The Green Book: Current Economic Trends
Overview While the Korean economy has stayed on an upward track, prices have surged recently affected by unusual cold spells, the outbreak of foot-and- mouth disease, and rising oil prices. Both mining and manufacturing production, and service output accelerated an increase in January, boosted by the Lunar New Year holiday, while exports and domestic demand continued to improve. Consumer goods sales, despite rising consumer prices, jumped month-on-month in line with the release of new cars and the Lunar New Year holiday, with durable and non-durable goods sales leading the trend. Facilities investment climbed month-on-month for the third consecutive month in January, backed by rising producer demand. The value of construction completion fell from the previous month, as both building construction and civil engineering works declined. Both the coincident and leading composite indices recovered month-on-month in January from a recent decline, as the indices components improved and a high base effect removed. Although imports soared due to rising oil prices, the trade balance stayed in the black in February helped by the recovering global economy. Employment in January, although bad weather conditions and the outbreak of foot-and-mouth disease disturbed agricultural, forestry fishery industries, continued to improve backed by increasing demand in mining and manufacturing industries and the service sector. The consumer price in February rose 4.5 percent, led by increases in livestock and oil product prices, and those of dining out. Core consumer prices, which had been stable at the 2.0 percent-range, went up into the 3.0 percent range, as service fees increased. In February stock prices fell and foreign exchange rates rose, affected by political unrest in the Middle East countries. Rent soared in February in line with increasing seasonal demand, while housing prices in the Seoul metropolitan area, which had shifted to a rise at the end of 2010, climbed at a faster rate. To sum up, although the global economy has recovered at a faster pace, there are growing uncertainties as political unrest in the Middle East lingers on, emerging economies may take austerity measures, and the European fiscal crisis may prolong. The Korean government will closely examine the effects of internal and external changes, and flexibly respond to them, so that the Korean economy can stand in the way of solid recovery. On the other hand, to curb inflation expectations, it will more actively respond to price instability, while thoroughly following up the implementation of anti-inflation measures announced on January 13. * For further details, please refer to the attached file
Mar 2011
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