KDI 경제정보센터

Current Economic TrendsServices rose in July while mining manufacturing, retail sales, facility investment and construction investment declined. Employment continued to increase in August and consumer prices rose at a slower pace. Industrial production decreased 0.1 percent month-on-month in July as services (up 0.3%, m-o-m and up 4.7%, y-o-y) went up but mining manufacturing (down 1.3%, m-o-m and up 1.5%, y-o-y) declined. Retail sales (down 0.3%, m-o-m and down 1.9%, y-o-y), facility investment (down 3.2%, m-o-m and down 2.2%, y-o-y) and construction investment (down 2.5%, m-o-m and up 2.0%, y-o-y) all decl...

2023 Budget ProposalThe government drew up the first budget under the current administration in a way that reflects its national policy objectives. The total expenditure for 2023, worth 639.0 trillion won, records a 5.2 percent increase from the previous year, which is a 60 percent level compared to the average government expenditures increase (8.7 percent) during the past five years from 2018 to 2022. Available resources of the central government, excluding local subsidies and local education subsidies of 22 trillion won, amount to 9 trillion won. The direction for the 2023 budget is to make a shift towa...

Korea grows 0.7% in Q2 2022Koreas real gross domestic product (GDP) rose 0.7 percent quarter-on-quarter in the second quarter of 2022, remaining unchanged from the advance estimate, according to the Bank of Koreas preliminary estimate released on September 1. The Korean economy expanded 2.9 percent year-on-year. On the production side, agriculture, forestry fisheries went down 8.7 percent quarter-on-quarter. Manufacturing fell 0.7 percent as chemicals chemical products and primary metals dropped. Construction declined 0.1 percent due to weak specialized construction. Services rose 1.8 percent as hotels restauran...