The Green Book: Current Economic Trends
Overview Despite continuing export gains, the Korean economy has seen domestic demand deteriorating and inflationary pressures mounting. Mining and manufacturing production in July grew 9.1 percent year-on-year, up from the previous months 6.8 percent, on the back of a 36 percent increase in exports and rising consumer goods sales. July consumer goods sales reversed course and rose 4.5 percent month-on-month after decreasing for three consecutive months, while they went up 3.9 percent on a year-on-year basis. Facility investment (estimated) expanded 10.7 percent in July from 4.4 percent a month earlier, thanks to increased investments in transportation equipment such as automobiles. The total number of workers hired rose a mere 153,000 year-on-year in July, signifying a continued deterioration in the Korean job market. In July, the leading composite index fell for the eighth consecutive month on a year-on-year basis, while the cyclical indicator of coincident composite index went down for the sixth straight month. In the manufacturing sector, the inventory cycle (on-year growth in shipments minus that in inventories) has remained in negative territory for six consecutive months indicating economic slowdown but it improved from the previous month as the difference between inventory buildups and the growth pace of shipments narrowed. August exports surged 20.6 percent year-on-year, as brisk exports to emerging markets and resource-rich nations have continued. In July, Koreas current account posted a deficit of US$2.45 billion, as goods trade surpluses were down and service account deficits expanded, especially in business services. Consumer prices in August jumped 5.6 percent year-on-year and fell 0.2 percent month-onmonth, as the drop in global oil prices led to a decline in petroleum prices including gasoline and diesel. To sum up, Korea`s domestic economy has been on a downward trend, as cost-pushing inflationary pressures still remain in place despite the downturn in oil prices. Against this backdrop, priority should be placed on stabilizing the lives of the ordinary people and continuous efforts should be made to create jobs and boost growth potential. *For further details, please refer to the attached file
Sep 2008
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