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발행물 Economic Bulletin Economic Trends

Economic Trends

The Green Book: Current Economic Trends
Dec 2020
Overview

Services improved from the previous month, but retail sales and manufacturing slowed, as well as facilities investment and completed construction works.

Industrial production stayed flat from the previous month in October. Mining and manufacturing slowed (down 1.2%, m-o-m and down 2.2%, y-o-y) and services output (up 1.2%, m-o-m and down 2.5%, y-o-y) improved. Industrial production fell 2.7 percent year on year.

Retail sales (down 0.9%, m-o-m and down 0.2%, y-o-y) declined, and so did facilities investment (down 3.3%, m-o-m and down 1.0%, y-o-y) and completed construction works (down 0.1%, m-o-m and down 8.9%, y-o-y).

Exports rose 4.1 percent year-on-year in November, despite fewer days worked (0.5 days). Average daily exports, an indicator calculated according to the days worked, went up 6.4 percent from a year ago (US $1.87 billion (November 2019) → US $1.99 billion (November 2020)).

The consumer sentiment index (CSI) increased 6.3 points in November to 97.9. The business sentiment index (BSI) for the manufacturing sector rose 6 points to 85, and the BSI outlook for December went up 5 points to 81.

The cyclical indicator of the coincident composite index for October increased 0.5 points to 98.3, and the cyclical indicator of the leading composite index rose 0.4 points to 101.8.

The economy lost 273,000 jobs year-on-year in November, and the unemployment rate rose 0.3 percentage points from a year ago to 3.4 percent.

Consumer prices rose 0.6 percent from a year ago, and core inflation rose 1.0 percent.

KOSPI jumped in November on expectations for COVID-19 vaccines. The won strengthened and Korea treasury yields went up in line with rising market interest rates.

Home prices continued to increase in November (up 0.32% → up 0.54%, m-o-m), as well as Jeonse (lump-sum deposits with no monthly payments) prices (up 0.47% → up 0.66%, m-o-m).

The economy has seen exports improving steadily. However, uncertainties are increasing as to the real economy with a resurgent virus in mid-November, which has brought stricter social distancing into effect again.

Worries continue over the slowing real economy amid a resurgent virus in major economies and stronger lockdowns that follow. However, there are also expectations for a recovery as COVID-19 vaccines are on the way.

The government will continue with its disease prevention efforts, and will do its utmost to help the economy see a strong rebound.


* For further details, please refer to the attached file 
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