Economic Trends
The Green Book: Monthly Economic Trends
Mar 2004
Executive Summary
Industrial production grew 4.8 percent on-year in January 2004, due largely to an increase in semiconductor and audio-visual communication equipment output in spite of a decrease in automobile and office & accounting machinery output.
Wholesale and retail sales decreased 2.5 percent on-year in January as automobiles, fuel and part sales declined due to shorter work days and sluggish consumer spending.
Facility investment also decreased 3.1 percent on-year in January led by a decline in automobile and computer investments in spite of an increase in precision instrument investment.
Exports surged by 45.9 percent on-year to US$19.46 billion in February, thanks largely to a surge in semiconductor, automobile, wireless telecommunication device exports, combined with an overall global economic recovery. Imports also increased by 25.6 percent to US$17.41 billion, recording double-digit growth for the sixth consecutive month due primarily to an increase in capital good and raw material imports.
Consumer prices went up 0.4 percent on-month in February. The increase stems from higher agricultural, fishery, and livestock prices, as well as petroleum product costs.
The unemployment rate rose 0.1 percentage point on-month to 3.7 percent in January due primarily to an increase in the number of students seeking jobs, as well as a decrease in the demand for workers in the construction sector.
Long-term interest rates such as yields on three year government bonds were down in February compared to the previous month due primarily to expectations that low interest rates in the U.S. will continue and an increase in bond purchases from sound financial institutions.
The KOSPI rose 34.92 points or 4.1 percent from the end of January to finish February at 883.42 points thanks to a net increase in stock purchases by foreign portfolio investors.
The exchange rate rebounded to 1,176.2 won per dollar in February, up 2.5 won from the end of the previous month, in sync with an increase in the yen-to-dollar exchange rate on the strength of expectations of a U.S. economic recovery.
* For further details, please refer to the attached file
Industrial production grew 4.8 percent on-year in January 2004, due largely to an increase in semiconductor and audio-visual communication equipment output in spite of a decrease in automobile and office & accounting machinery output.
Wholesale and retail sales decreased 2.5 percent on-year in January as automobiles, fuel and part sales declined due to shorter work days and sluggish consumer spending.
Facility investment also decreased 3.1 percent on-year in January led by a decline in automobile and computer investments in spite of an increase in precision instrument investment.
Exports surged by 45.9 percent on-year to US$19.46 billion in February, thanks largely to a surge in semiconductor, automobile, wireless telecommunication device exports, combined with an overall global economic recovery. Imports also increased by 25.6 percent to US$17.41 billion, recording double-digit growth for the sixth consecutive month due primarily to an increase in capital good and raw material imports.
Consumer prices went up 0.4 percent on-month in February. The increase stems from higher agricultural, fishery, and livestock prices, as well as petroleum product costs.
The unemployment rate rose 0.1 percentage point on-month to 3.7 percent in January due primarily to an increase in the number of students seeking jobs, as well as a decrease in the demand for workers in the construction sector.
Long-term interest rates such as yields on three year government bonds were down in February compared to the previous month due primarily to expectations that low interest rates in the U.S. will continue and an increase in bond purchases from sound financial institutions.
The KOSPI rose 34.92 points or 4.1 percent from the end of January to finish February at 883.42 points thanks to a net increase in stock purchases by foreign portfolio investors.
The exchange rate rebounded to 1,176.2 won per dollar in February, up 2.5 won from the end of the previous month, in sync with an increase in the yen-to-dollar exchange rate on the strength of expectations of a U.S. economic recovery.
* For further details, please refer to the attached file
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