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Economic Trends
Current Economic Trends

In September, facilities investment increased while construction investment decreased. Industrialproduction adjusted after a sharp rebound in the previous month. In October, job growth increasedand the growth of consumer prices continued to moderate. In September, total production fell (down 0.3% m-o-m and down 1.1 y-o-y), as industrial production(down 0.2% m-o-m and down 1.3% y-o-y), services production (down 0.7% m-o-m and down 0.2%y-o-y), and construction production (down 0.1% and down 12.1% y-o-y) declined, while publicadministration increased (up 2.6% m-o-m and up 1.3% y-o-y). In September, facilities investment (up 8.4% m-o-m and up 6.1% y-o-y) surged, while retail sales (down0.4% m-o-m and down 2.2% y-o-y) and construction investment (down 0.1% m-o-m and down 12.1%y-o-y) decreased. In October, exports increased by 4.6 percent from a year ago, driven by growth in semiconductor andautomobile exports. In October, the Consumer Sentiment Index (CSI) increased by 1.7 points to 101.7 month-on-month. TheComposite Business Sentiment Index (CBSI) moved up by 0.9 points in October, while the CBSI outlookfor November fell by 2.8 points to 89.8.In September, the cyclical indicator of the coincident composite index fell by 0.1 points month-on month,while the cyclical indicator of the leading composite index remained unchanged. In October, the economy added 83,000 jobs compared to the previous year and the unemployment raterose by 0.2 percentage points from a year ago to 2.3 percent.In October, the year-on-year growth of Consumer Price Index (CPI) slowed down to 1.3 percent. Theindex excluding food and energy prices increased by 1.8 percent, and the index excluding agricultural andpetroleum products increased by 1.7 percent. The CPI for basic necessities rose by 1.2 percent. In October, Korean equity prices fell, the Korean Treasury Bond yields rose, and the Korean Wonweakened against the dollar. In October, housing prices and Jeonse (lump-sum deposits with no monthly payments) prices rose at aslower rate than the previous month (up 0.07% m-o-m and up 0.16% m-o-m, respectively). As prices have continued to stabilize recently, the Korean economy has been able to show a sustainedrecovery. However, economic uncertainties still persist, both domestically and globally. While the global economic is broadly on a recovery path, uncertainties are increasing owing to persistentgeopolitical risks in the Middle East and potential changes in the trade environment. Against this background, the Korean government plans to mobilize a comprehensive policy responsesystem in finance, trade, and industry. The government also plans to strengthen support for vulnerablesectors such as construction investment and small business owners with a range of tailored policiesalongside the measures outlined in the Dynamic Economy Roadmap to enhance the sustainability of theKorean economy. * For further details, please refer to the attached file.

Dec 2024
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