9 4.6 4.7 1,364.60
11 4.5 4.6 5.1 4.7 4.8 1,432.20
12 4.5 4.8 5.2 4.8 4.9 1,434.50
2007 1 4.6 4.9 5.3 5.0 5.0 1,360.20

2 4.6 5.0 5.3 4.9 4.9 1,417.30
3 4.6 4.9 5.2 4.8 4.8 1,452.60
4 4.7 5.0 5.3 4.9 5.0 1,542.24
5 4.6 5.0 5.5 5.1 5.1 1,700.91
6 4.5 5.0 5.6 5.2 5.4 1,743.60
7 4.7 5.1 5.8 5.4 5.4 1,933.27
8 4.9 5.2 5.7 5.3 5.3 1,873.24
9 5.0 5.3 5.9 5.4 5.4 1,946.48
10 5.0 5.3 6.0 5.4 5.5 2,064.95
11 5.0 5.4 6.2 5.5 5.6 1,906.00
12 5.0 5.7 6.7 5.9 5.9 1,897.10
2008 1 5.0 5.8 6.6 5.4 5.5 1,624.68

2 5.0 5.3 6.3 5.1 5.1 1,711.62
3 5.0 5.3 6.1 5.2 5.2 1,703.99
4 5.0 5.4 5.9 5.0 5.0 1,825.47
5 5.0 5.4 6.2 5.3 5.4 1,852.02
6 5.0 5.4 6.7 5.7 5.8 1,674.92
7 5.0 5.5 7.0 6.0 6.0 1,594.67
8 5.2 5.8 7.1 5.8 5.8 1,474.24
9 5.2 5.8 7.5 5.8 5.8 1,448.06
10 4.9 6.0 8.0 5.1 5.2 1,113.06
11 4.0 5.6 8.6 5.0 5.2 1,076.07
12 3.3 4.7 8.4 4.0 4.3 1,124.47
2009 1 2.4 3.2 7.3 3.4 4.0 1,162.11

2 2.1 2.7 7.1 3.8 4.6 1,063.03
3 1.8 2.5 6.1 3.7 4.5 1,206.26
4 1.8 2.4 5.7 3.8 4.4 1,369.40
5 1.9 2.4 5.2 3.8 4.5 1,395.89
6 1.9 2.4 5.2 4.1 4.7 1,390.07
7 1.9 2.4 5.5 4.1 4.6 1,577.29
8 2.0 2.5 5.7 4.4 4.9 1,591.85
9 2.0 2.6 5.6 4.4 4.9 1,673.14
10 2.0 2.8 5.6 4.5 4.9 1,580.69
11 2.0 2.8 5.4 4.3 4.8 1,555.60
12 2.0 2.8 5.4 4.2 4.8 1,682.77
14. Monetary indicators See graph 9-5
(period average) (billion won)
Period Reserve money M1 M2 Lf
2007 48,543.7 312,832.3 1,197,094.8 1,603,516.0

2008 52,272.8 307,273.6 1,367,713.4 1,794,841.2
2008 1 50,260.5 305,868.0 1,286,407.8 1,711,196.8

2 52,563.7 304,580.7 1,309,161.7 1,726,407.2
3 49,571.5 299,792.8 1,324,032.7 1,743,481.7
4 50,683.6 298,474.4 1,339,434.9 1,762,945.3
5 50,502.5 304,239.8 1,356,612.9 1,782,721.1
6 51,274.4 305,514.3 1,369,728.1 1,798,774.9
7 50,600.6 306,584.4 1,378,914.3 1,801,540.6
8 51,981.0 304,538.7 1,386,101.1 1,810,535.1
9 53,303.9 307,067.8 1,395,719.2 1,831,313.4
10 52,976.5 310,565.5 1,403,984.2 1,845,717.7
11 54,254.5 316,330.9 1,426,165.1 1,859,348.8
12 59,300.7 323,725.9 1,436,298.3 1,864,111.6
2009 1 64,040.6 331,358.0 1,440,275.8 1,868,843.3

2 63,061.7 334,521.7 1,457,931.3 1,879,102.7
3 65,669.5 342,777.0 1,470,443.1 1,889,388.6
4 61,379.9 350,446.0 1,482,009.7 1,897,923.7
5 60,082.5 355,922.0 1,491,542.7 1,912,745.6
6 59,530.3 362,111.3 1,501,898.3 1,925,341.0
7 59,420.2 363,421.4 1,512,822.5 1,939,962.4
8 60,570.3 361,012.4 1,524,879.7 1,956,088.3
9 59,650.3 367,070.3 1,535,279.8 1,972,156.3
10 63,681.7 371,531.7 1,551,319.5 1,990,248.2
11 61,154.5 370,979.7 1,564,175.8 2,000,616.2
Y-o-Y change (%)
2007 16.5 -5.2 11.2 10.2
2008 7.7 -1.8 14.3 11.9
2008 1 5.0 -13.5 12.5 11.4

2 6.2 -13.2 13.4 11.6
3 1.3 -10.6 13.9 11.9
4 6.7 -2.3 14.9 12.7
5 5.0 1.0 15.8 13.1
6 7.0 1.0 15.1 12.7
7 6.5 1.4 14.8 12.1
8 8.7 2.2 14.7 11.8
9 9.1 2.7 14.5 12.2
10 7.3 4.2 14.2 11.9
11 11.1 5.5 14.0 11.4
12 17.8 5.2 13.1 10.4
2009 1 27.4 8.3 12.0 9.2

2 20.0 9.8 11.4 8.8
3 32.5 14.3 11.1 8.4
4 21.1 17.4 10.6 7.7
5 19.0 17.0 9.9 7.3
6 16.1 18.5 9.6 7.0
7 17.4 18.5 9.7 7.7
8 16.5 18.5 10.0 8.0
9 11.9 19.5 10.0 7.7
10 20.2 19.6 10.5 7.8
11 12.7 17.3 9.7 7.6
P: Preliminary
64 January 2010
15. Exchange rates See graphs 9-2 & 9-3
/US$ /100 /Euro

Period
End-period Average End-period Average End-period Average
2007 938.2 929.2 833.3 789.8 1,381.3 1,272.7

2008 1,257.5 1,102.6 1,393.9 1,076.6 1,776.2 1,606.8
2008 1 943.9 942.4 889.1 872.9 1,402.3 1,386.2

2 937.3 944.7 889.7 880.6 1,423.5 1,395.4
3 991.7 979.9 1,000.2 972.3 1,565.0 1,519.5
4 999.7 986.7 961.8 962.4 1,556.2 1,555.1
5 1,031.4 1,036.7 977.0 994.2 1,599.6 1,614.6
6 1,043.4 1,029.3 981.8 963.0 1,647.1 1,601.7
7 1,008.5 1,019.1 932.9 954.2 1,571.0 1,606.4
8 1,081.8 1,041.5 987.9 953.0 1,590.3 1,561.6
9 1,187.7 1,130.4 1,144.2 1,060.6 1,707.2 1,627.6
10 1,291.4 1,326.9 1,306.0 1,327.1 1,664.4 1,765.3
11 1,482.7 1,390.1 1,553.8 1,435.1 1,912.6 1,768.9
12 1,257.5 1,373.8 1,393.9 1,503.3 1,776.2 1,846.1
2009 1 1,368.5 1,346.1 1,521.0 1,487.2 1,768.7 1,793.8

2 1,516.4 1,429.5 1,541.1 1,546.1 1,930.1 1,829.9
3 1,377.1 1,462.0 1,414.8 1,495.7 1,816.4 1,904.0
4 1,348.0 1,341.9 1,382.9 1,356.2 1,786.8 1,771.6
5 1,272.9 1,258.7 1,314.1 1,304.5 1,772.7 1,719.1
6 1,284.7 1,261.4 1,336.3 1,305.5 1,809.3 1,767.8
7 1,240.5 1,264.0 1,299.2 1,338.1 1,745.9 1,778.8
8 1,244.9 1,238.4 1,332.8 1,304.3 1,779.1 1,776.3
9 1,188.7 1,219.2 1,318.8 1,332.4 1,734.3 1,774.2
10 1,200.6 1,175.3 1,312.6 1,300.8 1,781.3 1,742.9
11 1,167.4 1,164.2 1,348.3 1,304.4 1,751.7 1,736.6
12 1,167.6 1,166.5 1,262.8 1,300.8 1,674.3 1,703.7
Y-o-Y change (%)
2007 0.9 -2.8 6.6 -3.9 -13.0 6.1
2008 34.0 18.7 67.3 36.3 28.6 26.2
2008 1 0.3 0.6 15.0 12.2 14.9 13.9

2 -0.1 0.8 12.1 13.4 14.6 13.9
3 5.5 3.9 25.5 20.8 24.8 21.6
4 7.6 5.9 23.6 22.8 22.8 23.6
5 10.9 11.7 27.8 29.4 28.1 28.7
6 12.6 10.9 30.5 27.2 32.2 28.7
7 9.2 10.9 20.4 26.3 24.0 27.5
8 15.1 11.5 22.0 19.2 24.0 22.7
9 29.0 21.2 43.6 30.8 31.0 26.1
10 42.3 44.9 65.1 67.8 27.1 35.5
11 59.5 51.6 83.6 73.7 39.4 31.5
12 34.0 47.7 67.3 81.5 28.6 36.2
2009 1 45.0 42.8 71.1 70.4 26.1 29.4

2 61.8 51.3 73.2 75.6 35.6 31.1
3 38.9 49.2 41.5 53.8 16.1 25.3
4 34.8 36.0 43.8 40.9 14.8 13.9
5 23.4 21.4 34.5 31.2 10.8 6.5
6 23.1 22.5 36.1 35.6 9.9 10.4
7 23.0 24.0 39.3 40.2 11.1 10.7
8 15.1 18.9 34.9 36.9 11.9 13.1
9 0.1 7.9 15.3 25.6 1.6 9.0
10 -7.0 -11.4 0.5 -2.0 7.0 -1.3
11 -21.3 -16.2 -13.2 -9.1 -8.4 -1.8
12 -7.1 -15.1 -9.4 -13.5 -5.7 -7.7

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Economic Bulletin (Vol. 32, No.1)

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Vol. 32 | No.

The Green Book : Current Economic Trends

Economic News Briefing 43

Facilities investment increased in November by 7.0 percent month-on-month and 10.3

In December, financial markets continued to be stable, as worries over Dubai World’s

In November, production and consumption continued upward trends, as industrial

(Percentage change from previous period)

1-2 US non-farm payroll employment (m-o-m change)

1-3 US federal funds rate and consumer prices

Home prices (y-o-y, %)

(Percentage change from same period in previous year)

1-5 Japan’s GDP growth

1-6 Eurozone GDP growth and industrial production

(Percentage change from same period in previous year)

(Percentage change from same period in previous year)

(Percentage change from same period in previous year)

2-2 Consumer goods sales

2-3 Consumer goods sales by type

Value of credit card use (y-o-y, %)

Consumer prices (y-o-y, %)

2-5 Domestic automobile sales

2-6 Consumer sentiment index

(Percentage change from same period in previous year)

Facility investment in November rose 10.3 percent year-on-year, as machinery investment, in

Machinery investment index

(Percentage change from same period in previous year)

Facility investment in December is projected to stay on an upward track, given growing

Business survey indices (base=100) for 95 100 96 98 103

3-2 Machinery orders and estimated facility investment (3-month average)

3-3 Machinery imports

(Percentage change from same period in previous year)

Construction completed (current value) in November rose 4.2 percent year-on-year, as

(Percentage change from same period in previous year)

Construction investment is projected to slightly improve in December, given a rise in leading

4-2 Construction completed and housing construction

4-3 Leading indicators of construction investment

Raw materials (y-o-y, %)

5-2 Imports (customs clearance basis)

5-3 Trade balance

Shipments soared 2.0 percent month-on-month, or 15.3 percent year-on-year, thanks to

(Percentage change from same period in previous year)

Mining and manufacturing production in December is projected to continue an upward track,

Industrial electricity sales (thousand GWh)

Exports (US$ billion)

6-2 Average manufacturing operation ratio

(Percentage change from same period in previous year)

Value of credit card use (y-o-y, %)

KOSPI (monthly average)

Wholesale and retail sales

Source: Statistics Korea (service industry activity trend)

November 2009 service industry by business

Employment in the manufacturing sector continued to decrease mainly due to sluggish

By status of workers, non-wage workers including self-employed workers plummeted by

(Change from same period in previous year, thousand)

(Change from same period in previous year, thousand)

8-2 Share of employed by industry

8-3 Unemployment rate and number of unemployed

9.1 Stock market

(End-period, point, trillion won)

9.2 Exchange rate

9-2 Foreign exchange rate (month-end)

9-3 Recent foreign exchange rate

9.4 Money supply & money market

(Percentage change from same period in previous year, average)