Economic Bulletin (Vol. 35 No. 2)

ISSN 2287-7266
Republic of Korea
ECONOMIC BULLETIN (Republic of Korea)
ECONOMIC
BULLETIN
03 The Green Book:

Current Economic Trends
50 Economic News Briefing
Korea Grows 0.4% in Q4

Korea-China Currency Swap Line Used for First Time
OECD Reviews Koreas Development Aid Program
Korea Ranks 8th in IBP Survey
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55 Statistical Appendices
Vol.35 No.2 February 2013
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Ministry of Strategy and Finance
Government Complex, 477 Galmae-ro
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Republic of Korea
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| Economic Information and Education Center
Vol.35 No.2
February 2013
Republic of Korea
Vol.35 No.2
February 2013
Contents
Economic Bulletin
The Green Book: Current Economic Trends
Overview ......................................................................................................................... 03
1. External economic situation ..................................................................................... 04
2. Private consumption .................................................................................................. 09
3. Facility investment ..................................................................................................... 14
4. Construction investment ........................................................................................... 17
5. Exports and imports .................................................................................................. 19
6. Mining and manufacturing production .................................................................. 22
7. Service sector activity ................................................................................................ 24
8. Employment .............................................................................................................. 27
9. Financial markets ........................................................................................................ 31
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market
10. Balance of payments ................................................................................................ 35
11. Prices and international commodity prices ......................................................... 38
11.1 Prices
11.2 International oil and commodity prices
12. Real estate market ................................................................................................... 43
12.1 Housing market
12.2 Land market
13. Composite indices of business cycle indicators .................................................. 48
Economic News Briefing

Statistical Appendices
........................................................................ 50
.............................................................................. 55
The Green Book

Overview
The Korean economy has seen inflation remain stable and major economic indicators including
production, investment and exports somewhat improve, but employment growth has been slowing down
and consumption has been sluggish.
In December, the economy added 277,000 jobs year-on-year, but posted a slowdown in employment
growth for the third consecutive month.
Consumer price inflation stayed stable in the 1 percent range in January, up from the previous months
1.4 percent to 1.5 percent, as falling petroleum product prices offset high agricultural product prices
triggered by cold weather and heavy snowfall.
Mining and manufacturing production went up 1.0 percent month-on-month in December thanks to a
rise in audio-visual communications equipment and semiconductors, while service output improved by
0.1 percent with rebounding transportation and financial & insurance services.
In December, retail sales fell 1.1 percent from the previous month due to a decrease in semi-durable and
non-durable goods sales, despite strong durable goods sales.
Facility investment in December jumped 9.9 percent month-on-month due to brisk machinery and
transportation equipment investment. Construction investment went up 5.8 percent helped by an
improvement in building construction.
Exports rose 11.8 percent year-on-year in January with exports to China and the ASEAN countries
continuing to be strong and also due to an increase in the number of working days. The trade balance
remained in the black at US$0.87 billion.
The cyclical indicator of the coincident composite index increased 0.1 point month-on-month in
December, and the leading composite index rose 0.4 points.
In January, both the stock prices and the won fell due to companies poor business performance in the
fourth quarter and increased foreign capital outflows.
Housing prices in January continued to decline, down 0.3 percent, while rental prices increased 0.3
percent month-on-month.
External uncertainties linger, as worries over automatic spending cuts in the US continue, and as the
European economy is slow to recover. Domestic uncertainties also persist due to weak consumption,
unstable investment and increased volatility in exchange rates.
The Korean government will continue to watch the global and domestic economy, strengthen the
monitoring of domestic and foreign markets, and reinforce policy responses to stimulate the economy.
At the same time, the government will focus on securing the lives of the low- and middle-income classes
through job creation and by stabilizing the prices of necessities, while continuing to adopt policies to
improve the health of the economy.
The Green Book | 3
1.
The economic slump in China appears to be easing, but uncertainties and

downside risks remain, such as fiscal anxiety in the US and the persisting fiscal
crisis in Europe. The IMF, in its World Economic Outlook Update, downgraded its
global economic growth forecast for 2013 to 3.5 percent from 3.6 percent, and the
forecast for 2014 to 4.1 percent from 4.2 percent. The report promotes a banking
union and fiscal integration in the eurozone and advises the US to agree on a
credible medium-term fiscal consolidation plan.
External
economic
situation
In the US, fiscal anxiety was temporarily relieved when legislation to push back the
debt ceiling to May 19 was passed, but uncertainty remains as automatic spending
cuts are set to take effect at the end of February and differences between political
parties surrounding fiscal consolidation go on.
Meanwhile, downside risks persist in the eurozone, as there is a possibility that
political uncertainty will worsen as Italy faces early elections on February 24 and
25, and large amounts of sovereign debt are due to mature in the first half of the
year.
Italian sovereign debt to come due (billion euros)
21.8 (Jan 2013) [ 49.8 (Feb) [ 27.3 (Mar) [ 47.6 (Apr) [ 19.8 (May) [ 37.0 (Jun)
Spanish sovereign debt to come due (billion euros)
28.6 (Jan 2013) [ 10.2 (Feb) [ 15.0 [ (Mar) 25.8 [ (Apr) 9.2 [ (May) [ 9.7 (Jun)
World GDP growth

6
(%)
5
4
3
2
1
0
-1
2001
US
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
The US economy shrank 0.1 percent (annualized, quarter-on-quarter, advanced

estimate) in the fourth quarter of 2012, registering its first contraction since
the second quarter of 2009, but economic indicators, including production,
consumption and the housing market all somewhat improved. Government
spending on defense fell, businesses reduced their inventories, and exports turned
negative, all of which contributed to the contraction.
Contribution to growth rate (%p)
Government spending (-1.33), inventory change (-1.27), exports (-0.81), net exports (-0.25)
4 | The Green Book
However, private consumption, which accounts for 70 percent of economic

activity in the US, improved somewhat on the back of durable goods consumption,
corporate investment turned positive on a foundation of increasing facilities and
software investment, and housing investment improved for the seventh consecutive
quarter.
Quarter-on-quarter increase (Q3 [ Q4, %)
Durable goods consumption (8.9 [ 13.9), facilities and software investment (-2.6 [ 12.4)
Industrial production and retail sales increased month-on-month in December,
and economic indicators somewhat improved as the ISM Manufacturing Index
exceeded its baseline of 50 for the second straight month.
ISM Manufacturing Index (base=50)
52.5 (May 2012) [ 50.2 (Jun) [ 50.5 (Jul) [ 50.7 (Aug) [ 51.6 (Sep) [ 51.7 (Oct) [ 49.9
(Nov) [ 50.2 (Dec) [ 53.1 (Jan 2013)
Housing prices increased for ten months in a row, and existing home sales in 2012
rose by 9.0 percent compared with the previous year, the highest increase in five
years.
Case-Shiller Home Price Index (seasonally adjusted)
140.2 (May 2012) [ 141.6 (Jun) [ 142.0 (Jul) [ 142.7 (Aug) [ 143.2 (Sep) [ 144.1 (Oct) [
145.0 (Nov)
In January 2013, increases in nonfarm payrolls remained steady and the long-term
unemployment rate fell compared to the previous month, but the unemployment
rate marginally increased.
Nonfarm payroll increase (m-o-m, thousand)
87 (Jun 2012) [ 153 (Jul) [ 165 (Aug) [ 138 (Sep) [ 160 (Oct) [ 247 (Nov) [ 196 (Dec)
[157 (Jan 2013)
Long-term unemployment rate (%)
41.7 (Jun 2012) [ 40.6 (Jul) [ 40.0 (Aug) [ 40.3 (Sep) [ 40.8 (Oct) [ 40.0 (Nov) [ 39.1
(Dec) [ 38.1 (Jan 2013)
(Percentage change from previous period)
2010
2011
Annual Annual
Real GDP
2.4
1.8
- Personal consumption expenditure
1.8
- Corporate fixed investment
0.7
- Housing construction investment
Q3
2012
Q4
Annual
Q1
Q2
2013
Q4
Dec
Jan
3.1
-0.1
1.5
1.6
2.2
3.6
-1.8
8.4
8.5
13.5
15.3
1.4
0.6
0.0
0.2
0.3
1.7
-0.3
1.3
1.4
0.5
9.0
4.6
-0.7
2.8
5.0
-1.0
8.1
8.3
8.2
8.1
7.8
7.8
7.9
2.1
0.6
0.2
0.6
0.5
0.0
1.3
4.1
2.2
2.0
1.3
2.5
1.7
2.0
1.9
2.4
8.6
19.0
9.5
7.7
7.5
-3.7
-1.4
1.4
12.1
11.9
20.5
Industrial production
5.3
4.1
1.7
0.9
3.7
Retail sales
5.5
8.0
1.2
1.9
3.4
Existing home sales
-3.4
2.4
1.7
2.8
Unemployment rate
9.6
9.0
9.1
8.7
Consumer prices
1.6
3.2
0.8
0.2
Q3
1. Preliminary
2. Annualized rate (%)
3. Seasonally adjusted
Source: US Department of Commerce
The Green Book | 5
US GDP growth and industrial production

Source: US Department of Commerce & US Federal Reserve Board
10
8
6
4
2
0
-2
-4
-6
-8
-10
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
GDP (q-o-q, annualized rate)
2011. Q1
2012. Q1
Industrial production (q-o-q)
US nonfarm payroll growth and unemployment rate

Sourse : US Department of Labor
12
800
600
10
400
200
0
-200
-400
-600
-800
-1,000
2001. 1
2002. 1
2003. 1
2004. 1
US nonfarm payroll growth (m-o-m, left)
China
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
0
2013. 1
Unemployment rate (right)
Chinese economic indicators improved across the board in the fourth quarter of
2012, as the economy rebounded for the first time in two years helped by steady
exports, consumption and production.
However, consumer prices, which had been stable, have rebounded since
November, rising for two consecutive months.
6 | The Green Book
(Percentage change from same period in previous year)
2011
Annual
Real GDP
Q3
2012
Q4
Annual
Q1
Q2
Q3
Q4
Oct
Nov
Dec
9.2
9.1
8.9
7.8
8.1
7.6
7.4
7.9
13.9
13.8
12.8
10.1
11.6
9.5
9.1
10.0
9.6
10.1
10.3
Fixed asset investment (accumulated)
25.1
28.0
28.0
20.6
21.3
20.8
21.0
20.6
20.7
20.7
20.6
Retail sales
17.1
17.3
17.5
14.3
14.9
13.9
13.5
14.9
14.5
14.9
15.2
Exports
20.3
20.5
14.3
8.3
7.6
10.5
4.5
9.5
11.6
2.9
14.1
Consumer prices
5.4
6.3
4.6
2.6
3.8
2.8
1.9
2.1
1.7
2.0
2.5
Producer prices
6.0
7.1
3.1
-1.7
0.1
-1.4
-3.3
-2.3
-2.8
-2.2
-1.9
1. Preliminary
2. Quarterly change: average of monthly change
Source: China National Bureau of Statistics
Chinas GDP growth and fixed asset investment

Source: National Bureau of Statistics of China
18
(%)
(%)
70
16
60
14
50
12
40
10
30
20
10
4
2001. Q1
0
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
GDP (y-o-y, left)
Japan
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
Fixed asset investment (accumulated, y-o-y, right)
Japanese exports continued to be poor as Japan posted a trade account deficit for
the sixth straight month in December, but real indicators, such as retail sales and
industrial production, marginally improved.
Trade account balance (billion yen)
-1,481 (Jan 2012) [ 25 (Feb) [ -87 (Mar) [ -524 (Apr) [ -917 (May) [ 59 (Jun) [ -523 (Jul)
[ -764 (Aug) [ -565 (Sep) [ -551 (Oct) [ -955 (Nov) [ -642 (Dec)
The Green Book | 7
2010
2011
Annual Annual
Real GDP
Retail sales (y-o-y)
2012
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Oct
Nov
Dec
4.4
-0.8
-2.0
-0.5
1.8
0.1
1.3
0.1
-0.9
17.3
-2.4
-2.0
-4.0
4.3
-0.4
1.3
-2.0
-4.2
1.6
-1.4
2.5
2.5
-1.2
-2.7
-1.6
-1.0
0.7
5.2
3.2
0.5
-1.2
1.2
0.4
Exports (y-o-y)
26.1
-2.6
2.7
-8.1
0.6
-5.4
1.0
9.2
-4.2
-6.5
-4.1
-5.8
Consumer prices (y-o-y)
-0.7
-0.3
-0.5
-0.4
0.1
-0.3
0.3
0.1
-0.4
-0.4
-0.2
-0.1
1. Preliminary
2. Quarterly change: average of monthly change
Sources: Japan's Cabinet Office, Ministry of Economy, Trade and Industry, Ministry of Finance, Statistics Bureau of Japan
Japans GDP growth and industrial production

Source: Japans Cabinet Office, Ministry of Economy, Trade and Industry
6
(%)
(%)
25
20
15
10
5
0
-5
-2
-10
-15
-4
-20
-6
2001. Q1
-25
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
GDP (q-o-q, left)
Eurozone
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
Industrial production (q-o-q, right)
Retail sales in the eurozone took its largest fall since April 2012 in December,
declining 0.8 percent month-on-month. The manufacturing PMI marginally rose
from the previous month in January 2013, but remained below its baseline of 50
for the 18th consecutive month.
Manufacturing PMI (base = 50)
(Dec) [ 47.9 (Jan 2013)
The unemployment rate in December showed little change compared with the
previous month, remaining at 11.7 percent. The youth unemployment rate was
24.0 percent.
Unemployment rate (%)
11.4 (Jun 2012) [ 11.4 (Jul) [ 11.5 (Aug) [ 11.6 (Sep) [ 11.7 (Oct) [ 11.7 (Nov) [ 11.7 (Dec)
Youth unemployment rate (%)
(Dec; 55.6% in Spain)
8 | The Green Book
2010
2011
Annual Annual
2012
Real GDP
2.0
1.4
0.6
0.2
0.1
-0.3
0.0
-0.2
-0.1
Q4
-
7.4
3.5
0.9
0.2
0.8
-2.1
-0.5
-0.5
0.4
-0.3
Retail sales (y-o-y)

Exports (y-o-y)
Consumer prices (y-o-y)
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Nov
Dec
0.9
-0.5
-0.1
-0.4
0.3
-1.2
-0.3
-0.8
0.0
-1.6
-0.1
-0.8
20.1
12.7
21.5
13.0
9.4
8.3
8.5
8.1
7.3
5.4
1.6
2.7
2.5
2.8
2.7
2.9
2.7
2.7
2.5
2.3
2.2
2.2
1. Preliminary
Source: Eurostat
Eurozones GDP growth and industrial production

Source: Eurostat
3
(%)
(%)
10
8
6
4
2
0
-2
-1
-4
-6
-2
-8
-3
2001. Q1
-10
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
GDP (q-o-q, left)
2.
Private
consumption
2011. Q1
2012. Q1
Industrial production (q-o-q, right)
Private consumption in the fourth quarter (advanced estimates of GDP) increased

0.8 percent quarter-on-quarter and 2.8 percent year-on-year.
2011
Private consumption
(y-o-y)
2012
Annual
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
2.3
0.6
0.8
0.2
-0.4
1.8
1.0
0.4
0.7
0.8
2.9
3.0
2.1
1.1
1.6
1.1
1.6
2.8
1. Preliminary
2. National accounts
Source: The Bank of Korea
The Green Book | 9
Private consumption
Source: The Bank of Korea (national accounts)
14
(%)
12
10
8
6
4
2
0
-2
-4
-6
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
Private consumption (y-o-y)
2011. Q1
2012. Q1
Private consumption (q-o-q)
Retail sales fell 1.1 percent month-on-month in December despite strong durable
goods sales, as sales of semi-durable goods, such as clothing, and non-durable
goods, such as car fuel, fell. However, the index rose 1.5 percent year-on-year.
Durable goods sales went up 3.5 percent with automobile sales increasing ahead
of the expiration of the individual consumption tax cut. Semi-durable goods and
non-durable goods sales fell month-on-month by 5.1 percent and 3.3 percent,
respectively, due to a base effect and a decline in outdoor activities attributed to
the cold weather and heavy snowfall.
1
2011
2012
Annual
Q1
Q2
Q3
Q4
Annual1
Q1
Q2
Q3
Retail sales
4.3
1.5
0.1
1.6
-1.3
1.8
1.0
0.2
(y-o-y)
5.4
5.7
4.7
1.9
2.0
1.0
- Durable goods
10.8
4.3
-0.5
1.8
-2.4
5.1
3.0
Automobiles
5.9
5.9
-4.9
3.6
-11.3
1.4
2.8
4.2
0.8
0.7
1.2
-0.3
0.5
-0.3
- Semi-durable goods
- Non-durable goods
1.1
0.2
0.0
2.1
-0.5
0.9
1. Preliminary
2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc.
3. Semi-durable goods: Clothing, footwear, etc.
4. Non-durable goods: Food, medicine, cosmetics, fuel, tobacco, etc.
Source: Statistics Korea
10 | The Green Book
0.7
Nov
Dec
1.6
Q4
0.2
2.5
-1.1
1.6
2.5
4.1
1.5
1.3
4.0
1.9
0.0
3.5
8.1
-0.8
8.2
-2.8
3.5
-0.3
-1.4
4.1
5.9
-5.1
1.7
-2.1
2.5
-3.3
-1.0
Retail sales
Source: Statistics Korea (industrial activity trend)
25
(%)
20
15
10
5
0
-5
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Consumer goods sales (m-o-m)
Consumer goods sales (y-o-y)
Retail sales by type

50
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Durable goods
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Semi-durable goods
Non-durable goods
Sales at department stores, specialized retailers, nonstore retailers and large

discount stores all decreased.
2011
2012
1
Annual
Q1
Q2
Q3
Q4
Annual
Department stores
8.1
2.2
0.5
1.2
-0.6
1.7
Large discount stores
3.9
1.2
1.0
0.2
0.3
-1.0
Q1
Nov
Dec1
0.8
Q41
2.7
7.3
-8.5
2.3
-0.7
7.9
-4.6
0.4
-0.2
-3.0
-1.3
Q2
Q3
-0.8
1.1
-1.2
-2.1
Specialized retailers
3.3
1.3
-0.5
2.1
-3.1
0.7
1.5
-0.2
1.7
-0.1
Nonstore retailers
8.6
1.4
1.2
2.8
0.6
7.1
2.7
2.4
0.5
1.7
1. Preliminary
2. Specialized retailers are defined as stores carrying a few (1 to 3) specialized items.
The Green Book | 11
January retail sales may slow down owing to temporary factors, such as the
Lunar New Year holiday falling late this year and the expiration of the individual
consumption tax cut.
Domestic sales of automobiles slowed down in January due to the end of the
individual consumption tax cut.
In January, department store and large discount store sales declined, affected by
the Lunar New Year holiday falling late this year, which fell on February instead of
January last year.
Gasoline sales in January recovered somewhat from poor sales in the previous
month and increased year-on-year as the prices of gasoline fell and temporary
factors such as heavy snowfall were alleviated.
Gasoline prices (won/liter)
1,932 (4th week Dec) [ 1,930 (1st week Jan) [ 1,927 (2nd week) [ 1,925 (3rd week) [ 1,922 (4th
week) [ 1,920 (5th week)
Growth in credit card use decreased due to a slowdown in department store and
large discount store sales.
(y-o-y, %)
2012
Jun
Jul
Aug
2013
15.3
13.7
13.7
8.0
15.7
9.2
14.2
7.1
Jan
6.2
Department store sales
1.0
-2.0
-1.3
-6.9
-0.8
-0.4
9.1
-0.2
-8.4
Large discount store sales
-5.7
-7.2
-8.2
-3.3
0.2
-6.6
-1.7
-5.0
-24.3
Domestic sales of gasoline
5.2
8.2
-2.1
-2.7
1.6
7.9
3.7
-2.8
2.7
Domestic sales of cars
1.3
-3.7
-4.0
-20.2
-3.1
4.3
13.2
7.5
1.6
Credit card sales
May
Sep
Oct
Nov
Dec
Sources: Credit Finance Association of Korea, Ministry of Knowledge Economy, Korea National Oil Corporation, Korea Automobile Manufacturers Association
Ministry of Strategy and Finance (for January data)
Department store and discount store sales (current value)

Source: Ministry of Knowledge Economy (monthly retail sales)
40
(y-o-y, %)
30
20
10
0
-10
-20
-30
2004. 1
2005. 1
Department store sales
12 | The Green Book
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Discount store sales
Domestic sales of cars

Source: Korea Automobile Manufacturers Association (monthly automobile industry trend)
180
(thousand)
(y-o-y, %)
100
80
160
60
140
40
20
120
100
-20
80
60
2001. 1
-40
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
Domestic car sales (left)
2010. 1
2011. 1
2012. 1
-60
2013. 1
Domestic car sales growth (right)
Consumption conditions were generally positive as consumer sentiment improved

amid stable inflation.
Employment growth edged down due to a base effect, but consumption conditions
continued to be positive as inflation remained stable.
Consumer prices (y-o-y, %)
2.5 (Apr 2012) [ 2.5 (May) [ 2.2 (Jun) [ 1.5 (Jul) [ 1.2 (Aug) [ 2.0 (Sep) [ 2.1 (Oct) [ 1.6
(Nov) [ 1.4 (Dec) [ 1.5 (Jan 2013)
Employment growth (y-o-y, thousand)
472 (May 2012) [ 365 (Jun) [ 470 (Jul) [ 364 (Aug) [ 685 (Sep) [ 396 (Oct) [ 353 (Nov)
[ 277 (Dec)
Consumer confidence improved to a certain extent in January as the consumer

sentiment index reached 102 and exceeded its baseline.
Consumer sentiment index (CSI, base=100)
102 (Mar 2012) [ 106 (Apr) [ 106 (May) [ 101 (Jun) [ 100 (Jul) [ 101 (Aug) [ 99 (Sep) [
100 (Oct) [ 100 (Nov) [ 99 (Dec) [ (Jan 2013) 102
The Green Book | 13
Consumer sentiment index

130
(base=100)
120
110
100
90
80
70
2001. Q1
2004. Q1
3.
Facility
investment
2007. Q1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Facility investment (advanced estimates of GDP) decreased 2.8 percent quarter-onquarter and 5.1 percent year-on-year in the fourth quarter of 2012.
(Percentage change from previous quarter)
2010
Facility investment
(y-o-y)
- Machinery
- Transportation equipment
1. Preliminary
14 | The Green Book
2011
2012
Annual
Annual
Q3
Q4
Annual
Q1
Q2
Q3
Q4
25.7
3.7
-1.8
-4.3
-1.8
10.3
-7.0
-4.8
-2.8
1.2
-3.3
8.6
-3.5
-6.5
-5.1
31.2
4.1
-2.5
-2.5
11.4
-7.5
-5.9
8.3
1.9
0.9
-11.2
6.1
-4.6
-0.6
Facility investment
40
(%)
30
20
10
0
-10
-20
-30
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
Facility investment (q-o-q)
2012. Q1
Facility investment (y-o-y)
Facility investment by type

50
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
-40
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Transportation equipment
Machinery
The facility investment index in December rose 9.9 percent month-on-month as

both machinery and transportation equipment investments were strong. The index
fell 6.3 percent year-on-year.
2010
2011
Annual Annual
Facility investment index
(y-o-y)
- Machinery
- Transportation equipment
Q3
2012
Q4
Annual
Q3
Q4
Oct
Nov
Dec
24.2
0.7
-1.5
-5.0
-1.1
-9.3
-1.1
-2.8
-0.7
9.9
-3.1
-4.7
-7.1
-5.6
-0.6
-9.3
-6.3
29.4
1.7
-2.2
-3.1
-1.3
-8.6
-2.8
-2.2
0.0
6.1
4.5
-4.1
1.6
-12.9
0.5
-13.3
8.2
-5.6
-2.9
27.8
1. Preliminary
The Green Book | 15
Although the average manufacturing operation ratio increased and corporate

investment sentiment slightly improved, further developments need to be
monitored due to sluggish leading indicators such as machinery orders.
Business survey index for manufacturing sector (Bank of Korea)
90 (May 2012) [ 85 (Jun) [ 81 (Jul) [ 70 (Aug) [ 75 (Sep) [ 72 (Oct) [ 70 (Nov) [ 67 (Dec)

[ 70 (Jan 2013) [ 72 (Feb)
2010
2011
Annual Annual
Q3
2012
Q4
Annual
Q3
Q4
Oct
Nov
Dec
Domestic machinery orders
8.3
11.0
3.4
11.5
-12.3
-8.9
-18.7
-19.9
-25.8
-9.9
(q-o-q, m-o-m)
-5.4
8.8
2.2
0.1
-13.3
11.2
10.6
- Public
-37.7
11.2
6.1
-3.1
-10.1
25.0
-50.9
-71.3
-77.2
32.4
- Private
18.3
11.0
3.2
14.7
-12.5
-11.5
-12.8
-10.7
-12.6
-14.9
Machinery imports
40.4
7.1
9.7
1.4
-3.0
-12.2
-8.3
1.6
-17.1
-7.6
Average manufacturing operation ratio
80.9
79.9
79.6
78.0
77.8
75.3
77.3
75.9
77.5
78.4
Facility investment adjustment pressure
8.9
1.6
1.0
0.8
-1.2
-2.9
-0.8
-2.8
1.2
-1.0
1. Preliminary
2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p)
Sources: Statistics Korea, Korea International Trade Association
Machinery orders and machinery imports

Source: Korea International Trade Association (KITA), Statistics Korea
10
(trillion won)
(y-o-y, %)
50
40
30
20
10
0
-10
-20
-30
3
2
2001. Q1
70
60
-40
-50
2002. Q1
2003. Q1
Machinery orders (left)
16 | The Green Book
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
Machinery imports (right)
4.
Construction investment (preliminary GDP) in the fourth quarter of 2012 decreased

1.3 percent quarter-on-quarter, and 4.1 percent year-on-year.
Construction
investment

1
2010
2011
Annual
Annual
Q3
-3.7
-5.0
- Building construction
-1.6
- Civil engineering works
-6.2
Construction investment
(y-o-y)
2012
Q4
Annual
Q1
Q2
Q3
Q4
-0.5
0.1
-1.5
-1.2
-4.0
-2.1
1.5
-0.4
0.1
-1.3
-2.1
-0.2
-4.1
-4.1
-1.1
-0.6
-6.0
0.3
1.0
3.8
-3.6
-2.0
-7.7
4.4
2.8
1. Preliminary
20
(%)
15
10
5
0
-5
-10
-15
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
Construction investment (q-o-q)
2012. Q1
Construction investment (y-o-y)
The value of construction completed (constant) in December increased 5.8 percent

month-on-month thanks to strong construction and civil engineering works, but
decreased 11.3 percent year-on-year.
2010
2011
Annual Annual
Construction completed (constant)
(y-o-y)
-3.3
2012
Q3
Q4
Annual
Nov
Dec
-6.7
-4.3
5.7
-7.2
Q3
1.5
Q4
2.6
Oct
-1.8
2.2
5.8
-8.4
-0.5
-4.4
-8.7
-11.7
-2.0
-11.3
-7.0
-8.4
-3.7
4.9
-8.3
1.2
3.5
-0.1
-1.7
9.7
2.2
-4.5
-5.1
6.6
-5.7
1.7
1.6
-3.7
6.9
1.2
1. Preliminary
The Green Book | 17
Construction investment by type

50
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Building construction
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Residential buildings
2012. 1
Civil engineering works
Construction investment is expected to continue to suffer due to the struggling

housing market and a decrease in construction orders.
Leading indicators in December were mixed as construction orders continued to
decline while building permit area increased for two consecutive months. Unsold
new houses mildly decreased month-on-month.
Unsold houses (thousand)
61 (Apr 2012) [ 62 (May) [ 62 (Jun) [ 67 (Jul) [ 70 (Aug) [ 72 (Sep) [ 73 (Oct) [ 76

(Nov) [ 75 (Dec)
Housing transactions, which picked up in December thanks to temporary

acquisition tax cuts, may turn negative once the tax cut ends.
Housing transaction growth (y-o-y, %)
-29.3 (Jun 2012) [ -22.1 (Jul) [ -34.6 (Aug) [ -44.3 (Sep) [ -15.2 (Oct) [ -8.4 (Nov) [ 2.4
(Dec)
(Percentage change from same period in previous year)
2010
2011
Annual Annual
Construction orders (current value)
(q-o-q, m-o-m)
2012
Q3
Q4
Annual
Q3
Q4
Oct
Nov
Dec
-17.7
4.0
1.5
22.4
-6.5
-10.4
-31.4
-22.7
-17.4
-42.5
3.3
-1.9
-9.6
-18.2
-4.5
-2.3
-22.4
-8.9
10.9
9.8
40.6
-5.9
-2.8
-26.3
-15.7
-16.7
-37.1
-28.3
-6.6
-11.0
-1.1
-7.5
-24.4
-40.8
-37.6
-18.8
-51.1
Building permit area
19.3
9.9
58.7
-14.8
-0.5
-7.3
-2.3
-21.7
3.1
9.2
1. Preliminary
Sources: Statistics Korea, Ministry of Land, Transport and Maritime Affairs
18 | The Green Book
Leading indicators of construction investment

Source: Statistics Korea (construction orders)
Ministry of Land, Transport and Maritime Affairs (building construction permit area)
340
(y-o-y, %)
290
240
190
140
90
40
-10
-60
-110
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
Construction orders
5.
Exports and
imports
2010. 1
2011. 1
2012. 1
Building permit area
Exports in January increased 11.8 percent (preliminary) year-on-year to US$46.09

billion.
Exports posted double-digit growth rates for the first time in 11 months thanks to
strong exports of major items and two extra working days due to the timing of this
years Lunar New Year holiday.
Working days (the number of days)
22 (Jan 2012) [ 24 (Jan 2013) (While the Lunar New Year holiday fell in January last year, it was
in February this year.)
Export growth in January was led by a strong performance from most major export
items excluding vessels.
Export growth by item (y-o-y, %)
32.8 (mobile phones), 6.4 (semiconductors), 16.4 (LCDs), 11.7 (petroleum products), 24.3
(automobiles), 20.8 (automobile parts), -8.0 (steel), -19.9 (vessels)
Adjusting for days worked, average daily exports stood at US$1.92 billion, up 2.5
percent or US$1.87 billion year-on-year, posting growth for the third consecutive
month since November.
Average daily export growth by month (y-o-y, %)
-6.0 (Aug 2012) [ -2.4 (Sep) [-1.2 (Oct) [ 3.9 (Nov) [ 7.5 (Dec) [ 2.5 (Jan 2013)
The Green Book | 19
Average daily exports (US$ billion)
1.87 (Jan 2012), 1.97 (Q1), 2.10 (Q2), 1.90 (Q3), 1.99 (Nov), 2.09 (Dec), 1.92 (Jan 2013)
January is not usually a good month for exports because it follows the year-end
holiday shopping season.
Exports to China rose for the fifth straight month, and exports to the US and
ASEAN countries increased. However, exports to the EU slightly contracted.
Export growth by region (y-o-y, %)
16.6 (China), 17.0 (ASEAN countries), 21.2 (US), 6.6 (Japan), -3.2 (EU)
(US$ billion)
2011
Exports
Q1
Q2
Q3
2013
Annual
Annual
555.21
548.17
134.86
140.18
133.13
139.91
47.78
45.03
46.09
19.0
2.01
-1.3
2.00
3.0
1.97
-1.7
2.09
-5.7
1.90
-0.3
2.04
3.8
1.99
-5.7
2.09
11.8
1.92
524.41
519.54
133.62
130.45
125.62
129.89
43.40
43.11
45.21
(y-o-y, %)
Average daily exports
Imports
2012
Q4
Nov
Dec
Jan
(y-o-y, %)
23.3
-0.9
7.8
-2.8
-6.9
-1.0
0.9
-5.2
3.9
Average daily imports
1.91
1.90
1.95
1.96
1.79
1.89
1.81
2.00
1.88
1. Preliminary
Source: Korea Customs Service
Imports in January rose 3.9 percent (preliminary) year-on-year to US $45.21 billion.

Imports increased despite a fall in crude oil imports, as commodities imports
edged up due to a rise in petroleum product imports, with capital and consumer
goods imports also picking up.
Import growth by category (Jan 1- 30, preliminary, y-o-y, %)
2.1 (commodities), 4.8 (capital goods), 13.0 (consumer goods)
The trade balance (preliminary) in January posted a surplus of US$0.87 billion.

(US$ billion)
2011
Trade balance
1. Preliminary
Source: Korea Customs Service
20 | The Green Book
2012
2013
Annual
Annual
Q1
Q2
Q3
Q4
Nov
Dec
Jan
30.80
28.63
1.23
9.73
7.51
10.02
4.38
1.92
0.87
Exports and imports

Source: Korea Customs Service, Ministry of Knowledge Economy (export and import trend)
60
(US$ billion)
50
40
30
20
10
0
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
Trade balance
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Exports
2013. 1
Imports
Exports by type
160
(y-o-y, %)
140
120
100
80
60
40
20
0
-20
-40
-60
-80
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
Export growth rate
2006. 1
2007. 1
2008. 1
Automobiles
2009. 1
2010. 1
2011. 1
2012. 1
Semiconductors
2013. 1
Steel
Imports by type
100
(y-o-y, %)
80
60
40
20
0
-20
-40
-60
-80
2001.1
2002. 1
2003. 1
Import growth rate
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
Commodities
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Capital goods
The Green Book | 21
6.
Mining and
manufacturing
production
Mining and manufacturing production in December increased 1.0 percent monthon-month backed by strong growth in audio-visual communications equipment,
automobiles and semiconductors & parts. On a yearly basis, output rose 0.8 percent.
Compared to the previous month, production of audio-visual communications
equipment (up 20.4%), automobiles (up 2.3%) and semiconductors & parts (up
1.4%) rose, while production of clothing & fur (down 11.1%), electric equipment
(down 2.9%) and machinery (down 1.6%) fell.
Compared to a year ago, production of semiconductors & parts (up 17.1%), audiovisual communications equipment (up 9.8%) and chemical products (up 3.4%)
increased, while production of mechanical equipment (down 15.4%), nonmetallic
minerals (down 12.6%) and automobiles (down 6.2%) went down.
The manufacturing inventory-shipment ratio decreased by 3.7 percentage points
month-on-month as inventories fell 0.9 percent and shipments rose 2.4 percent.
Inventories of refined petroleum products (up 26.1%), clothing & fur (up 5.9%)
and chemical products (up 2.6%) rose month-on-month, while audio-visual
communications equipment (down 8.9%), mechanical equipment (down 6.0%),
and semiconductors & parts (down 2.9%) declined.
Shipments of semiconductors & parts (up 1.9%), audio-visual communications
equipment (up 26.0%) and mechanical equipment (up 5.9%) climbed, while
inventories of nonmetallic minerals (down 6.2%), clothing & fur (down 7.7%) and
groceries (down 1.3%) slipped.
The average operation ratio of the manufacturing sector rose by 0.9 percentage
points month-on-month to 78.4 percent.
(Percentage change from previous quarter or month)
2011
2012
1
Annual
Q4
Dec
Annual
Q3
Q4
Oct
Nov
Dec
6.9
-0.1
5.0
-0.6
2.9
1.7
-2.0
0.3
3.0
1.1
0.7
-0.6
2.6
3.2
1.0
0.8
7.0
0.1
5.3
-0.9
2.9
1.8
-2.3
0.4
3.5
1.2
0.8
-0.7
2.8
3.1
1.4
1.2
6.7
-0.3
0.0
1.3
-2.6
1.9
-1.1
1.3
2.4
3.3
-2.0
-0.6
-1.1
-1.7
0.7
0.5
0.4
2.6
- Exports
10.8
1.5
0.6
3.9
-3.6
3.1
-2.9
2.2
2.2
Inventory3
20.8
9.3
2.6
0.2
1.7
3.9
2.3
2.5
-0.9
Manufacturing Average operation ratio (%)

activity
Production capacity4
79.9
78.0
76.9
77.8
75.3
77.3
75.9
77.5
78.4
5.4
4.3
4.2
3.3
3.2
2.8
2.1
1.9
2.2
Mining production (q-o-q, m-o-m)

(y-o-y)
Manufacturing production (q-o-q, m-o-m)
Mining and
(y-o-y)
manufacturing
Shipment
activity2
- Domestic demand
1. Preliminary
2. Including mining, manufacturing, electricity, and gas industry
3. End-period
4. Percentage change from same period in previous year
22 | The Green Book
Mining and manufacturing production may decrease due to inventory adjustment

and a high base effect, with major exports, including IT products and automobiles,
posting slower growth month-on-month in terms of days worked.
Average daily export growth (y-o-y, %)
-6.0 (Aug 2012) [ -2.3 (Sep) [ -1.2 (Oct) [ 3.8 (Nov) [ 7.5 (Dec) [ 2.5 (Jan 2013)
50
(%)
40
30
20
10
0
-10
-20
-30
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
Industrial production (m-o-m)
2011. 1
2012. 1
Industrial production (y-o-y)
Shipment and inventory

10
(m-o-m, %)
8
6
4
2
0
-2
-4
-6
-8
-10
2001. 1
2002. 1
2003. 1
Shipment growth
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Inventory growth
The Green Book | 23
Average manufacturing operation ratio

100
( %)
90
80
70]
60
50
2001. 1
2002. 1
7.
Service sector
activity
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Service activity in December rose 0.1 percent month-on-month and 1.0 percent
year-on-year as growth in transportation services and real estate & renting offset
weaknesses in wholesale & retail.
Wholesale & retail declined 0.2 percent month-on-month due to sluggish retail
sales of semi-durable and non-durable goods.
Transportation services rose 1.7 percent, as export growth led to increased cargo
transportation.
Average daily export growth by month (y-o-y, %)
-6.0 (Aug 2012) [ -2.3 (Sep) [ -1.2 (Oct) [ 3.8 (Nov) [ 7.5 (Dec)
Growth of water freight transportation (y-o-y, %)
-4.5 (Aug 2012) [ 6.6 (Sep) [ -1.2 (Oct) [ 0.1 (Nov) [ 2.0 (Dec)
Hotels & restaurants weakened for the fifth straight month, declining 0.3 percent
due to poor consumer confidence.
Real estate & renting rose 1.2 percent from the previous month, as housing sales
increased before the property acquisition tax cut ended on December 31, 2012.
Housing transactions rose from 72,000 in November to 108,000 in December.
Financial & insurance services and educational services showed a slight
improvement from the previous months slump, growing 0.3 percent and 1.8
percent, respectively.
24 | The Green Book
Weight
Service activity index
- Wholesale & retail
2011
Annual Q1
Q2
2012
Q3
Q4 Annual Q1
Q2
Q3
Q41 Nov1 Dec1
100.0
3.3
1.6
0.2
1.3
-0.5
1.7
1.0
0.1
0.9
-0.2
0.8
0.1
21.8
3.8
1.4
1.4
0.7
-0.7
0.9
0.1
0.6
0.7
-0.2
2.2
-0.2
- Transportation services
9.0
3.9
2.6
-1.6
1.0
-1.0
0.9
1.5
-0.2
0.2
1.0
1.7
1.7
- Hotels & restaurants
7.7
-0.5
-0.4
1.0
-0.3
-1.5
-0.1
-0.2
2.5
-0.5
-1.6
-0.5
-0.3
- Publishing & communications services
8.4
4.4
1.1
0.5
2.8
0.3
3.3
1.0
0.5
0.9
0.0
3.7
-1.4
15.3
- Financial & insurance services
7.3
3.0
0.1
2.7
0.1
2.8
1.4
-1.8
2.8
0.2
-0.4
0.3
- Real estate & renting
6.3 -10.2
3.3
-2.2
-0.3
-6.4
-3.6
-0.2
3.1
1.1
-1.2
0.3
1.2
- Professional, scientific & technical services
4.8
0.3
-1.5
2.0
1.0
1.4
2.9
1.8
-0.9
1.4
-2.0
1.8
-0.8
- Business services
2.9
4.3
0.8
0.9
0.2
0.4
2.5
1.7
1.1
-0.8
-0.4
-0.5
1.1
- Educational services
10.8
2.4
0.2
-0.9
1.7
0.4
1.1
1.2
-1.3
-0.1
0.1
-0.8
1.8
- Healthcare & social welfare services
6.0
6.3
3.3
0.6
1.4
1.6
5.9
1.7
2.4
0.6
0.0
-0.1
0.3
- Entertainment, cultural & sports services
2.9
2.3
1.1
0.0
0.7
0.1
2.4
4.3
-2.7
-1.1
0.4
-0.1
-6.8
- Membership organizations
3.8
1.1
-0.3
1.1
-0.3
-2.1
-1.0
-0.2
0.4
0.7
0.3
-0.1
-0.5
- Sewerage & waste management
0.4
0.0
0.1
-0.5
0.2
3.1
6.4
1.0
3.8
-1.7
5.1
-2.7
4.1
1. Preliminary
Service industry
Source: Statistics Korea (service industry activity trend)
20
(%)
15
10
5
0
-5
-10
2001. 1
2002. 1
2003. 1
Service industry activity (y-o-y)
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Service industry activity (m-o-m)
The Green Book | 25
Wholesale & retail

20
(%)
15
10
5
0
-5
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
Wholesale & retail (y-o-y)
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Wholesale & retail (m-o-m)
December 2012 service industry by business

(y-o-y, %)
Wh
ole
sal
e
Tot
al i
nde
x
&r
eta
il
Tra
nsp
ort
atio
ns
erv
ice
Pub
s
lish
ing
&c
om
mu
Ho
nic
tels
atio
&r
ns
est
ser
aur
vic
ant
es
s
Fin
anc
ial
&i
nsu
ran
ce s
Rea
erv
l es
ice
tat
s
e&
ren
Pro
t
i
n
ser fess
g
vic ion
es al,
scie
nti
fic
B
&t
sup usine
ech
por ss fa
nic
al
t se cili
rvic ty m
es an
age
He
me
alth
nt &
car
bus
e&
ine
soc
ss
i
a
lw
Edu
elfa
cat
re s
ion
al s
erv
ice
erv
s
ice
s
Ent
ert
ain
me
nt,
cul
Me
tur
m
oth b
al &
er p ersh
spo
ers ip o
rts
ona rga
ser
n
l se iz
vic
S
rvic atio
es
ma ewera
es ns,
ter ge
rep
ial , w
air
rec ast
&
ove e m
ry & an
rem agem
edi ent
atio ,
na
ctiv
itie
s
-2
-4
Service activity is expected to decline in January, led by wholesale & retail and real
estate & renting, due to the end of individual consumption tax and acquisition tax
cuts.
26 | The Green Book
8.
Employment
The number of workers on payroll in December increased by 277,000 from a year

earlier to 24,400,000 and the employment rate fell by 0.2 percentage points to 58.3
percent.
Amid slowing employment growth, the number of workers on payroll grew by
fewer than 300,000 in December due to the high base effect from the previous year
and seasonal factors such as heavy snowfall and the cold spell.
The number of workers in the service sector surged, while employment growth in
the manufacturing sector slowed and the number of construction workers declined
by a wider margin.
By status of workers, the number of regular workers continued to show strong
growth, while growth in the number of self-employed workers gradually declined.
2010
2011
Annual Annual Dec

Number of employed (million)
Q1
2012
Q2
Q3
Q4
Nov
Dec
Q1
Q2
Q3
Q4
23.83 24.24 24.13 23.46 24.57 24.48 24.46 24.94 24.40 23.93 25.00 24.99 24.80
Employment rate (%)
58.7
59.1
58.5
57.4
59.9
59.5
59.4
59.7
58.3
57.8
60.2
60.0
59.4
(Seasonally adjusted)
58.7
59.1
59.2
58.8
59.1
59.1
59.2
59.2
59.1
59.3
59.4
59.5
59.2
Employment growth (y-o-y, thousand)
323
415
441
423
402
363
474
353
277
467
430
506
342
(Excluding agriculture, forestry & fishery)
405
440
466
451
399
414
497
328
289
498
454
504
344
191
63
-85
228
112
-12
-75
164
112 -102
-66
85
140
33
-2
106
-3
-41
-35
71
-35
-82
79
33
17
-40
- Manufacturing
- Construction
- Services
200
386
462
224
331
472
514
187
252
541
491
397
236
- Agriculture, forestry & fishery
-82
-25
-25
-28
-51
-23
25
-12
-31
-24
-2
- Wage workers
517
427
343
519
421
392
374
292
267
360
281
317
303
697
575
477
605
621
572
500
443
458
413
379
485
469
-34
-78
-13
-88 -137
-76
-10
-87 -111
110
73
Regular workers
Temporary workers
Daily workers
- Non-wage workers
Self-employed workers
-146
-70 -122
-194
-11
-118
98
-79 -109
-63 -104 -115
-64
-80 -163 -171
-89
-57
-96
-19
-29
100
61
10
108
150
189
39
133 -115
-39
34
125
38
12
149
173
143
33
- Male
181
238
256
266
221
208
257
169
91
238
242
284
172
- Female
142
177
184
157
181
155
216
184
186
230
188
223
170
- 15 to 29
-43
-35
-37
-49
-74
-1
-18
-70
-77
-8
-57
-80
- 30 to 39
-4
-47
-46
-34
-13
-83
-56
-18
-40
-65
-80
33
-10
- 40 to 49
29
57
45
77
59
46
47
-7
-8
28
12
-3
- 50 to 59
294
291
334
286
294
270
315
233
197
326
260
273
220
47
149
146
143
137
131
185
214
205
178
251
245
215
- 60 or more
The Green Book | 27
Number of persons employed and employment growth

Source: Statistics Korea (employment trend)
1,200
(thousand)
(million)
26
1,000
25
800
600
24
400
23
200
0
22
-200
-400
2001. 1
21
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
Employment growth (y-o-y, left)
2010. 1
2011. 1
2012. 1
Number of employed (seasonally adjusted, right)
Share of persons employed by industry

100
(%)
80
60
70.3
69.9
69.2
68.8
68.4
68.4
69.1
68.9
69.1
68.7
69.2
70.2
71.0
70.8
70.3
69.7
69.2
69.1
69.3
69.2
69.0
68.7
69.0
70.4
7.0
7.0
7.0
7.1
7.2
7.3
7.1
7.3
7.1
7.4
7.5
7.6
7.2
7.1
7.2
7.2
7.2
7.2
7.1
7.1
7.1
7.3
7.2
7.2
17.9
17.8
17.3
16.9
16.8
16.7
16.6
16.5
16.5
16.4
16.5
16.9
17.0
17.1
16.6
16.3
16.2
16.3
16.4
16.5
16.6
16.7
16.9
17.1
4.4
4.9
6.1
6.8
7.2
7.2
6.9
7.0
7.0
7.1
6.5
5.0
4.4
4.7
5.6
6.5
7.0
7.0
6.8
6.8
6.8
6.9
6.5
4.9
2011. 1 2
10
11
12 2012. 1
10
11
12
40
20
Services
Construction
Manufacturing
Agriculture, forestry & fisheries
Share of persons employed by status of workers

100
80
60
(%)
4.7
4.8
5.1
5.4
5.6
5.5
5.3
5.3
5.1
5.4
5.2
4.6
4.5
4.5
4.8
5.1
5.4
5.4
5.3
5.3
5.4
5.3
5.2
4.5
22.8
23.0
23.3
23.2
23.0
22.9
23.0
23.2
23.4
23.2
23.0
22.9
23.1
23.1
23.4
23.4
23.3
23.2
23.4
23.3
23.2
23.1
22.9
22.7
7.2
7.2
7.3
7.5
7.5
7.6
7.4
7.2
6.4
7.0
7.2
7.0
6.5
6.5
6.3
6.6
6.8
6.7
6.7
6.4
6.4
6.7
6.8
6.6
20.9
20.5
20.1
20.3
20.5
20.7
20.9
20.5
20.8
20.6
20.5
20.7
20.5
20.5
20.6
20.6
20.5
20.3
20.2
19.9
19.8
19.8
19.9
20.0
44.4
44.5
44.2
43.7
43.4
43.3
43.5
43.7
44.3
43.8
44.1
44.9
45.4
45.4
44.9
44.3
44.0
44.4
44.4
45.1
45.2
45.1
45.2
46.2
10
11
10
11
12
40
20
0
2011. 1 2
Unpaid family workers
28 | The Green Book
Self-employed workers
12 2012. 1 2
Daily workers
Temporary workers
Regular workers
The number of unemployed persons in December decreased by 18,000 year-onyear to 737,000, while the unemployment rate fell 0.1 percentage point from the
previous year to 2.9 percent.
The unemployment rate either fell or remained unchanged from the previous year
in all age brackets excluding the over-60 group.
2010
2011
Annual Annual Dec
Q1
2012
Q2
Q3
Q4
Nov
Dec
Q1
Q2
Q3
Q4
Number of persons unemployed (thousand)
920
855
754 1,028
865
786
740
710
737
947
841
770
722
Unemployment growth (y-o-y, thousand)
31
-65
-99 -101
-3
-88
-68
-19
-18
-82
-23
-16
-18
- Male
-7
-48
-59
-70
-32
-48
-41
-14
10
-54
-19
-16
-13
- Female
38
-17
-40
-32
29
-40
-27
-5
-28
-28
-4
-6
Unemployment rate (%)
3.7
3.4
3.0
4.2
3.4
3.1
2.9
2.8
2.9
3.8
3.3
3.0
2.8
(Seasonally adjusted)
3.7
3.4
3.1
3.8
3.4
3.2
3.1
3.0
3.0
3.5
3.3
3.1
3.0
- 15 to 29
8.0
7.6
7.7
8.8
7.9
6.7
7.1
6.7
7.5
8.2
8.1
6.8
7.0
- 30 to 39
3.5
3.4
2.8
4.0
3.5
3.2
2.9
2.8
2.7
3.2
3.2
2.8
2.7
- 40 to 49
2.5
2.1
1.9
2.5
2.1
2.0
1.9
1.9
1.7
2.4
2.0
2.0
1.8
- 50 to 59
2.5
2.1
1.8
2.7
2.0
2.1
1.8
1.8
1.8
2.3
2.0
2.2
1.8
- 60 or more
2.8
2.6
1.8
4.5
2.3
2.1
1.8
1.5
1.9
4.4
2.0
1.9
1.6
The economically inactive population in December was up 315,000 from a year

earlier to 16,710,000, while the labor force participation rate declined by 0.2
percentage points to 60.1 percent.
The number of those economically inactive due to old age (up 195,000) and
housework (up 178,000) increased while those due to rest, time-off and leisure
(down 156,000) decreased.
2010
2011
Annual Annual Dec

Economically inactive population (million)
Q1
2012
Q2
Q3
Q4
Nov
Dec
Q1
Q2
Q3
Q4
15.84 15.95 16.39 16.39 15.56 15.85 16.01 16.12 16.71 16.50 15.67 15.90 16.26
Labor force participation rate (%)
61.0 61.1 60.3 59.9 62.0 61.5 61.1 61.4 60.1 60.1 62.3 61.8 61.1
(seasonally adjusted)
61.0 61.1 61.1 61.1 61.2 61.0 61.1 61.1 60.9 61.4 61.4 61.4 61.1
Growth in economically inactive population

(y-o-y, thousand)
143
112
129
138
66
191
53
234
315
103
110
57
244
- Childcare
-125
-5
19
-44
-16
17
23
-5
-7
-3
- Housework
201
101
90
130
27
143
103
93
178
85
181
101
126
- Education
12
-51
-20
-16
-39
-78
-69
42
45
-28
-64
39
181
195
76
174
156
186
131 -106 -156
126
- Old age
80
-45
- Rest, time-off and leisure
-56
182
11 -103
182
241
-58
-22
163
193
-71 -142 -125
The Green Book | 29
Employment rate
64
(%)
63
62
61
60
59
58
57
56
55
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Original rate
2012. 1
Seasonally adjusted rate
Unemployment rate
6
(%)
2
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
Original rate
2011. 1
2012. 1
Labor force participation rate

65
(%)
64
63
62
61
60
59
58
57
2001. 1
2002. 1
Original rate
30 | The Green Book
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
9.
Financial markets
9.1 Stock market

The Korean stock price index in January fell 1.8 percent to 1,962 points from the
previous months 1,997 points.
The KOSPI Composite fell due to poor corporate performance in the fourth quarter
and a fall in export-related stocks as a result of a lower won/dollar exchange rate.
Foreign investors became net sellers of Korean stocks in January, selling 1.9 trillion
won worth of stocks compared to buying 3.6 trillion won in the previous month.
(End-period, point, trillion won)
KOSPI
KOSDAQ
1
Change1
Dec 2012
Jan 2013
Change
Dec 2012
Jan 2013
Stock price index
1,997.1
1,961.9
-35.2 (-1.8%)
496.3
503.7
7.4 (1.5%)
Market capitalization
1,154.3
1,135.2
-19.1 (-1.7%)
109.1
111.1
2.0 (1.8%)
Average daily trade value
4.2
4.4
0.2 (4.8%)
1.60
1.82
0.22 (13.8%)
Foreign stock ownership
34.8
34.5
-0.3 (-0.9%)
8.23
8.30
0.07 (0.9%)
1. Change from the end of the previous month

Source: Korea Exchange
Stock prices
2,200
(monthly average, KOSPI Jan 4, 1980=100, KOSDAQ Jul 1, 1996=1,000)
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
KOSPI
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
KOSDAQ
9.2 Exchange rate

The won/dollar exchange rate in January depreciated 1.7 percent to 1,089.0 won
from 1,070.6 won at the end of December.
The won/dollar exchange rate fell to the 1,050 won range due to the US fiscal cliff
deal and export financing by banks. However, the exchange rate later rebounded
to the 1,080 won range resulting from the sales of securities by foreign investors,
heightening risks in North Korea and wariness of the Korean governments foreign
exchange regulations.
The Green Book | 31
The won/100 yen exchange rate appreciated 3.4 percent in January due to a weak
yen resulting from additional quantitative easing (QE) by the Bank of Japan (BOJ).
The BOJ adopted a 2 percent inflation target and added 10 trillion yen to its assetbuying scheme.
(End-period)
2008
2009
2010
2011
2012
2013
Dec
Dec
Dec
Dec
Nov
Jan
Change1
Won/dollar
1,259.5
1,164.5
1,134.8
1,151.8
1,070.6
1,089.0
-1.7
Won/100 yen
1,396.8
1,264.5
1,393.6
1,481.2
1,238.3
1,197.6
3.4
1. Appreciation from the end of the previous year (%); the exchange rate is based on the closing price at 3:00 p.m., local time.
Foreign exchange rate

1,800
(month-end, )
1,600
1,400
1,200
1,000
800
600
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Won/dollar
2012. 1
2013. 1
Won/100 yen
Recent daily foreign exchange rate trend

1,800
()
1,600
1,400
1,200
1,000
800
600
2008. 1. 2
2008. 8. 11
Won/dollar
32 | The Green Book
2009. 3. 18
2009. 10. 19
2010. 5. 25
2010. 12. 27
2011. 8. 3
2012. 3. 9
2012. 10. 16
Won/100 yen
9.3 Bond market

3-year Treasury bond yields fell 6 basis points in January to 2.76 percent from the
previous months 2.82, as economic uncertainties continued due to concerns for
poor corporate performance in the fourth quarter of 2012.
(End-period, %)
Call rate (1 day)
2006
2007
2008
2009
2010
2011
2012
2013
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Change1
4.60
5.02
3.02
2.01
2.51
3.29
2.77
2.76
-1
CD (91 days)
4.86
5.82
3.93
2.88
2.80
3.55
2.89
2.84
-5
Treasury bonds (3 yrs)
4.92
5.74
3.41
4.44
3.38
3.34
2.82
2.76
-6
Corporate bonds (3 yrs)
5.29
6.77
7.72
5.56
4.27
4.21
3.29
3.13
-16
Treasury bonds (5 yrs)
5.00
5.78
3.77
4.98
4.08
3.46
2.97
2.89
-8
1. Basis point, changes from the previous month
Interest rates
10
(monthly average, yearly, %)
9
8
7
6
5
4
3
2
1
2001. 1
2002. 1
2003. 1
2004. 1
3-yr corporate bonds yield
2005. 1
2006. 1
2007. 1
2008. 1
3-yr treasury bonds yield
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Overnight call rate (daily)
9.4 Money supply & money market

M2 (monthly average) in November expanded 4.4 percent from a year earlier.
Although the currency supply in the foreign sector has widened due to a growing
current account surplus and the size of currency redemption in the government
sector has narrowed, M2 growth decelerated as private sector credit decreased, led
by a decrease in bank loans.
The Green Book | 33
(Percentage change from same period in previous year, average)
2008
2009
2010
2011
Annual Annual Annual Annual
Q3
2012
Q4
Q1
Q2
Q3
Oct
Nov
Nov 1
M12
-1.8
16.3
11.8
6.6
4.8
2.6
1.8
3.6
4.3
5.5
5.3
450.1
M2
14.3
10.3
8.7
4.2
3.8
4.4
5.3
5.6
5.6
4.6
4.4
1,831.3
Lf3
11.9
7.9
8.2
5.3
5.3
6.2
7.5
8.5
7.9
7.1
7.14
2,440.44
1. Balance at end November 2012, trillion won

2. M1 excluding corporate MMFs and individual MMFs while including CMAs
3. Liquidity aggregates of financial institutions (mostly identical with M3)
4. Preliminary
Total money supply

40
(y-o-y, monthly average balance, %)
30
20
10
0
-10
-20
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Reserve money
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
M1
Lf
Bank deposit growth narrowed in December while asset management company

(AMC) deposits declined by a wider margin. Despite increasing instant access
deposits due to inflows of government funds and bonuses at the end of the year,
bank deposit growth narrowed as local government and corporate funds were
pulled out from time deposits due to year-end factors. AMC deposits widened the
decrease due to outflows of the treasury surplus and corporate funds from money
market funds (MMF) for the purpose of paying back year-end debts, and also due
to increasing sales of equity funds for arbitrage trading.
(Monthly change, end-period, trillion won)
2009
2010
Annual
Annual
Bank deposits
54.8
36.9
AMC deposits
-27.6
-16.7
1. Balance at end December 2012, trillion won
34 | The Green Book
2011
2012
Annual
Dec
Nov
Dec
Dec1
-8.7
58.9
-1.2
7.7
6.5
1,135.8
-11.2
-16.6
-19.4
-3.0
-6.7
317.2
Dec
Deposits in financial institutions

30
(y-o-y, end of monthly balance, trillion won)
20
10
0
-10
-20
2001. 1
10.
Balance of
payments
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Koreas current account (preliminary) in December posted a surplus of US$2.25

billion. The current account surplus in 2012 posted a record high of US$43.25, up
US$610 million from the previous record of US$42.64 billion in 1998.
The goods account surplus narrowed from US$6.78 billion in November to
US$2.03 billion in December due to fewer working days (-2.5 days) including the
presidential election on December 19.
Goods exports (US$ billion)
49.64 (Nov 2012) [ 44.44 (Dec)
Goods imports (US$ billion)
42.86 (Nov 2012) [ 42.41 (Dec)
Working days
24.0 (Nov 2012) [ 21.5 (Dec)
Taking into consideration days worked, average daily exports have continued to
improve since July.
Average daily export growth (y-o-y, %)
-10.6 (Jul 2012) [ -6.0 (Aug) [ -2.4 (Sep) [ -1.2 (Oct) [ 3.9 (Nov) [ 7.5 (Dec)
Although the travel account has deteriorated due to a lower exchange rate, the
service account swung to a surplus of US$0.03 billion from a deficit of US$0.05
in the previous month thanks to improvements in the construction service and
transportation accounts. Foreign tourist arrivals in December declined 0.9 percent
year-on-year, while the number of overseas travelers increased 14.6 percent.
The Green Book | 35
The primary income account surplus widened to US$0.64 billion from US$0.37
billion as the investment income balance improved due to an increase in interest
income. The secondary income deficit expanded to US$0.45 billion from US$0.19
billion in the previous month due to an increase in foreign aid.
(US$ billion)
2011
2012
Annual
Q3
Q4
Q1
Q2
Q3
Q4
Nov
Dec1
Annual1
Current account
26.07
7.89
11.39
2.56
11.19
14.56
14.94
6.91
2.25
43.25
- Goods balance
31.66
7.47
10.86
2.61
8.52
13.34
13.98
6.78
2.03
38.45
- Service balance
-5.85
-0.52
-0.45
-0.65
2.31
0.65
0.36
-0.05
0.03
2.68
- Primary income balance
2.89
1.45
1.50
1.49
0.82
1.04
1.54
0.37
0.64
4.89
- Secondary income balance
-2.63
-0.51
-0.51
-0.89
-0.47
-0.47
0.93
-0.19
-0.45
-2.76
1. Preliminary
The capital and financial account (preliminary) in December posted a net outflow
of US$3.86 billion.
Capital & financial account balance (US$ billion)
-1.38 (Q1 2012) [ 7.97 (Q2) [ -13.34 (Q3) [ -20.96 (Q4) [ -3.86 (Dec) [ -44.25 (Jan-Dec)
Despite a rise in overseas direct investment, net outflow in direct investment

narrowed to US$0.67 billion from the previous months US$1.34 billion due to a
huge increase in foreign direct investment.
The portfolio investment account switched to a net inflow of US$3.19 billion from
a net outflow of US$3.88 billion as foreign investors equity investment turned to
a net inflow and inflows of bond investment funds expanded.
A net inflow of US$0.61 billion in financial derivatives remained unchanged from
the previous month, while net outflow in the other investment account expanded
to US$9.07 billion from US$2.68 billion.
The current account in January is expected to maintain a surplus, helped by a
goods account surplus resulting from a trade surplus in January.
36 | The Green Book
Current account balance

Source: The Bank of Korea (balance of payments trend)
(US$ billion)
8
6
4
2
0
-2
-4
-6
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Goods account
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Service account
Current account
Travel balance
(US$ billion)
4
3
2
1
-1
-2
-3
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
Travel balance
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Travel revenue
Travel payment
Capital & financial account balance

15
(US$ billion)
10
5
0
-5
-10
-15
2001. 1
2002. 1
2003. 1
Portfolio investment
2004. 1
2005. 1
2006. 1
Direct investment
2007. 1
2008. 1
2009. 1
Financial derivatives
2010. 1
2011. 1
2012. 1
Capital & financial account
The Green Book | 37
11.
11.1 Prices
Prices and
international
commodity
prices
Consumer prices in January rose 1.5 percent year-on-year and 0.6 percent monthon-month, staying stable at the 1 percent range for three consecutive months.
Core consumer prices, which exclude oil and agricultural products, rose 1.2 percent
year-on-year and 0.4 percent month-on-month. Core consumer prices based on
the OECD method, which exclude food and energy, rose 1.4 percent year-onyear and 0.4 percent month-on-month. Consumer prices for basic necessities, a
barometer of perceived consumer prices, were up 0.8 percent year-on-year and 0.8
percent month-on-month.
The average annual expected inflation is 3.2 percent and import prices declined 8.8
percent year-on-year.
Expected inflation (%)
4.2 (Jan 2012) [ 4.1 (Feb) [ 4.1 (Mar) [ 3.9 (Apr) [ 3.8 (May) [ 3.8 (Jun) [ 3.7 (Jul) [ 3.5
(Aug) [ 3.3 (Sep) [ 3.3 (Oct) [ 3.2 (Nov) [ 3.1 (Dec) [ 3.2 (Jan 2013)
Import price increases (y-o-y, %, won base)
2.1 (May 2012) [ -1.2 (Jun) [ -1.0 (Jul) [ 0.3 (Aug) [ -2.4 (Sep) [ -6.4 (Oct) [ -7.6 (Nov)
[ -8.8 (Dec)
<Consumer price inflation>
(%)
2012
Jan Feb Mar Apr May Jun
2013
Jul Aug Sep Oct Nov Dec Jan

0.4 0.7 -0.1 -0.4 0.2 0.6
Month-on-Month
0.5
0.4 -0.1
0.0
0.2 -0.1 -0.2
Year-on-Year
3.4
3.1
2.6
2.5
2.5
2.2
1.5
1.2
2.0
2.1
1.6
1.4
1.5
Consumer prices excluding oil and agricultural

products (y-o-y)
3.2
2.5
1.9
1.8
1.6
1.5
1.2
1.3
1.4
1.5
1.3
1.2
1.2
Consumer prices excluding food and energy (y-o-y)
2.5
2.6
1.7
1.6
1.5
1.4
1.2
1.2
1.4
1.4
1.4
1.4
1.4
Consumer prices for basic necessities (y-o-y)
3.3
2.8
2.0
2.0
2.2
1.8
0.8
0.6
1.7
1.6
1.0
0.7
0.8
Prices
Source: Statistics Korea (consumer price trend) & The Bank of Korea (producer prices)
16
(y-o-y, %)
13
10
7
4
1
-2
-5
2001. 1
2002. 1
2003. 1
Consumer price inflation
38 | The Green Book
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
Core inflation
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Producer price inflation
The prices of agricultural products rose due to the heavy snow and cold weather,
but those of manufactured products stabilized as a result of lower oil product
prices, allowing the growth in overall consumer prices to decelerate.
Agricultural, livestock & fishery product prices increased 3.3 percent month-onmonth. Agricultural (up 5.6%, m-o-m) and fishery product prices rose (up 0.8%,
m-o-m) while the prices of livestock products fell (down 0.5%, m-o-m).
Manufactured products prices climbed 0.1 percent month-on-month. The prices
of oil products fell (down 0.5%, m-o-m), but those of durable goods (up 0.8%,
m-o-m) and processed food increased (up 0.4%, m-o-m).
Personal service prices rose 0.4 percent month-on-month due to rising dining out
expenses (up 0.3%, m-o-m) and other personal service prices (up 0.5%, m-o-m).
<Consumer price inflation in major sectors>

Total
Month-on-Month (%)
0.6
Agricultural, livestock & Manufactured products

fishery products
Oil products
3.3
0.1
-0.5
Public
utilities
Housing Public Personal

rents
services services
0.9
0.2
0.7
0.4
Contribution (%p)
0.56
0.27
0.03
-0.03
0.05
0.02
0.09
0.12
Year-on-Year (%)
1.5
1.51
2.1
0.18
1.3
0.42
0.6
-0.04
4.4
0.22
3.2
0.30
1.2
0.16
0.8
0.24
Contribution (%p)

Source: Statistics Korea (consumer price trend)
7
(%)
6
5
4
3
2
1
0
-1
2001. 1
2002. 1
2003. 1
2004. 1
Consumer price inflation (m-o-m)
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Consumer price inflation (y-o-y)
The Green Book | 39
Contribution to consumer price inflation

Source: Statistics Korea (consumer price trend)
5
(%p)
4
3
2
1
0
-1
2004
2003
2005
2006
Agricultural, livestock &

fishery products
2007
2008
2009
2010
2011
Manufactured products
Housing rents
Personal services
Public utilities
2012
2013. 1
Public services
11.2 International oil and commodity prices

International oil prices rose slightly compared to the previous month as a partial
deal was reached on the US fiscal cliff and geopolitical risks persisted. Meanwhile,
domestic oil product prices fell.
Dubai crude prices rose due to political unrest in the Middle East and North Africa,
and as a result of expectations for recovering demand amid improving economic
indicators in the major countries.
Dubai crude ($/barrel)
107.7 (1st week Jan) [ 107.6 (2nd week) [ 106.9 (3rd week) [ 108.3 (4th week) [ 109.7 (5th week,
up 1.5% since end of December 2012)
International oil prices

Source: Korea National Oil Corporation
160
($/B)
140
120
100
80
60
40
20
0
2001. 1
2002. 1
Dubai crude
40 | The Green Book
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
WTI crude
(US$/barrel, period average)
2010
2011
Annual
Annual
Annual
2012
Dubai crude
78.1
105.9
Brent crude
79.7
111.0
WTI crude
79.5
95.1
2013
Jul
Aug
Sep
Oct
Nov
Dec
Jan
109.0
99.1
108.6
111.2
109.0
107.3
106.4
107.9
111.7
102.7
113.0
113.0
111.6
109.3
109.2
112.7
93.8
87.9
94.1
94.5
89.5
86.6
88.2
94.8
Domestic oil product prices continued a downward trend. As of the fifth week
of January 2013, domestic oil product prices had been falling for 20 consecutive
weeks.
Gasoline prices (won/liter)
1,929.5 (1st week Jan) [ 1,927.2 (2nd week) [ 1,925.3 (3rd week) [ 1,922.5 (4th week) [ 1,920.2
(5th week)
(US$/barrel, period average)
2010
2011
Annual
Annual
Annual
Jul
Aug
2012
Sep
Oct
Nov
Dec
2013
Jan
Gasoline prices
1,710.4
1,929.3
1,985.8
1,901.4
1,971.3
2,024.5
2,005.7
1,956.0
1,935.6
1,924.6
Diesel prices
1,502.8
1,745.7
1,806.3
1,726.6
1,784.8
1,836.6
1,820.8
1,777.7
1,760.0
1,749.6
Dubai crude prices and import prices

160
(thousand won/B)
($/B)
160
140
140
120
120
100
100
80
80
60
60
40
40
20
2004. 1
20
2005. 1
2006. 1
Dubai crude (import prices, won, left)
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Dubai international prices (dollar, right)
The Green Book | 41
International grain prices and nonferrous metal prices generally rose in January.
Amid supply-side uncertainties caused by bad weather conditions in the US and
Argentina and a downward revision of the inventory outlook, the prices of major
grains mostly increased due to a growth in demand, with soybean imports to
China surging.
Weather conditions in major countries
US: The drought ratio has fallen from 73.8% in December 25, 2012 to 69.8% in January 2013,
but still remains at a high level.
Argentina: Hot and dry conditions persist in the mid-south area.
Brazil: Heavy rain lead to concerns that sowing would have to be delayed.
Nonferrous metal prices mostly climbed compared to the previous month due to
expectations on recovering demand as economic indicators improved in major
countries including China, US, and Europe.
Prices of nonferrous metals in January (m-o-m, %)
Tin (7.9), zinc (6.8), lead (2.6), copper (1.2), nickel (0.3), aluminum (-1.1)
<Reuters index*>

2010
2011
Annual
2,553
Annual
3,062
(Period average)
Annual
3,006
Jul
Aug
2012
Sep
3,065
3,108
3,172
2013
Oct
Nov
Dec
Jan
3,110
3,067
3,037
2,996
* A weighted average index of 17 major commodities

Source: KOREA PDS
International commodity prices

Source: Bloomberg (CRB), The Bank of Korea (Reuters index)
* CRB demonstrates a futures price index of 21 commodities listed on the US Commodity Transaction Market, including beans and other
crops, crude oil and jewelry.
4,000
470
430
390
3,000
350
310
2,000
270
230
1,000
190
150
1997. 1
1998. 1
1999. 1
CRB (left)
42 | The Green Book
2000. 1
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
0
2013. 1
Reuters index (right)
12.
12.1 Housing market
Real estate
market
Nationwide apartment sales prices continued a downward trend in January, falling

0.3 percent from the previous month.
Apartment sales prices in the Seoul metropolitan area (down 0.7%, m-o-m)
declined by a larger margin than the previous month (down 0.6%, m-o-m).
Apartment sales prices continued to rise in areas excluding the Seoul metropolitan
area, in particular Daegu (up 0.7%, m-o-m), Sejong (up 1.6%, m-o-m), South
Chungcheong Province (up 0.5%, m-o-m) and North Gyeongsang Province (up
0.7%, m-o-m). Apartment prices in the five metropolitan cities rose 0.1 percent and
other cities remained unchanged.
<Nationwide apartment sales prices>

2012
2013
1
Jan 141 Jan 211 Jan 281

-0.09 -0.11 -0.07 -0.07
-0.13 -0.14 -0.12 -0.06
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Nationwide
0.0
-0.1
-0.1
-0.3
-0.4
-0.4
-0.3
-0.3
-0.2
-0.3
-0.3
Seoul
-0.4
-0.6
-0.5
-0.8
-0.7
-0.9
-0.7
-0.6
-0.5
-0.6
-0.6
-0.6
-0.7
-0.6
-1.0
-0.9
-1.3
-0.9
-0.7
-0.4
-0.7
-0.8
Seoul metropolitan area
-0.3
-0.3
-0.4
-0.4
-0.5
-0.4
-0.6
-0.6
-0.5
-0.6
-0.5
-0.8
-0.4
-0.7
-0.5
-0.6
-0.6
-0.5
-0.5
-0.6
-0.5
-0.7
-0.15 -0.17 -0.14 -0.03

-0.10 -0.12 -0.10 -0.10
-0.16 -0.19 -0.14 -0.12
5 metropolitan cities
0.2
0.1
0.1
-0.1
-0.2
-0.3
-0.1
0.0
0.1
0.1
0.1
0.00 -0.01 -0.01 -0.01
Gangnam2
3
Gangbuk
Jan 7
1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
Source: Korea Appraisal Board (since Jan 2013)
Apartment sales prices by region

Source: Kookmin Bank
3
(m-o-m, %)
2
1
0
-1
-2
2009. 1
7
Nationwide
2010. 1
2011. 1
2012. 1
2013. 1
Metropolitan cities
The Green Book | 43
Nationwide apartment rental prices continued to rise in January (up 0.3%, m-o-m).
Rental prices in the Seoul metropolitan area and the five metropolitan cities rose
0.2 percent and 0.3 percent, respectively.
Apartment rental price increase in major districts in Seoul (m-o-m, %)
Gangnam (0.5), Seocho (0.8), Songpa (0.9), Dongjak (0.7), Seongdong (0.9)
<Nationwide apartment rental prices>

2012
2013
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Nationwide
0.2
0.1
0.0
-0.1
-0.2
-0.1
0.3
0.4
0.4
0.3
0.3
Seoul
-0.1
-0.4
-0.5
-0.4
-0.5
-0.3
0.6
0.8
0.7
0.2
0.4
Jan 141 Jan 211 Jan 281

0.07 0.09 0.06 0.09
0.10 0.15 0.13 0.19
-0.2
-0.5
-0.5
-0.4
-0.6
-0.4
0.8
1.0
0.9
0.3
0.5
0.08
0.18
0.13
0.18
0.0
-0.1
-0.3
-0.2
-0.4
-0.2
-0.4
-0.2
-0.4
-0.4
-0.1
-0.2
0.4
0.4
0.6
0.5
0.4
0.4
0.1
0.1
0.3
0.2
0.13
0.06
0.12
0.09
0.12
0.05
0.19
0.09
5 metropolitan cities
0.4
0.3
0.3
0.1
-0.1
-0.2
0.2
0.3
0.4
0.4
0.3
0.09
0.11
0.07
0.07
Gangnam2
3
Gangbuk
Jan 7
1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
Source: Korea Appraisal Board (since Jan 2013)
Apartment rental prices by region

Source: Kookmin Bank
5
(m-o-m, %)
4
3
2
1
0
-1
-2
-3
2009. 1
7
Nationwide
2010. 1
2011. 1
2012. 1
2013. 1
Metropolitan cities
Apartment sales transactions in December increased 61.3 percent from the

previous months 50,353 to 81,229, and were up 5.7 percent from a year earlier.
44 | The Green Book
<Apartment sales transactions>

2009 2010
(Monthly average, thousand)
2011
2012
Annual Annual Aug Sep Oct Nov Dec

Nationwide
53
48
51
50
55
55
Jan Feb Mar Apr May Jun
Jul
77
18
38
2009. 1
39
47
45
46
2010. 1
37
Aug Sep Oct Nov Dec

31 26 45 50 81
Source: Ministry of Land, Transport and Maritime Affairs
Monthly transaction volume

Source: Ministry of Land, Transport and Maritime Affairs
140
(thousand)
120
100
80
60
40
20
0
2006. 1
7
Nationwide
2007. 1
2008. 1
2011. 1
2012. 1
Areas excluding the Seoul Metropolitan area
12.2 Land market

Nationwide land prices rose in December (up 0.08%, m-o-m), but were still 0.11
percent lower than the pre-crisis peak reached in October 2008.
Land prices in Seoul (up 0.05%, m-o-m) and the Seoul metropolitan area (up
0.06%, m-o-m) continued to rise.
Land price increases in Seoul metropolitan area (m-o-m, %)
0.11 (Apr 2012) [ 0.10 (May) [ 0.10 (Jun) [ 0.03 (Jul) [ -0.01 (Aug) [ -0.02 (Sep) [ 0.03
(Oct) [ 0.04 (Nov) [ 0.06 (Dec)
Land prices continued to rise in areas excluding the Seoul metropolitan area (up
0.12%, m-o-m), with Sejong (up 0.49%, m-o-m) posting the highest growth rate in
the nation for the tenth straight month in December.
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.14 (Mar 2012) [ 0.14 (Apr) [ 0.14 (May) [ 0.13 (Jun) [ 0.13 (Jul) [ 0.11 (Aug) [ 0.10
(Sep) [ 0.11 (Oct) [ 0.12 (Nov) [ 0.12 (Dec)
The Green Book | 45
<Land prices by region>

2008 2009 2010
2011
Annual Annual Annual Annual
2012
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Oct
Nov
Dec
Nationwide
-0.31
0.96
1.05
1.17
0.29
0.30
0.29
0.29
0.87
0.30
0.33
0.12
0.21
0.06
0.07
0.08
Seoul
-1.00
1.40
0.53
0.97
0.40
0.28
0.17
0.12
0.33
0.17
0.26 -0.14
0.09
0.01
0.03
0.05
Gyeonggi
-0.26
1.22
1.49
1.47
0.26
0.38
0.43
0.39
0.97
0.34
0.34
0.17
1.32
0.06
0.06
0.07
Incheon
1.37
1.99
1.43
0.66
0.17
0.18
0.15
0.15
0.36
0.21
0.16 -0.03
0.13
0.03
0.00
0.10
2004
2005
Source: Korea Land & Housing Corporation
Land prices by region

Source: Korea Land Corporation (land price trend)
15
(%)
12
9
6
3
0
-3
-6
-9
-12
-15
-18
1994
1995
1996
National average
1997
1998
1999
2000
2001
2002
Metropolitan area
2003
2006
2007
City
2008
2009
2010
2011
2012
County
Nationwide land transactions in December were 224,000 land lots, up 20.7 percent
from the previous month but down 6.8 percent from 240,000 a year earlier.
Monthly land transactions surged in Busan (up 31.8%, m-o-m), Daejeon (up
31.0%, m-o-m), Gwangju (up 58.5%, m-o-m), and North Jeolla Province (up 52.0%,
m-o-m).
Transactions of vacant land decreased 0.05 percent month-on-month to 75,000
lots, making up 33.3 percent of the total amount of transactions, and were down
16.9 percent from 90,000 a year earlier.
46 | The Green Book
<Land sales transactions>

(Land lot, thousand)
2008 2009 2010
2011
2012
Annual1 Annual1 Annual1 Annual1 Oct Nov Dec Jan

Nationwide
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec
208 203 187 208 184 195 240 129 165 187 182 186 163 167 150 133 172 185 224
Seoul
26
22
16
18
15
15
19
12
14
15
15
13
12
10
15
16
20
Gyeonggi
45
46
41
43
37
39
48
24
30
37
36
35
32
34
30
27
35
36
45
Incheon
13
10
10
10
10
10
1. Monthly average
Source: Korea Land & Housing Corporation
Land and consumer prices since 1970s

Source: Korea Land Corporation (land prices), Statistics Korea (consumer prices)
60
(y-o-y, %)
50
40
30
20
10
0
-10
-20
1975
1980
1985
1990
1995
2000
2005
Land price inflation
2010
2012
Land trade volume

Source: Korea Land Corporation (land trade trend)
500,000
(thousand square meter)
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Areas excluding the Seoul metropolitan area
The Green Book | 47
13.
Composite
indices of
business cycle
indicators
Industrial output in December increased 0.8 percent month-on-month and 0.3

percent year-on-year. Output in manufacturing (up 1.4%, m-o-m), construction
(up 5.8%, m-o-m) and public administration (up 2.6%, m-o-m) rose, while output
in electricity & gas (down 5.4%, m-o-m) fell.
The cyclical indicator of the coincident composite index rose 0.1 point in November.
Five components, such as mining & manufacturing production and value of
construction completed, increased while nonfarm payroll employment and service
activity decreased.
Components of the coincident composite index in December (m-o-m)
value of construction completed (2.1%), mining & manufacturing production (1.5%), imports
(1.2%), domestic shipment (1.0%), wholesale & retail sales (0.2%), service activity (-0.2%),
nonfarm payroll employment (-0.1%)
The cyclical indicator of the leading composite index rose 0.4 points from the
previous month.
The value of construction orders received and international commodity prices
were lower compared to the previous month while seven components, including
the indicator of inventory cycle and consumer expectations index, rose.
Components of the leading composite index in December (m-o-m)
indicator of inventory cycle (2.0%p), domestic shipment of machinery (1.7%), consumer

expectations index (1.0p), ratio of export to import prices (0.7%), ratio of job openings to job
seekers (0.2%p), KOSPI (0.2%), spreads between long & short term interest rates (0.1%p), value
of construction orders received (-9.1%), international commodity prices (-3.1%)
2012
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct1 Nov1 Dec1
Industrial output (m-o-m, %)
1.0
1.3
-1.1
-0.2
0.6
-0.2
0.2
-1.7
1.0
-0.3
1.3
0.8
(y-o-y, %)
-1.0
8.7
0.5
0.4
1.8
0.3
1.5
-0.2
1.3
-0.5
2.0
0.3
0.1
0.8
0.1
0.2
-0.1
0.4
0.6
-0.1
0.4
-0.1
0.6
0.5
Coincident composite index (m-o-m, %)

Cyclical indicator of coincident composite index
99.6 100.0 99.6 99.4 98.9 98.9 99.1 98.6 98.6 98.1 98.3 98.4
(m-o-m, p)
-0.2
0.4
-0.4
-0.2
-0.5
0.0
0.2
-0.5
0.0
-0.5
0.2
0.1
Leading composite index (m-o-m, %)
0.7
1.0
0.4
0.4
0.1
1.1
0.6
0.2
-0.2
0.1
0.8
0.9
Cyclical indicator of leading composite index

(m-o-m, p)
1. Preliminary
48 | The Green Book
99.2 99.9 99.8 99.8 99.4 100.1 100.3 100.1 99.4 99.2 99.5 99.9
0.2
0.7
-0.1
0.0
-0.4
0.7
0.2
-0.2
-0.7
-0.2
0.3
0.4
Industrial output
20
(%)
15
10
5
0
-5
-10
-15
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Industrial output (m-o-m)
2012. 1
Industrial output (y-o-y)
Cyclical indicator of coincident composite index

110
(y-o-y, %)
105
100
95
90
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Cyclical indicator of leading composite index

110
(y-o-y, %)
105
100
95
90
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
The Green Book | 49
Economic News Briefing
Korea grows 0.4% in Q4 (Advanced)

Koreas real gross domestic product (GDP) expanded by 0.4 percent quarter-onquarter and 1.5 percent year-on-year in the fourth quarter of 2012, according to
an advanced estimate released by the Bank of Korea (BOK) on January 24. For the
whole year of 2012, the Korean economy grew by 2.0 percent.
On the production side, agriculture, forestry & fishery expanded by 5.7 percent,
led by growth in the livestock industry. Services grew by 0.5 percent, led by
wholesale & retail, hotels & restaurants, transportation services, and real estate
& renting. Meanwhile, construction declined by 0.7 percent, due to weakness in
nonresidential building construction. Manufacturing showed no growth from
the previous quarter, as a decline in transportation equipment offset growth in
semiconductors and mobile phones.
On the expenditure side, private consumption grew by 0.8 percent due to increased
expenditures in semi-durable goods such as shoes and clothes. Facility investment
declined by 2.8 percent, mainly as a result of decreased expenditures in machinery,
while sluggish building construction and civil engineering works caused
construction investment to fall by 1.3 percent. Exports and imports declined by
1.2 percent and 1.1 percent each.
The real gross domestic income (GDI) rose by 0.1 percent from the previous
quarter.
50 | Economic News Briefing
<GDP by production and expenditure*>


1
20121
2011
Annual
Q1
Q2
Q3
Q4
0.8
(3.5)2
4.5
0.8
(3.6)2
-5.2
0.3
(3.3)2
8.2
Annual
Q1
Q2
Q3
Q4
-1.0
0.9
(2.8)2
-5.6
0.3
(2.3)2
2.0
0.1
(1.5)2
-4.1
0.4
(1.5)2
5.7
GDP
3.6
Agriculture, forestry & fishery
-2.0
1.3
(4.2)2
-3.0
Manufacturing
7.2
3.3
1.2
1.1
-0.3
2.2
2.0
-0.2
-0.4
0.0
Construction
-4.6
2.6
-4.3
1.0
1.8
Services3
Private consumption
0.3
2.8
0.4
-0.2
0.7
-1.3
2.4
-1.7
1.1
-2.7
0.5
2.8
0.1
-0.7
0.5
2.3
0.6
0.8
0.2
-0.4
1.8
1.0
0.4
0.7
0.8
Government consumption
0.7
-0.8
3.6
3.4
-0.3
0.7
-0.7
-5.0
-1.6
-4.4
0.8
4.7
1.2
Facility investment
2.1
3.7
3.5
-1.8
-0.5
-4.3
0.1
-1.8
-1.5
10.3
-1.2
-7.0
-0.4
-4.8
0.1
-2.8
-1.3
Exports
2.0
9.5
2.8
0.8
3.1
-2.3
3.7
3.0
-0.6
2.8
-1.2
Imports
6.5
1.4
1.9
1.3
-3.0
2.3
4.3
-1.9
1.8
-1.1
GDI
1.3
-0.1
0.5
0.6
0.6
2.3
0.2
0.9
1.1
0.1
*At 2005 chained prices in seasonally adjusted terms

1. Preliminary
2. Percentage changes from the same period in the previous year in original terms
3. Wholesale & retail, hotels & restaurants, transportation & storage, communication services, financial & insurance services, real estate & renting, business
services, public administration, defense & social security, educational services, healthcare & social welfare services, entertainment, cultural & sports services
and other services are included.
Korea-China currency swap line used for first time

The Korea Exchange Bank (KEB) has borrowed 62 million yuan from the BOK
to extend loans to domestic companies that want to make payments in yuan to
their Chinese trading partners. The BOK and the Peoples Bank of China (PBOC)
had agreed in December last year to use the Korea-China currency swap line to
help finance trade between the two countries, and the KEB is the first bank to
utilize this line by requesting a loan from the central bank. This deal is expected
to encourage other domestic banks to tap the currency swap line, ultimately
providing companies with a stable source for financing bilateral trade payments,
while reducing transaction costs and foreign exchange risks.
To promote the use of the Korea-China swap line, the BOK will hold meetings with
domestic banks and companies, while working closely with the PBOC. The BOK
will also seek to improve rules regarding foreign exchange trade, in order to help
facilitate the wons global circulation.
Economic News Briefing | 51
Government to help export companies cope with exchange rate risks

The government is planning to boost support for foreign exchange risk insurance
from 1.1 trillion won in 2012 to 1.5 trillion won this year, recognizing the difficulties
that domestic small- and medium-sized enterprises (SMEs) experience from
exchange rate fluctuations. In addition, foreign exchange risk insurance fees for
SMEs will be temporarily reduced by 20 percent, and the credit limit for SMEs with
export volumes of up to US$5 million will be expanded by 20 percentage points.
<Changes in the credit limit for SMEs>

Current
Credit rating
Credit limit as a
percentage of
export volume
A, B
up to 90%
up to 60%
C, D
up to 80%
up to 50%
E, F
up to 70%
up to 40%
up to 60%
Credit rating
Credit limit as a
percentage of
export volume
A, B
up to 70%
C, D
E, F
G
Revised
OECD reviews Koreas development aid program

The Organization for Economic Cooperation and Developments (OECD)
Development Assistance Committee (DAC) released its evaluation of Koreas
development aid program on January 30. This is the first time that Korea has
received an official review since joining the DAC in 2010.
The review stated that Korea is a growing influence in the field of development
cooperation, having continued to boost the size of its development aid program
while seeking to reinforce international cooperation in development. Korea has
expanded its official development assistance (ODA) threefold within a short
period, from 2006 to 2011. The evaluation recommended that the government
manage this steep increase carefully to make its aid effective, and that Koreas aid
legislation and forward planning should be more transparent.
Meanwhile, the OECD held the Annual Meeting of the Members of the Council on
Development on January 17, where it launched the Knowledge Sharing Alliance,
an initiative that enables the OECD to form a partnership with leading knowledge
sharing nations such as Korea and Germany and share development experience
with developing countries. The official launching of the Knowledge Sharing

Alliance is significant in that it establishes Koreas Knowledge Sharing Program
(KSP) as a global leading model for development cooperation.
The KSP is Koreas main consultation program, which was started by the Korea
Development Institute (KDI) and the Ministry of Strategy and Finance (MOSF)
in 2004. The KSP has provided around 450 consultations to 39 developing
countries as of 2012, and has pursued joint consultation projects with international
organizations such as the World Bank, Asian Development Bank and InterAmerican Development Bank.
Treasury bill issuance plan for 2013

The government has revealed plans to issue Treasury bills to finance a temporary
shortfall of government funds from the financial market, aiming for stable
financing and early budget execution. During 2007-10, a temporary shortfall of
funds have been covered through temporary borrowing from the BOK, but the
issuance of Treasury bills resumed in 2011 and its volume has expanded since then.
Considering the uncertainties in the global and domestic economies, the National
Assembly last year raised this years ceiling amount for temporary borrowing to
30 trillion won, up 10 trillion won from 2012. The government will issue Treasury
bills or use temporary debt from the BOK within the scope of the ceiling in case
of a temporary shortage of government funds. From February to the third quarter
of 2013, Treasury discount bills worth 3-5 trillion won per month will be issued
through a competitive auction.

(trillion won)
Temporary borrowing limit

Actual temporary borrowing
2008
2009
2010
2011
2012
2013
13.0
20.0
20.0
15.0
20.0
30.0
17.0
14.0
8.0
19.2
Korea plans to monitor soundness of mutual finance industry

The government is planning to examine the mutual finance industrys risk factors
and boost the industrys soundness and transparency, according to the Financial
Services Commission (FSC) on January 31. Assets held by mutual finance firms
amount to 450 trillion won, or 13.6 percent of the financial industry as a whole,
as of September 2012. Since these firms are generally vulnerable to economic
Economic News Briefing | 53
fluctuations due to the significant presence of real estate mortgage loans and loans
to low-credit groups, it is necessary to improve the mutual finance industrys risk
management and loss absorbing abilities.
In order to preemptively manage the industrys underlying risks, an early
warning system will be adopted, where the national federations of mutual finance
firms assume responsibility for the day-to-day supervision of their respective
cooperatives, while the Financial Supervisory Service (FSS) selects firms that bear
potential risks and manages them separately. In addition, external auditing will be
expanded to boost the firms accounting transparency.
Korea ranks 8th in IBP survey

Korea ranked eighth out of 100 countries in the 2012 Open Budget Index (OBI),
a survey conducted by the International Budget Partnership (IBP). The nations
ranking rose two notches since the last survey conducted in 2010. According to the
survey, Koreas level of budget transparency is similar to that of the major OECD
member states, such as the UK (3rd), France (6th), US (7th), and Germany (13th).
In particular, Korea received top scores in the public participation in the budget
process category, a section that was newly added to the index in 2012. Korea was
the highest ranking nation in this category with a score of 92.
<Koreas ranking in IBP Open Budget Index>
2006
2008
th
2010
th
2012
Ranking
11
12
10
8th
Number of nations surveyed
59
85
94
100
th
Statistical Appendices
2. Production, shipment and inventory
3. Production capacity and operation ratio
4. Consumer goods sales index
5. Consumer goods shipment index and consumer sentiment index
6. Machinery orders received, domestic machinery shipment
and estimated facility investment index
7. Value of construction completed and domestic construction orders received
8. Composite indices of business cycle indicators and BSI
9. Balance of payments (I)
10. Balance of payments (II)
11. Prices
12. Employment
13. Financial indicators
14. Monetary indicators
15. Exchange rates
Statistical Appendices | 55
1.
National accounts
Real GDP
Manufacturing
Final
consumption
expenditure
4.6
4.0
5.2
5.1
2.3
0.3
6.3
3.6
2.0
Agri., fores.
& fisheries
9.1
1.3
1.5
4.0
5.6
3.2
-4.4
-2.0
-1.0
10.0
6.2
8.1
7.2
2.8
-1.5
14.7
7.2
2.2
1.0
4.6
5.1
5.1
2.0
1.2
4.1
2.2
2.2
Period
2004
2005
2006
2007
2008
2009
2010
2011P
2012P
(year-on-year change, %, chained 2005 year prices)

Gross fixed capital formation
Construction
Facilities
2.1
1.9
3.4
4.2
-1.9
-1.0
5.8
-1.1
-1.3
1.3
-0.4
0.5
1.4
-2.8
3.4
-3.7
-5.0
-1.5
3.8
5.3
8.2
9.3
-1.0
-9.8
25.7
3.7
-1.8
2004
5.2
5.9
4.8
2.7
8.2
7.6
8.3
11.6
10.9
12.9
10.4
6.2
-0.1
1.3
1.0
1.8
2.3
4.9
3.1
-1.4
5.3
4.2
1.2
-3.5
-0.6
6.4
7.7
1.8
2005
2.7
3.4
4.5
5.1
0.4
4.8
3.8
-3.1
4.8
3.9
6.7
9.3
2.7
4.7
5.9
4.9
-0.3
1.8
1.5
3.9
-3.1
0.9
-0.3
0.3
3.4
2.8
4.1
10.8
2006
6.1
5.1
5.0
4.6
3.9
-0.3
-1.4
4.2
9.4
9.1
8.7
5.4
5.8
4.9
4.6
5.1
3.8
0.1
4.0
5.7
1.9
-4.2
-0.5
5.1
7.2
8.0
12.0
5.7
2007
4.5
5.3
4.9
5.7
1.6
7.0
8.2
-0.7
4.5
7.2
6.3
10.2
5.1
5.4
5.3
4.7
7.3
5.7
1.5
3.1
4.4
2.0
-0.2
0.4
12.6
13.0
4.0
8.0
2008
5.5
4.4
3.3
-3.3
7.8
4.6
4.3
6.5
8.9
8.3
5.3
-9.4
4.3
3.0
2.4
-1.7
-0.6
0.6
2.1
-8.7
-2.5
-0.5
0.4
-7.7
2.8
2.0
5.3
-13.3
2009
-4.2
-2.1
1.0
6.3
2.5
0.0
5.0
5.0
-13.6
-7.1
1.8
13.1
-2.2
0.7
1.5
4.8
-7.5
-3.0
-1.0
6.2
1.6
4.3
3.2
4.0
-21.9
-18.1
-9.4
12.2
2010
8.7
7.6
4.5
4.9
-0.1
-2.2
-7.8
-5.9
22.4
17.6
9.5
11.0
6.1
3.6
3.5
3.0
11.2
5.8
5.6
2.3
1.8
-4.7
-4.9
-5.2
29.6
32.0
26.3
16.9
2011P
4.2
3.5
3.6
3.3
-7.9
-1.9
-4.1
3.7
10
7.5
6.3
5.4
2.6
2.7
2.3
1.3
-2.1
0.7
-1.5
-1.8
-11.0
-4.2
-4.0
-2.1
10.3
7.7
1.2
-3.3
2012P
2.8
2.3
1.5
1.5
0.7
-1.6
-0.2
-2.2
4.1
2.6
1.1
1.3
2.2
1.7
2.0
2.9
4.6
-2.1
-2.3
-4.1
1.5
-2.1
-0.2
-4.1
8.6
-3.5
-6.5
-5.1
P: Preliminary
56 | Statistical Appendices
2.
Production, shipment and inventory
(constant prices, 2005=100)
Production index
Period
2010
2011
2012P
139.1
148.8
151.3
Y-o-Y change
(%)
16.2
6.9
1.7
Shipment index
133.5
142.1
143.8
Y-o-Y change
(%)
14.4
6.5
1.2
Inventory index
Service production index
135.6
163.6
163.9
Y-o-Y change
(%)
17.4
20.7
0.2
122.9
127.0
129.2
Y-o-Y change
(%)
3.9
3.3
1.7
2010
129.8
141.0
139.0
146.6
25.4
18.8
10.9
11.7
124.0
135.1
132.7
142.0
20.9
15.9
9.9
11.9
124.6
127.7
134.6
135.6
7.5
17.5
19.1
17.4
119.9
122.9
121.6
127.3
6.2
4.2
2.3
3.2
2011
143.6
151.2
146.1
154.0
10.6
7.2
5.1
5.0
138.7
144.8
139.3
146.4
11.9
7.2
5.0
3.3
137.4
142.7
149.0
163.6
10.3
10.0
10.7
20.7
123.1
126.8
127.1
130.8
2.8
3.2
4.5
2.7
2012
149.1
153.4
146.9
155.7
3.8
1.5
0.4
1.1
142.5
146.6
139.6
146.4
3.0
1.5
0.4
0.0
159.0
155.7
156.6
163.9
16.0
9.8
5.6
0.2
126.2
128.9
129.1
132.5
2.5
1.7
1.6
1.3
2010
1
2
3
4
5
6
7
8
9
10
11
12
149.1
119.1
141.1
140.0
140.0
142.9
143.1
136.5
137.3
145.3
145.3
149.2
3.8
18.3
22.4
19.5
20.6
16.5
14.8
15.9
2.9
13.4
11.2
10.7
142.5
113.6
135.2
134.7
133.4
137.3
135.7
131.0
131.4
140.8
141.4
143.9
3.0
13.3
18.8
16.5
17.2
13.9
13.0
15.3
2.4
13.5
11.7
10.6
159.0
123.3
124.6
126.3
129.9
129.7
134.1
134.5
134.6
133.5
132.8
135.6
16.0
4.8
7.5
12.5
16.5
17.5
20.3
20.1
19.1
18.8
16.9
17.4
126.2
116.7
124.4
121.5
123.3
124.0
122.4
120.9
121.6
123.2
123.8
134.9
2.5
6.2
6.6
3.8
4.8
4.0
3.8
3.3
-0.2
3.3
3.8
2.5
2011
1
2
3
4
5
6
7
8
9
10
11
12
146.9
129.8
154.0
149.7
151.5
152.3
148.7
142.9
146.8
154.6
153.7
153.7
13.6
9.0
9.1
6.9
8.2
6.6
3.9
4.7
6.9
6.4
5.8
2.8
141.4
125.2
149.6
144.6
144.4
145.4
139.9
136.5
141.3
147.0
145.8
147.0
14.9
10.2
10.7
7.3
8.2
5.9
3.1
4.2
7.5
4.4
3.1
2.4
135.4
137.1
137.4
137.3
140.2
142.7
147.2
150.4
149.1
153.1
157.4
163.6
13.0
11.2
10.3
8.7
7.9
10.0
9.8
11.8
10.8
14.7
18.5
20.7
124.1
116.9
128.2
125.2
127.4
128.4
127.0
126.8
126.2
127.4
127.2
137.1
4.7
0.2
3.1
3.0
3.3
3.5
3.8
4.9
3.8
3.4
2.7
1.6
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
143.7
148.4
155.2
149.6
155.9
154.6
148.9
143.4
148.3
153.7
158.6
154.9
-2.1
14.4
0.6
0.0
2.9
1.6
0.2
0.3
0.7
-0.6
3.2
0.8
137.2
141.7
148.5
142.8
149.0
148.0
141.0
135.0
142.8
144.7
148.3
146.1
-2.6
13.5
-0.5
-1.0
3.5
2.1
1.1
-1.0
1.0
-1.4
2.0
-0.6
164.0
164.0
159.0
158.6
160.9
155.7
157.8
164.1
156.6
159.3
162.7
163.9
21.4
20.0
16.0
16.2
15.4
9.8
7.7
9.5
5.6
4.5
3.8
0.2
124.7
123.6
130.4
126.7
129.9
130.0
129.2
128.2
130.0
128.9
130.1
138.5
0.6
5.6
1.6
1.0
2.4
1.4
1.5
0.8
2.6
0.8
2.0
1.0
P: Preliminary
3.
Production capacity and operation ratio
Period
Production capacity index (2005=100)
2010
2011
2012P
128.7
135.7
139.8
Y-o-Y change (%)

7.9
5.4
3.0
Operation ratio index (2005=100)

101.7
100.5
97.5
Y-o-Y change (%)

8.4
-1.2
-3.0
Average operation
ratio (%)
80.9
79.9
77.8
2010
124.9
127.3
130.4
132.1
6.8
7.9
8.6
8.1
97.1
105.3
99.3
105.0
18.8
10.5
1.5
4.7
80.3
81.9
80.6
80.8
2011
133.7
135.2
136.0
138.1
7.0
6.2
4.3
4.5
99.0
103.7
98.0
101.4
2.0
-1.5
-1.3
-3.4
82.2
79.9
79.6
78.0
2012
138.3
139.6
140.4
140.9
3.4
3.3
3.2
2.0
97.6
101.0
93.3
98.1
-1.4
-2.6
-4.8
-3.3
79.9
78.9
75.3
77.3
2010
1
2
3
4
5
6
7
8
9
10
11
12
124.2
124.5
125.9
126.3
127.4
128.3
129.5
130.6
131.1
131.6
131.9
132.9
6.2
6.5
7.5
7.3
8.2
8.3
8.5
9.0
8.3
8.2
8.2
8.0
96.9
88.1
106.4
105.8
103.5
106.7
104.9
96.1
96.8
106.1
104.8
104.2
31.5
10.4
16.2
12.4
10.9
8.4
6.2
5.6
-6.6
7.1
4.3
3.0
79.2
80.5
81.2
81.7
81.7
82.2
81.7
80.4
79.7
79.5
80.5
82.3
2011
1
2
3
4
5
6
7
8
9
10
11
12
133.1
133.4
134.5
135.0
135.2
135.4
135.7
135.8
136.6
137.8
138.2
138.2
7.2
7.1
6.8
6.9
6.1
5.5
4.8
4.0
4.2
4.7
4.8
4.0
101.6
88.5
106.8
103.0
103.1
104.9
101.0
95.3
97.6
102.9
101.9
99.5
4.9
0.5
0.4
-2.6
-0.4
-1.7
-3.7
-0.8
0.8
-3.0
-2.8
-4.5
83.6
81.8
81.3
79.4
79.9
80.5
79.9
79.8
79.0
78.8
78.4
76.9
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
138.2
138.3
138.5
138.7
139.8
140.3
140.4
140.4
140.4
140.7
140.8
141.2
3.8
3.7
3.0
2.7
3.4
3.6
3.5
3.4
2.8
2.1
1.9
2.2
92.6
97.6
102.6
98.8
102.4
101.9
97.5
88.7
93.7
98.1
100.7
95.5
-8.9
10.3
-3.9
-4.1
-0.7
-2.9
-3.5
-6.9
-4.0
-4.7
-1.2
-4.0
80.5
81.0
78.1
79.2
79.3
78.1
77.0
73.7
75.2
75.9
77.5
78.4
P: Preliminary
4.
Consumer goods sales index
(constant prices, 2005=100)
Consumer goods sales index
Durable goods
Period
2010
2011
2012P
121.2
126.4
128.7
Y-o-Y change
(%)
6.7
4.3
1.8
Semi-durable goods
157.1
174.0
182.8
Y-o-Y change
(%)
14.8
10.8
5.1
Non-durable goods
113.5
118.3
118.9
Y-o-Y change
(%)
6.8
4.2
0.5
113.8
115.0
116.0
Y-o-Y change
(%)
2.2
1.1
0.9
2010
116.6
118.8
120.4
128.8
9.5
4.8
7.6
5.2
148.7
149.9
158.5
171.5
29.6
5.6
17.0
10.6
105.9
114.6
100.4
133.3
2.7
6.4
6.5
10.9
110.8
112.9
118.0
113.4
2.9
3.4
3.2
-0.4
2011
122.9
125.6
126.0
131.2
5.4
5.7
4.7
1.9
167.3
175.9
175.6
177.3
12.5
17.3
10.8
3.4
112.0
120.3
104.5
136.5
5.8
5.0
4.1
2.4
112.4
112.2
120.1
115.3
1.4
-0.6
1.8
1.7
2012
125.3
126.9
128.0
134.5
2.0
1.0
1.6
2.5
173.3
179.7
186.3
192.0
3.6
2.2
6.1
8.3
112.8
120.8
102.6
139.3
0.7
0.4
-1.8
2.1
115.0
113.4
120.6
115.0
2.3
1.1
0.4
-0.3
2010
1
2
3
4
5
6
7
8
9
10
11
12
115.5
113.9
120.3
116.5
121.2
118.8
120.8
116.6
123.9
125.8
127.8
132.9
6.5
12.5
9.7
7.3
3.6
3.7
9.0
9.3
4.8
4.3
6.9
4.6
145.5
141.4
159.2
144.5
147.1
158.0
163.9
154.4
157.1
165.3
171.9
177.3
39.8
21.9
28.4
16.6
2.2
0.0
18.6
26.0
7.7
14.2
12.0
6.1
108.4
99.7
109.6
113.6
120.9
109.2
103.4
90.1
107.6
129.8
133.0
137.0
4.6
2.7
1.0
3.9
6.7
8.8
8.4
4.2
6.4
11.8
9.2
11.7
108.2
111.7
112.6
110.5
116.0
112.1
115.4
116.3
122.3
111.7
111.9
116.7
-5.7
12.6
3.1
3.5
2.6
4.2
4.2
3.0
2.5
-4.2
2.5
0.6
2011
1
2
3
4
5
6
7
8
9
10
11
12
128.2
113.5
126.9
122.6
128.6
125.7
127.5
123.1
127.5
128.8
129.3
135.6
11.0
-0.4
5.5
5.2
6.1
5.8
5.5
5.6
2.9
2.4
1.2
2.0
164.9
153.7
183.2
167.0
175.8
184.9
185.5
173.3
167.9
169.8
183.0
179.0
13.3
8.7
15.1
15.6
19.5
17.0
13.2
12.2
6.9
2.7
6.5
1.0
120.1
101.7
114.1
120.9
126.4
113.7
107.5
93.4
112.6
134.7
130.2
144.6
10.8
2.0
4.1
6.4
4.5
4.1
4.0
3.7
4.6
3.8
-2.1
5.5
119.2
104.6
113.3
109.0
115.9
111.7
117.7
119.5
123.1
114.8
112.2
119.0
10.2
-6.4
0.6
-1.4
-0.1
-0.4
2.0
2.8
0.7
2.8
0.3
2.0
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
129.2
119.6
127.0
123.0
131.4
126.4
131.0
122.6
130.4
131.3
134.6
137.6
0.8
5.4
0.1
0.3
2.2
0.6
2.7
-0.4
2.3
1.9
4.1
1.5
168.0
170.8
181.1
167.5
183.7
187.9
199.1
179.2
180.5
185.1
194.2
196.6
1.9
11.1
-1.1
0.3
4.5
1.6
7.3
3.4
7.5
9.0
6.1
9.8
119.4
104.2
114.9
120.1
128.8
113.4
108.8
89.3
109.8
133.5
140.1
144.2
-0.6
2.5
0.7
-0.7
1.9
-0.3
1.2
-4.4
-2.5
-0.9
7.6
-0.3
121.9
108.4
114.7
110.6
117.5
112.2
118.3
118.5
125.1
114.5
114.5
116.0
2.3
3.6
1.2
1.5
1.4
0.4
0.5
-0.8
1.6
-0.3
2.0
-2.5
P: Preliminary
5.
Consumer goods shipment index and consumer sentiment index
Domestic consumer goods shipment index (2005=100)
Durable goods
Period
2010
2011
2012P
122.4
121.1
122.2
Y-o-Y
change (%)
5.2
-1.1
0.9
Non-durable goods
140.5
135.4
137.2
Y-o-Y
change (%)
4.0
-3.6
1.3
115.2
115.3
116.2
Y-o-Y
change (%)
5.8
0.1
0.8
Consumer
sentiment
index
-
2010
118.9
120.2
122.6
128.1
10.4
4.7
2.3
3.9
137.3
140.2
140.3
144.1
21.1
0.2
0.6
-2.5
111.4
112.2
115.5
121.7
5.8
7.2
3.1
7.3
2011
121.3
117.9
121.7
123.3
2.0
-1.9
-0.7
-3.7
135.5
135.2
137.1
133.9
-1.3
-3.6
-2.3
-7.1
115.6
111.0
115.5
119.1
3.8
-1.1
0.0
-2.1
2012
119.9
120.7
122.0
126.3
-1.2
2.4
0.2
2.4
135.5
136.9
132.0
144.2
0.0
1.3
-3.7
7.7
113.6
114.3
117.9
119.1
-1.7
3.0
2.1
0.0
2010
1
2
3
4
5
6
7
8
9
10
11
12
124.2
110.7
121.7
120.8
117.6
122.2
122.4
121.3
124.1
129.7
128.7
125.9
15.4
6.6
9.0
7.3
3.6
3.2
2.9
9.4
-4.3
6.6
8.6
-2.9
136.5
130.2
145.1
136.0
136.2
148.4
146.7
134.7
139.6
146.7
145.8
139.9
37.9
12.7
15.4
12.8
-3.2
-6.3
0.3
7.1
-4.4
5.2
-0.6
-10.9
119.2
102.8
112.3
114.8
110.2
111.7
112.7
116.0
117.9
122.9
121.9
120.2
7.4
3.8
5.9
5.0
7.4
9.2
4.4
10.6
-4.2
7.3
13.7
1.3
115
113
112
112
112
114
114
112
111
110
113
112
2011
1
2
3
4
5
6
7
8
9
10
11
12
130.2
106.3
127.3
118.8
115.8
119.2
120.2
122.2
122.6
124.3
121.5
124.2
4.8
-4.0
4.6
-1.7
-1.5
-2.5
-1.8
0.7
-1.2
-4.2
-5.6
-1.4
134.0
126.1
146.5
133.7
132.0
139.9
142.5
132.9
136.0
132.5
131.4
137.8
-1.8
-3.1
1.0
-1.7
-3.1
-5.7
-2.9
-1.3
-2.6
-9.7
-9.9
-1.5
128.7
98.4
119.6
112.8
109.3
110.9
111.3
117.9
117.3
121.0
117.5
118.7
8.0
-4.3
6.5
-1.7
-0.8
-0.7
-1.2
1.6
-0.5
-1.5
-3.6
-1.2
111
109
110
102
105
103
103
99
99
101
105
100
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
120.4
117.3
122.1
119.7
123.2
119.4
122.1
119.0
124.8
125.8
125.3
127.7
-7.5
10.3
-4.1
0.8
6.4
0.2
1.6
-2.6
1.8
1.2
3.1
2.8
128.2
136.6
141.6
129.4
139.1
142.3
141.8
120.8
133.5
136.7
139.7
156.1
-4.3
8.3
-3.3
-3.2
5.4
1.7
-0.5
-9.1
-1.8
3.2
6.3
13.3
117.2
109.5
114.2
115.9
116.9
110.2
114.2
118.2
121.4
121.4
119.6
116.3
-8.9
11.3
-4.5
2.7
7.0
-0.6
2.6
0.3
3.5
0.3
1.8
-2.0
98
102
102
106
106
101
100
101
99
100
100
99
2013
102
Source: Statistics Korea & The Bank of Korea

6.
Machinery orders received, domestic machinery shipment and estimated
facility investment index
Domestic machinery orders received excluding ship
(billion won, constant value)
Period
2011
2012P
Private
Total
Public
25,240
22,140
2,599
2,338
22,641
19,803
Manufacturing
13,848
10,495
Estimated
facility investment
index
(2005=100)
Domestic
machinery shipment
excluding ship
(2005=100)
133.1
131.7
134.2
126.5
2011
6,445
6,676
5,703
6,416
470
728
404
998
5,975
5,948
5,300
5,418
3,695
3,677
3,109
3,367
126.7
144.5
133.3
127.9
127.8
147.3
128.4
133.2
2012
6,292
5,440
5,194
5,214
960
383
504
490
5,332
5,057
4,689
4,724
2,986
2,770
2,368
2,371
138.5
143.9
123.8
120.7
130.3
137.2
118.9
119.7
2011
7
8
9
10
11
12
1,990
1,800
1,913
1,977
2,317
2,122
152
115
137
301
474
223
1,838
1,685
1,776
1,676
1,843
1,899
1,027
1,006
1,076
966
1,124
1,277
133.7
135.0
131.3
114.8
129.3
139.3
135.2
124.1
125.8
122.5
127.3
149.8
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
2,012
2,490
1,790
1,816
1,883
1,741
1,855
1,569
1,769
1,583
1,719
1,911
115
712
133
98
82
204
263
150
92
86
108
295
1,131
1,013
842
941
972
858
802
707
858
738
847
787
129.3
139.8
146.4
141.3
144.9
145.5
135.4
115.5
120.6
114.1
117.3
130.7
119.7
132.5
138.6
134.0
135.2
142.4
129.0
115.3
112.4
112.2
116.7
130.2
11.0
-12.3
11.2
-10.1
12.8
-24.2
0.7
-1.1
1.4
-5.7
2011
2012P
1,897
1,778
1,658
1,719
1,801
1,537
1,593
1,420
1,677
1,497
1,611
1,616
Y-o-Y change (%)
11.0
-12.5
2011
19.5
10.0
3.4
11.5
-10.5
81.1
6.1
-3.1
22.7
4.9
3.2
14.7
26.8
3.1
3.1
21.0
5.4
5.7
-3.1
-4.7
9.2
3.6
-2.9
-3.7
2012
-2.4
-18.5
-8.9
-18.7
104.5
-47.3
25.0
-50.9
-10.8
-15.0
-11.5
-12.8
-19.2
-24.7
-23.9
-29.6
9.3
-0.4
-7.1
-5.6
2.0
-6.9
-7.4
-10.1
2011
7
8
9
10
11
12
-1.7
6.8
6.1
18.0
33.9
-9.6
44.9
8.0
-19.1
197.7
333.3
-72.8
-4.3
6.7
8.8
6.4
13.7
24.3
-3.9
12.0
2.5
0.0
13.6
54.4
-3.0
-2.9
-3.2
-10.9
-2.8
-1.0
-0.2
-3.5
-5.3
-4.7
-4.5
-2.0
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
0.1
21.8
-25.1
-6.9
-10.9
-33.3
-6.8
-12.8
-7.5
-19.9
-25.8
-9.9
0.2
485.1
-43.0
-1.2
-42.4
-58.1
72.7
30.2
-32.6
-71.3
-77.2
32.4
0.1
-7.5
-23.2
-7.2
-8.6
-27.6
-13.4
-15.8
-5.6
-10.7
-12.6
-14.9
2.0
-11.6
-41.6
-18.6
-18.1
-35.8
-21.9
-29.7
-20.3
-23.6
-24.6
-38.4
4.9
24.4
1.3
5.1
-1.3
-4.5
1.3
-14.4
-8.1
-0.6
-9.3
-6.3
-1.5
12.0
-3.5
-2.5
-9.5
-8.1
-4.6
-7.1
-10.7
-8.4
-8.3
-13.1
P: Preliminary
7.
Value of construction completed and domestic construction orders received
(current prices, billion won)
Period
2011
2012P
Value of
construction
completion
(total)
91,638
87,141
Type of order
Public
Private
35,508
33,320
51,273
49,645
Domestic
construction
orders received
(total)
93,428
87,364
Type of order
Public
Private
28,458
26,145
60,333
57,789
2011
19,088
23,904
21,499
27,146
7,325
9,324
7,841
11,017
10,852
13,182
12,533
14,706
16,276
25,101
19,638
32,413
4,095
6,307
6,593
11,463
11,102
17,509
12,245
19,477
2012
19,195
21,925
20,872
25,150
7,496
8,731
7,439
9,654
10,778
12,143
12,386
14,337
22,232
25,304
17,595
22,234
5,640
5,557
5,463
9,486
15,959
18,782
11,550
11,498
2011
7
8
9
10
11
12
6,786
6,901
7,813
8,022
7,945
11,179
2,432
2,513
2,896
2,963
3,250
4,804
4,046
4,056
4,431
4,678
4,300
5,729
5,098
7,300
7,240
7,111
8,745
16,556
1,819
1,504
3,270
2,295
2,948
6,220
3,103
5,509
3,633
4,630
5,668
9,179
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
5,901
5,978
7,316
6,714
7,139
8,071
6,885
6,435
7,552
7,186
7,902
10,061
2,227
2,364
2,905
2,608
2,822
3,301
2,324
2,278
2,836
2,496
2,944
4,213
7,033
8,193
7,006
6,374
7,186
11,744
6,311
5,117
6,167
5,494
7,224
9,516
1,973
2,175
1,491
1,438
1,063
3,056
2,292
1,329
1,842
1,956
2,148
5,382
4,920
5,912
5,127
4,483
6,028
8,271
3,813
3,747
3,991
3,507
4,736
3,255
-0.7
-4.9
1.0
-6.2
3,382
3,363
4,034
3,818
3,997
4,328
4,184
3,849
4,353
4,402
4,647
5,288
Y-o-Y change (%)
-2.9
-3.2
4.0
-6.5
-2.5
-8.1
9.5
-4.2
2011
2012P
2011
-6.2
-0.7
-2.4
5.1
-2.1
2.2
0.5
2.5
-9.4
-5.4
-4.7
6.9
-11.8
-1.7
1.5
22.4
-49.2
-8.4
-3.1
54.2
20.2
3.8
6.7
11.3
2012
0.6
-8.3
-2.9
-7.4
2.3
-6.4
-5.1
-12.4
-0.7
-7.9
-1.2
-2.5
36.6
0.8
-10.4
-31.4
37.7
-11.9
-17.1
-17.2
43.7
7.3
-5.7
-41.0
2011
7
8
9
10
11
12
-8.9
-3.4
5.3
8.8
-0.9
7.1
-9.7
2.2
9.2
3.9
-0.1
3.4
-8.3
-7.1
1.3
12.4
-2.3
10.4
-32.8
72.8
-3.9
61.4
14.1
15.0
-53.1
12.5
105.4
94.1
44.7
47.6
-8.4
101.8
-32.2
52.0
7.1
0.1
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
-5.0
13.9
-4.1
-4.8
-3.9
-14.3
1.5
-6.8
-3.3
-10.4
-0.5
-10.0
-10.2
17.3
2.6
-4.2
0.2
-12.7
-4.5
-9.3
-2.1
-15.8
-9.4
-12.3
-2.7
12.4
-8.0
-4.0
-5.3
-13.1
3.4
-5.1
-1.8
-5.9
8.1
-7.7
42.8
100.4
-3.5
-4.4
2.9
2.6
23.8
-29.9
-14.8
-22.7
-17.4
-42.5
48.4
55.7
9.0
0.4
-43.9
2.6
26.0
-11.7
-43.7
-14.8
-27.1
-13.5
69.4
132.2
-9.3
-2.7
31.1
-0.4
22.9
-32.0
9.9
-24.2
-16.4
-64.5
P: Preliminary
8.
Composite indices of business cycle indicators and BSI
Period
Leading index
(2005=100)
Coincident index
(2005=100)
Cycle of
coincident index
(2005=100)
BSI
(results)
BSI
(prospects)
2009
1
2
3
4
5
6
7
8
9
10
11
12
115.5
116.6
117.4
119.7
121.5
123.7
124.6
125.6
126.7
128.5
130.1
131.0
116.7
116.7
117.7
119.2
120.0
122.0
123.0
123.8
124.7
125.8
126.8
127.5
95.6
95.2
95.6
96.4
96.7
97.7
98.3
98.5
98.8
99.2
99.6
99.7
58.1
62.4
89.0
93.7
100.9
96.6
98.5
96.0
110.5
107.5
103.8
104.8
52.0
66.0
76.1
86.7
103.8
100.2
98.7
99.8
117.0
116.5
109.0
105.9
2010
1
2
3
4
5
6
7
8
9
10
11
12
131.5
131.5
131.5
131.2
131.6
132.1
132.9
133.2
133.5
133.0
133.3
133.5
128.2
129.4
130.2
131.1
131.8
132.4
133.3
133.6
133.6
133.5
134.0
135.0
99.8
100.3
100.5
100.7
100.8
100.9
101.1
100.9
100.5
99.9
99.9
100.2
99.2
98.7
113.1
108.9
111.9
109.4
105.0
98.6
104.1
104.3
103.5
102.1
103.1
102.3
116.2
111.2
113.4
108.9
107.3
100.7
111.1
113.1
107.1
104.2
2011
1
2
3
4
5
6
7
8
9
10
11
12
134.6
134.8
134.7
134.3
134.8
135.7
136.4
136.6
136.6
136.8
137.1
137.7
136.7
137.1
137.6
137.5
138.2
139.1
140.0
140.7
140.7
141.1
141.1
141.7
101.1
100.9
100.8
100.3
100.4
100.6
100.8
100.9
100.4
100.3
99.8
99.8
99.1
92.2
107.8
98.4
98.9
99.6
96.2
86.8
96.4
95.0
93.0
90.1
101.8
98.0
113.5
99.3
104.3
104.3
101.3
98.9
96.3
101.4
96.4
94.8
2012
1
2
3
4
5
6
7
8
9
10
11
12
138.7
140.1
140.6
141.2
141.3
142.8
143.7
144.0
143.7
143.9
145.0
146.3
141.9
143.1
143.3
143.6
143.5
144.1
145.0
144.9
145.5
145.4
146.3
147.1
99.6
100.0
99.6
99.4
98.9
98.9
99.1
98.6
98.6
98.1
98.3
98.4
88.6
92.2
101.4
97.5
95.7
90.4
82.1
84.4
89.3
88.9
82.2
87.0
88.3
91.0
106.1
98.4
104.7
98.3
89.7
82.7
99.5
97.0
92.5
82.0
2013
1
2
85.0
-
85.7
86.7

9.
Balance of payments (I)
(million US$)
Current balance
Goods trade balance
Period
2010
2011
2012P
29,393.5
26,068.2
43,251.2
40,082.5
31,660.0
38,454.2
Exports
461,444.9
551,765.4
552,721.5
Imports
421,362.4
520,105.4
514,267.3
Services trade
balance
Income trade
Balance
Current transfers
-8,626.0
-5,849.5
2,676.1
1,015.9
2,890.9
4,885.5
-3,078.9
-2,633.2
-2,764.6
2010
67.8
10,734.7
10,121.7
8,469.3
4,296.2
12,307.0
11,566.2
11,913.1
100,951.1
117,120.4
116,756.4
126,617.0
96,654.9
104,813.4
105,190.2
114,703.9
-4,067.7
-200.0
-1,787.5
-2,570.8
595.6
-901.4
1,289.2
32.5
-756.3
-470.9
-946.2
-905.5
2011
2,610.3
5,492.2
6,896.0
11,506.8
5,842.7
7,661.0
7,197.7
10,248.9
127,691.2
142,722.8
141,393.5
140,756.8
121,848.5
135,061.8
134,195.8
130,507.9
-2,538.0
-796.0
-1,198.2
154.8
387.9
-824.8
1,314.9
1,577.8
-1,082.3
-548.0
-418.5
-474.7
2012P
2,559.9
11,188.8
14,561.7
14,940.8
2,612.4
8,520.5
13,341.2
13,980.1
134,627.6
138,784.9
137,086.0
142,223.0
132,015.2
130,264.4
123,744.8
128,242.9
-648.4
2,312.7
654.4
357.4
1,487.6
821.4
1,041.3
1,535.2
-891.7
-465.8
-475.2
-931.9
2010
1
2
3
4
5
6
7
8
9
10
11
12
-599.5
-549.2
1,216.5
724.5
4,923.1
5,087.1
4,779.0
1,668.5
3,674.2
5,489.1
2,024.4
955.8
891.0
633.2
2,772.0
3,333.9
3,625.4
5,347.7
4,934.9
2,224.0
4,407.3
5,403.2
3,241.2
3,268.7
31,782.7
31,111.0
38,057.4
38,740.1
38,083.5
40,296.8
40,473.4
37,186.1
39,096.9
42,008.4
41,822.0
42,786.6
30,891.7
30,477.8
35,285.4
35,406.2
34,458.1
34,949.1
35,538.5
34,962.1
34,689.6
36,605.2
38,580.8
39,517.9
-1,596.2
-1,495.3
-976.2
-561.5
932.8
-571.3
-219.6
-630.1
-937.8
-352.6
-201.2
-2,017.0
456.5
549.9
-410.8
-1,514.5
390.0
223.1
359.9
540.2
389.1
654.2
-775.6
153.9
-350.8
-237.0
-168.5
-533.4
-25.1
87.6
-296.2
-465.6
-184.4
-215.7
-240.0
-449.8
2011
1
2
3
4
5
6
7
8
9
10
11
12
154.7
1,126.1
1,329.5
1,277.6
2,183.9
2,030.7
3,773.6
292.6
2,829.8
4,132.9
4,564.6
2,809.3
1,557.9
1,530.8
2,754.0
3,327.6
1,633.8
2,699.6
4,728.0
371.5
2,098.2
3,547.2
3,997.2
2,704.5
42,662.8
37,228.3
47,800.4
47,879.4
47,149.8
47,693.6
48,555.9
45,634.9
47,202.7
46,451.7
46,656.2
47,648.9
41,104.9
35,697.2
45,046.4
44,551.8
45,516.0
44,994.0
43,827.9
45,263.4
45,104.5
42,904.5
42,659.0
44,944.4
-1,640.9
-569.1
-328.0
-178.8
15.5
-632.7
-690.9
-577.9
70.6
2.8
357.2
-205.2
703.7
542.6
-858.4
-1,581.9
517.3
239.8
72.3
699.6
543.0
643.5
445.6
488.7
-466.0
-378.2
-238.1
-289.3
17.3
-276.0
-335.8
-200.6
118.0
-60.6
-243.5
-178.7
2012P
1
2
3
4
5
6
7
8
9
10
11
12
-968.8
557.3
2,971.4
1,734.0
3,574.9
5,879.9
6,144.3
2,504.3
5,913.1
5,781.7
6,906.2
2,252.9
-1,624.0
1,310.1
2,926.3
1,750.8
1,715.9
5,053.8
5,340.6
2,514.0
5,486.6
5,168.9
6,777.4
2,033.8
41,383.8
45,863.0
47,380.8
45,820.3
46,162.8
46,801.8
46,620.5
42,895.6
47,569.9
48,144.1
49,636.8
44,442.1
43,007.8
44,552.9
44,454.5
44,069.5
44,446.9
41,748.0
41,279.9
40,381.6
42,083.3
42,975.2
42,859.4
42,408.3
-128.8
-1,219.3
699.7
549.7
1,593.0
170.1
593.3
-262.2
323.3
378.3
-51.6
30.7
1,191.7
613.4
-317.5
-422.0
341.6
901.8
401.9
435.5
203.9
521.9
374.3
639.0
-407.7
-146.9
-337.1
-144.5
-75.6
-245.7
-191.5
-183.0
-100.7
-287.4
-193.9
-450.6
P: Preliminary
10.
Balance of payments (II)
(million US$)
Capital & financial account
Period
2010
2011
2012P
Direct
investment
Portfolio
investment
Financial
derivative
Other
investment
-27,478.5
-26,778.0
-43,652.2
-22,184.3
-16,410.0
-18,628.1
42,479.8
13,109.3
10,114.8
828.9
-1,031.3
3,075.2
-21,414.4
-8,468.6
-26,930.8
Capital transfers Changes in

& acquisition of reserve assets
non-financial
assets
-217.9
-26,970.6
-24.7
-13,952.8
602.1
-11,885.4
Errors and
omissions
-1,915.0
709.8
401.0
2010
743.2
-8,818.0
-9,103.9
-10,299.8
-2,873.4
-2,898.6
-6,617.3
-9,795.0
11,725.9
7,207.0
15,659.9
7,887.0
829.9
-882.1
-241.4
1,122.5
-191.2
-6,727.8
-7,519.0
-6,976.4
-179.8
20.3
-8.2
-50.2
-8,568.2
-5,536.8
-10,377.9
-2,487.7
-811.0
-1,916.7
-1,017.8
1,830.5
2011
-2,754.1
-6,808.0
-8,320.9
-14,081.6
-4,696.3
-4,138.1
-2,807.6
-4,052.0
-1,379.1
2,035.4
8,108.4
1,547.5
730.3
-542.9
-1,490.7
-432.0
6,251.6
-1,432.5
-18,692.6
2,788.6
-181.4
-111.9
235.5
207.8
-3,479.2
-2,618.0
6,326.1
-14,141.5
143.8
1,315.8
1,424.9
2,574.8
2012P
-1,377.1
-7,968.0
-13,342.8
-20,964.3
-7,203.3
-3,015.2
-5,428.9
-2,980.7
15,156.1
-5,481.3
5,778.8
-5,338.8
1,355.0
-65.3
699.1
1,086.4
-4,232.7
-581.2
-10,350.6
-11,766.3
134.3
284.3
76.7
106.8
-6,586.4
890.7
-4,118.0
-2,071.7
-1,182.8
-3,220.8
-1,218.9
6,023.5
2010
1
2
3
4
5
6
7
8
9
10
11
12
-1,176.7
2,454.3
-534.4
1,044.1
-5,831.6
-4,030.5
-3,182.5
-615.0
-5,306.4
-4,519.4
-3,996.0
-1,784.4
-936.1
-549.9
-1,387.4
-1,102.5
-677.6
-1,118.5
-1,758.4
-1,139.5
-3,719.4
-6,893.6
-1,119.5
-1,781.9
171.9
2,771.5
8,782.5
6,093.5
1,073.0
40.5
8,698.4
1,650.2
5,311.3
8,528.1
2,243.9
-2,885.0
230.0
593.4
6.5
126.2
-799.8
-208.5
-227.3
124.6
-138.7
366.2
251.4
504.9
6,410.8
-912.6
-5,689.4
5,337.6
-12,610.7
545.3
-3,633.0
-25.7
-3,860.3
-3,814.4
-3,627.2
465.2
-70.6
-46.1
-63.1
-120.5
100.2
40.6
-0.5
12.0
-19.7
-47.1
-25.3
22.2
-6,982.7
598.0
-2,183.5
-9,290.2
7,083.3
-3,329.9
-6,261.7
-1,236.6
-2,879.6
-2,658.6
-1,719.3
1,890.2
1,776.2
-1,905.1
-682.1
-1,768.6
908.5
-1,056.6
-1,596.5
-1,053.5
1,632.2
-969.7
1,971.6
828.6
2011
1
2
3
4
5
6
7
8
9
10
11
12
-1,282.0
-1,996.2
524.1
394.7
-3,956.7
-3,246.0
-2,469.2
-1,690.6
-4,161.1
-4,391.9
-6,191.9
-3,497.8
-1,725.4
-1,635.1
-1,335.8
-738.8
-1,254.7
-2,144.6
327.1
-1,036.4
-2,098.3
-1,132.2
-2,077.1
-842.7
904.6
-3,004.0
720.3
4,575.0
-1,140.1
-1,399.5
9,258.3
-2,923.0
1,773.1
3,919.1
39.8
-2,411.4
569.3
-363.3
524.3
-206.2
165.1
-501.8
526.6
-1,868.6
-148.7
108.5
-379.9
-160.6
1,773.30
5,126.9
-648.6
-145.9
-821.7
-464.9
-6,581.0
4,638.4
-16,750.0
2,784.7
-6.2
10.1
-120.7
-32.7
-28.0
-33.6
-49.9
-28.4
13.8
41.5
180.2
109.7
98.1
0.0
-2,683.1
-2,088.0
1,291.9
-3,055.8
-855.4
1,293.2
-6,014.0
-542.5
12,882.6
-10,181.7
-3,866.6
-93.2
1,127.3
870.1
-1,853.6
-1,672.3
1,772.8
1,215.3
-1,304.4
1,398.0
1,331.3
259.0
1,627.3
688.5
2012P
1
2
3
4
5
6
7
8
9
10
11
12
1,305.6
-920.3
-1,762.4
157.7
-2,897.4
-5,228.3
-7,840.1
-605.0
-4,897.7
-7,259.3
-9,838.2
-3,866.8
-2,013.3
-3,572.6
-1,617.4
-940.4
-1,382.0
-692.8
-1,443.6
-1,607.1
-2,378.2
-975.0
-1,336.2
-669.5
7,737.0
6,115.2
1,303.9
-2,213.3
-937.1
-2,330.9
2,529.2
580.9
2,668.7
-4,657.2
-3,875.8
3,194.2
434.2
214.1
706.7
320.5
-390.4
4.6
267.1
68.3
363.7
-135.3
612.6
609.1
-2,190.4
-1,526.1
-516.2
2,667.4
-1,600.9
-1,647.7
-7,625.3
1,464.0
-4,189.3
-15.5
-2,683.7
-9,067.1
-1.7
36.0
100.0
102.3
144.2
37.8
36.3
8.0
32.4
-6.1
5.8
107.1
-2,660.2
-2,186.8
-1,739.4
221.2
1,268.8
-599.3
-1,603.8
-1,119.2
-1,395.0
-1,470.2
-2,560.9
1,959.4
-336.8
363.0
-1,209.0
-1,891.7
-677.5
-651.6
1,695.8
-1,899.3
-1,015.4
1,477.6
2,932.0
1,613.9
P: Preliminary
11.
Prices
(2010=100)
Consumer Prices
Producer prices
Export & import prices
Period
All Items
2011
2012
Export
Import
104.0
106.3
Commodity
105.7
108.9
Service
102.7
104.2
Core
103.2
104.9
All Items
106.7
107.5
Commodity
108.7
108.9
100.2
97.9
111.6
110.8
2011
1
2
3
4
5
6
7
8
9
10
11
12
102.2
102.9
103.3
103.4
103.6
103.8
104.3
105.0
104.9
104.7
104.8
105.2
103.4
104.4
104.9
104.6
104.7
105.0
105.9
107.1
107.1
106.6
106.8
107.3
101.2
101.7
102.1
102.4
102.6
102.8
103.1
103.3
103.1
103.2
103.3
103.5
101.4
102.1
102.4
102.6
103.0
103.4
103.7
103.8
103.7
103.6
103.9
104.3
104.3
105.1
106.3
107.0
107.3
107.1
107.2
107.4
107.4
107.3
107.0
107.1
105.7
106.7
108.3
109.1
109.5
109.1
109.3
109.5
109.6
109.4
108.9
109.0
98.7
100.7
103.7
102.3
100.5
99.3
97.4
98.1
101.0
102.2
99.5
99.4
106.3
109.3
113.2
113.9
111.5
110.9
109.5
109.8
113.6
114.8
113.1
113.3
2012
1
2
3
4
5
6
7
8
9
10
11
12
105.7
106.1
106.0
106.0
106.2
106.1
105.9
106.3
107.0
106.9
106.5
106.7
107.9
108.5
109.2
108.9
109.2
108.8
107.9
108.8
110.4
109.8
108.9
109.0
103.9
104.2
103.5
103.7
103.9
104.0
104.2
104.4
104.4
104.6
104.6
104.8
104.6
104.7
104.3
104.4
104.6
104.9
104.9
105.1
105.2
105.2
105.3
105.5
107.7
108.4
108.9
109.0
108.4
107.1
106.6
107.2
107.6
106.8
106.1
105.8
109.5
110.5
111.2
111.1
110.3
108.4
107.6
108.6
109.2
107.8
106.8
106.4
100.4
100.0
100.6
101.0
100.2
98.8
97.5
97.5
97.6
95.6
92.9
92.3
114.4
115.0
116.9
115.6
113.5
109.4
108.5
110.3
111.1
107.4
104.3
103.2
2013
107.3
109.8
105.2
106.0
106.8
92.2
102.3
4.0
2.2
5.7
3.0
105.9
Y-o-Y change (%)
2.7
3.2
1.5
1.6
6.7
0.7
8.7
0.2
0.2
-2.4
11.6
-0.7
2011
2012
2011
1
2
3
4
5
6
7
8
9
10
11
12
3.4
3.9
4.1
3.8
3.9
4.2
4.5
4.7
3.8
3.6
4.2
4.2
5.2
5.9
6.1
5.0
5.2
5.8
6.4
6.8
5.0
4.5
6.0
5.7
2.0
2.3
2.6
2.7
2.7
2.9
2.9
3.0
2.7
2.8
2.7
2.8
2.1
2.6
3.0
3.0
3.2
3.5
3.6
3.5
3.3
3.2
3.5
3.6
6.8
7.4
8.2
8.1
7.5
7.2
7.0
6.9
6.3
5.8
5.1
4.3
9.1
9.8
10.7
10.6
9.7
9.3
9.1
8.9
8.0
7.4
6.5
5.3
0.8
1.6
5.1
3.4
-0.9
-4.8
-6.0
-2.7
1.0
5.3
2.0
-1.0
11.7
14.5
17.7
17.4
11.7
8.6
7.6
8.0
11.9
14.5
10.7
6.1
2012
1
2
3
4
5
6
7
8
9
10
11
12
3.4
3.1
2.6
2.5
2.5
2.2
1.5
1.2
2.0
2.1
1.6
1.4
4.4
3.9
4.1
4.1
4.3
3.6
1.9
1.6
3.1
3.0
2.0
1.6
2.7
2.5
1.4
1.3
1.3
1.2
1.1
1.1
1.3
1.4
1.3
1.3
3.2
2.5
1.9
1.8
1.6
1.5
1.2
1.3
1.4
1.5
1.3
1.2
3.2
3.1
2.4
1.9
1.0
0.0
-0.6
-0.1
0.2
-0.5
-0.9
-1.2
3.6
3.6
2.7
1.9
0.7
-0.7
-1.5
-0.9
-0.4
-1.4
-1.9
-2.3
1.7
-0.7
-3.0
-1.2
-0.3
-0.5
0.1
-0.7
-3.4
-6.5
-6.6
-7.2
7.7
5.2
3.3
1.5
1.8
-1.3
-0.9
0.5
-2.2
-6.4
-7.9
-9.0
2013
1.5
1.8
1.3
1.2
-1.6
-2.5
-8.1
-10.6

12.
Employment
Economically active persons (thous.)
Employed persons (thous.)
Period
2011
2012
Wage workers
25,099
25,501
All industry Manufacturing

24,244
4,091
24,681
4,105
S.O.C &
service
18,595
19,033
Status of Worker
Unemployment (%)
Regular
Temporary
Daily
3.4
3.2
17,397
17,712
10,661
11,097
4,990
4,988
1,746
1,627
2011
1
2
3
4
5
6
7
8
9
10
11
12
24,114
24,431
24,918
25,240
25,480
25,592
25,473
25,257
25,076
25,409
25,318
24,880
23,196
23,336
23,846
24,303
24,661
24,752
24,636
24,495
24,318
24,673
24,589
24,125
4,148
4,149
4,122
4,108
4,137
4,135
4,079
4,031
4,014
4,044
4,054
4,071
18,007
18,019
18,244
18,536
18,731
18,812
18,844
18,739
18,595
18,856
18,921
18,833
3.8
4.5
4.3
3.7
3.2
3.3
3.3
3.0
3.0
2.9
2.9
3.0
16,832
16,856
17,065
17,357
17,626
17,720
17,667
17,510
17,378
17,608
17,650
17,496
10,305
10,390
10,543
10,618
10,708
10,716
10,718
10,710
10,764
10,796
10,838
10,824
4,848
4,781
4,782
4,928
5,064
5,132
5,137
5,031
5,047
5,094
5,047
4,986
1,680
1,684
1,740
1,812
1,854
1,872
1,811
1,769
1,567
1,718
1,765
1,686
2012
1
2
3
4
5
6
7
8
9
10
11
12
24,585
24,825
25,210
25,653
25,939
25,939
25,901
25,623
25,755
25,787
25,652
25,139
23,732
23,783
24,265
24,758
25,133
25,117
25,106
24,859
25,003
25,069
24,941
24,402
4,034
4,060
4,018
4,027
4,071
4,084
4,114
4,111
4,153
4,188
4,218
4,183
18,631
18,599
18,870
19,103
19,292
19,248
19,265
19,040
19,125
19,128
19,088
19,010
3.5
4.2
3.7
3.5
3.1
3.2
3.1
3.0
2.9
2.8
2.8
2.9
17,184
17,225
17,421
17,679
17,935
17,932
17,911
17,734
17,862
17,958
17,941
17,763
10,769
10,807
10,899
10,957
11,064
11,157
11,153
11,203
11,291
11,302
11,281
11,282
4,868
4,877
4,997
5,095
5,153
5,094
5,081
4,935
4,961
4,964
4,960
4,875
1,547
1,542
1,525
1,627
1,718
1,681
1,676
1,595
1,610
1,692
1,700
1,606
2013
24,901
24,054
4,189
17,581
11,292
4,791
1,498
1.4
1.6
1.7
1.8
1.6
0.3
18,810
3.4
Y-o-Y change (%)
2.1
2.4
-
2.5
1.8
5.7
4.1
-1.5
0.0
-3.9
-6.9
2011
2012
2011
1
2
3
4
5
6
7
8
9
10
11
12
0.1
1.6
2.2
1.5
1.5
1.7
1.0
1.7
0.7
1.6
1.9
1.4
1.4
2.1
2.0
1.6
1.5
1.9
1.4
2.0
1.1
2.1
2.0
1.9
5.7
6.7
5.1
2.9
2.5
2.9
1.0
-0.7
-1.2
-1.3
-2.1
-2.1
1.2
1.4
1.1
1.4
1.3
2.1
1.9
3.1
2.1
3.2
3.2
3.1
3.3
3.5
2.7
2.1
2.2
3.1
2.5
2.7
1.6
2.5
2.0
2.0
6.1
6.2
6.2
6.1
6.3
6.2
6.0
5.5
5.4
5.0
4.9
4.6
-0.3
-1.2
-3.9
-4.3
-3.0
-0.6
-1.5
-1.8
-1.2
0.1
-0.4
-0.3
-2.6
1.6
1.5
-1.3
-5.1
-3.4
-4.9
-0.3
-11.9
-5.0
-7.0
-6.7
2012
1
2
3
4
5
6
7
8
9
10
11
12
2.0
1.6
1.2
1.6
1.8
1.4
1.7
1.4
2.7
1.5
1.3
1.0
2.3
1.9
1.8
1.9
1.9
1.5
1.9
1.5
2.8
1.6
1.4
1.1
-2.8
-2.1
-2.5
-2.0
-1.6
-1.2
0.8
2.0
3.5
3.6
4.0
2.8
3.5
3.2
3.4
3.1
3.0
2.3
2.2
1.6
2.8
1.4
0.9
0.9
2.1
2.2
2.1
1.9
1.8
1.2
1.4
1.3
2.8
2.0
1.7
1.5
4.5
4.0
3.4
3.2
3.3
4.1
4.1
4.6
4.9
4.7
4.1
4.2
0.4
2.0
4.5
3.4
1.8
-0.7
-1.1
-1.9
-1.7
-2.5
-1.7
-2.2
-7.9
-8.5
-12.3
-10.2
-7.4
-10.2
-7.5
-9.8
2.7
-1.5
-3.6
-4.7
2013
1.3
1.4
3.9
1.0
2.3
4.9
-1.6
-3.1

13.
Financial indicators
(period average)
Yields(%)
Period
Stock
2008
1
2
3
4
5
6
7
8
9
10
11
12
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.2
5.2
4.9
4.0
3.3
5.8
5.3
5.3
5.4
5.4
5.4
5.5
5.8
5.8
6.0
5.6
4.7
Corporate bonds
(3 years, AA-)
6.6
6.3
6.1
5.9
6.2
6.7
7.0
7.1
7.5
8.0
8.6
8.4
2009
1
2
3
4
5
6
7
8
9
10
11
12
2.4
2.1
1.8
1.8
1.9
1.9
1.9
2.0
2.0
2.0
2.0
2.0
3.2
2.7
2.5
2.4
2.4
2.4
2.4
2.5
2.6
2.8
2.8
2.8
7.3
7.1
6.1
5.7
5.2
5.2
5.5
5.7
5.6
5.6
5.4
5.4
3.4
3.8
3.7
3.8
3.8
4.1
4.1
4.4
4.4
4.5
4.3
4.2
4.0
4.6
4.5
4.4
4.5
4.7
4.6
4.9
4.9
4.9
4.8
4.8
1,162.11
1,063.03
1,206.26
1,369.40
1,395.89
1,390.07
1,577.29
1,591.85
1,673.14
1,580.69
1,555.60
1,682.77
2010
1
2
3
4
5
6
7
8
9
10
11
12
2.0
2.0
2.0
2.0
2.0
2.0
2.2
2.3
2.3
2.3
2.4
2.5
2.9
2.9
2.8
2.5
2.5
2.5
2.6
2.6
2.7
2.7
2.7
2.8
5.4
5.3
5.0
4.7
4.5
4.7
4.8
4.7
4.4
4.1
4.2
4.2
4.3
4.2
3.9
3.8
3.7
3.8
3.9
3.7
3.5
3.2
3.4
3.3
4.8
4.8
4.5
4.4
4.4
4.4
4.5
4.3
3.9
3.7
4.0
4.0
1,602.43
1,594.58
1,692.85
1,741.56
1,641.25
1,698.29
1,759.33
1,742.75
1,872.81
1,882.95
1,904.63
2,051.00
2011
1
2
3
4
5
6
7
8
9
10
11
12
2.7
2.8
2.9
3.0
3.0
3.2
3.3
3.3
3.3
3.2
3.3
3.3
2.9
3.1
3.4
3.4
3.5
3.5
3.6
3.6
3.6
3.6
3.6
3.6
4.5
4.7
4.5
4.5
4.4
4.4
4.5
4.2
4.2
4.3
4.2
4.2
3.7
3.9
3.7
3.7
3.7
3.7
3.8
3.6
3.5
3.5
3.4
3.4
4.3
4.4
4.1
4.1
4.0
3.9
4.0
3.7
3.6
3.6
3.5
3.5
2,069.73
1,939.30
2,106.70
2,192.36
2,142.47
2,100.69
2,133.21
1,880.11
1,769.65
1,909.03
1,847.51
1,825.74
2012
1
2
3
4
5
6
7
8
9
10
11
12
3.3
3.3
3.3
3.3
3.3
3.3
3.1
3.0
3.0
2.8
2.8
2.8
3.6
3.5
3.5
3.5
3.5
3.5
3.3
3.2
3.1
2.9
2.9
2.9
4.2
4.3
4.4
4.3
4.0
3.9
3.6
3.4
3.3
3.3
3.3
3.3
3.4
3.4
3.6
3.5
3.4
3.3
3.0
2.8
2.8
2.8
2.8
2.9
3.5
3.6
3.7
3.6
3.5
3.4
3.1
2.9
2.9
2.9
2.9
3.0
1,955.79
2,030.25
2,014.04
1,981.99
1,843.47
1,854.01
1,881.99
1,905.12
1,996.21
1,912.06
1,932.90
1,997.05
2013
2.8
2.9
3.2
2.8
2.9
1,961.94
Call rate (1 day)
CD (91 days)

Treasury bonds
(3 years)
5.4
5.1
5.2
5.0
5.3
5.7
6.0
5.8
5.8
5.1
5.0
4.0
Treasury bonds
(5 years)
5.5
5.1
5.2
5.0
5.4
5.8
6.0
5.8
5.8
5.2
5.2
4.3
KOSPI
(end-period)
1,624.68
1,711.62
1,703.99
1,825.47
1,852.02
1,674.92
1,594.67
1,474.24
1,448.06
1,113.06
1,076.07
1,124.47
14.
Monetary indicators
(billion won)
Period
2011
2012
Reserve money
M1
M2
Lf
75,232.0
82,131.1
425,675.1
441,963.6
1,708,984.5
1,798,625.7
2,208,170.4
2,379,429.1
2011
1
2
3
4
5
6
7
8
9
10
11
12
73,540.8
75,432.1
73,012.7
73,206.1
73,828.5
74,705.5
74,069.7
75,642.3
77,942.2
76,944.6
76,617.3
77,842.5
429,368.1
432,482.8
430,936.6
425,420.5
423,994.7
421,885.3
418,973.1
422,649.3
425,196.4
421,480.1
423,111.9
432,602.2
1,676,448.8
1,674,390.5
1,677,475.9
1,684,792.3
1,690,543.0
1,697,204.2
1,705,451.5
1,719,437.8
1,729,531.1
1,742,645.4
1,753,296.4
1,756,597.4
2,152,814.0
2,148,254.1
2,152,736.5
2,163,485.7
2,175,557.3
2,189,729.2
2,208,624.3
2,230,191.9
2,243,675.6
2,263,627.7
2,279,234.1
2,288,816.9
2012
1
2
3
4
5
6
7
8
9
10
11
12
81,635.4
81,655.3
79,068.0
80,641.8
80,547.7
81,804.0
81,555.7
82,369.1
82,958.7
85,078.6
82,956.5
85,302.7
439,352.9
437,193.9
440,075.4
437,445.3
438,795.3
441,611.0
441,760.6
439,573.2
440,034.3
444,477.8
445,463.9
457,778.9
Y-o-Y change (%)
6.6
3.8
1,757,058.7
1,762,988.4
1,773,172.9
1,777,114.7
1,784,220.5
1,796,981.5
1,807,289.2
1,817,134.9
1,819,290.1
1,822,420.9
1,830,280.3
1,835,556.7
2,292,213.5
2,302,065.8
2,341,626.9
2,349,723.2
2,357,701.0
2,377,071.3
2,393,737.7
2,405,239.9
2,415,263.5
2,424,000.4
2,440,062.8
2,454,887.6
4.2
5.2
5.3
7.8
2011
2012
11.3
9.2
2011
1
2
3
4
5
6
7
8
9
10
11
12
13.0
13.3
11.2
13.9
8.8
12.8
10.6
12.4
10.9
10.1
10.3
8.9
12.6
11.5
11.6
9.6
7.4
5.4
3.8
5.4
5.1
4.1
2.0
1.6
6.5
5.0
4.3
3.9
3.7
3.0
3.2
4.0
4.2
4.4
4.4
4.4
6.6
5.2
4.7
4.5
4.4
4.0
4.6
5.5
5.7
6.1
6.2
6.2
2012
1
2
3
4
5
6
7
8
9
10
11
12
11.0
8.3
8.3
10.2
9.1
9.5
10.1
8.9
6.4
10.6
8.3
9.6
2.3
1.1
2.1
2.8
3.5
4.7
5.4
4.0
3.5
5.5
5.3
5.8
4.8
5.3
5.7
5.5
5.5
5.9
6.0
5.7
5.2
4.6
4.4
4.5
6.5
7.2
8.8
8.6
8.4
8.5
8.4
7.8
7.6
7.1
7.1
7.3

15.
Exchange rates
/US$
/100
/Euro
Period
2011
2012
End-period
Average
End-period
Average
End-period
Average
1,153.3
1,071.1
1,108.1
1,126.9
1,485.2
1,247.5
1,391.3
1,413.1
1,494.1
1,416.3
1,541.4
1,448.2
2011
1
2
3
4
5
6
7
8
9
10
11
12
1,114.3
1,127.9
1,107.2
1,072.3
1,080.6
1,078.1
1,052.6
1,071.7
1,179.5
1,104.5
1,150.3
1,153.3
1,120.1
1,118.1
1,122.5
1,086.8
1,083.5
1,081.3
1,059.5
1,073.2
1,118.6
1,155.5
1,132.3
1,147.5
1,356.6
1,380.7
1,331.9
1,313.8
1,335.6
1,335.7
1,353.2
1,396.8
1,536.6
1,458.0
1,475.7
1,485.2
1,356.3
1,351.0
1,376.2
1,304.8
1,333.6
1,342.8
1,333.4
1,391.4
1,456.5
1,508.2
1,460.0
1,473.4
1,514.0
1,549.5
1,563.5
1,591.2
1,549.7
1,560.5
1,507.9
1,547.3
1,601.4
1,562.7
1,532.9
1,494.1
1,495.4
1,524.6
1,572.6
1,569.4
1,551.3
1,555.4
1,515.4
1,538.7
1,542.4
1,584.0
1,536.6
1,511.0
2012
1
2
3
4
5
6
7
8
9
10
11
12
1,125.0
1,126.5
1,137.8
1,134.2
1,177.8
1,153.8
1,136.2
1,134.6
1,118.6
1,094.1
1,084.7
1,071.1
1,145.9
1,123.4
1,125.9
1,135.6
1,154.3
1,165.5
1,143.4
1,131.7
1,124.8
1,106.9
1,087.5
1,077.0
1,473.1
1,399.2
1,380.7
1,412.0
1,489.1
1,453.8
1,453.6
1,444.0
1,441.1
1,374.5
1,320.6
1,247.5
1,488.7
1,433.7
1,364.1
1,393.9
1,447.1
1,469.1
1,446.4
1,438.4
1,438.6
1,400.9
1,344.0
1,288.1
1,478.2
1,516.3
1,513.4
1,501.7
1,456.6
1,435.0
1,393.1
1,419.6
1,444.3
1,418.3
1,407.3
1,416.3
1,477.2
1,486.0
1,487.1
1,495.6
1,478.6
1,462.3
1,407.0
1,402.8
1,446.0
1,436.0
1,395.9
1,411.4
2013
1,082.7
1,065.4
1,196.8
1,469.3
1,415.7
1.3
-7.1
-4.2
1.7
1,188.5
Y-o-Y change (%)
6.3
-16.0
5.4
1.6
-1.3
-5.2
0.6
-6.0
2011
2012
2011
1
2
3
4
5
6
7
8
9
10
11
12
-3.6
-2.6
-2.1
-3.9
-10.0
-10.9
-11.3
-9.9
3.3
-2.0
-0.6
1.3
-1.6
-3.4
-1.3
-2.7
-6.8
-10.8
-12.2
-9.0
-4.1
2.8
0.5
0.0
5.4
6.3
9.4
10.7
1.3
-2.1
-1.2
-0.7
12.7
4.8
7.4
6.3
8.7
5.4
9.6
9.2
5.4
0.7
-3.2
0.8
5.2
10.0
6.8
7.0
-6.2
-1.3
3.0
7.6
5.1
5.8
-2.9
2.7
2.9
-0.4
1.0
-1.3
-8.1
-3.8
1.8
4.5
6.2
5.0
-1.6
1.0
1.6
1.6
-0.3
-0.3
2012
1
2
3
4
5
6
7
8
9
10
11
12
1.0
-0.1
2.8
5.8
9.0
7.0
7.9
5.9
-5.2
-0.9
-5.7
-7.1
2.3
0.5
0.3
4.5
6.5
7.8
7.9
5.5
0.6
-4.2
-4.0
-6.1
8.6
1.3
3.7
7.5
11.5
8.8
7.4
3.4
-6.2
-5.7
-10.5
-16.0
9.8
6.1
-0.9
6.8
8.5
9.4
8.5
3.4
-1.2
-7.1
-7.9
-12.6
-2.4
-2.1
-3.2
-5.6
-6.0
-8.0
-7.6
-8.3
-9.8
-9.2
-8.2
-5.2
-1.2
-2.5
-5.4
-4.7
-4.7
-6.0
-7.2
-8.8
-6.3
-9.3
-9.2
-6.6
2013
-3.8
-7.0
-19.3
-19.6
-0.6
-4.2

Editor-in-Chief
Koh Il-Dong (KDI)
Park Chun-Sup (MOSF)
Editorial Board
Lauren Kang (MOSF)
Lee Seong-Pyo (KDI)
Lee In-Sook (KDI)
Coordinators
Kim Dae-Hyun (MOSF)
Lee Ji-Youn (KDI)
Editors
David Friedman (MOSF)
Kim Jae-Yeon (MOSF)
Park Jin (KDI)
Useful Economy-related Websites

http://english.mosf.go.kr
Ministry of Knowledge Economy
http://www.mke.go.kr/language/eng
Financial Services Commission
http://www.fsc.go.kr/eng
Financial Supervisory Service
http://english.fss.or.kr
Fair Trade Commission
http://eng.ftc.go.kr
Ministry of Employment and Labor
http://www.moel.go.kr/english
The Bank of Korea
http://www.bok.or.kr/eng
Statistics Korea
http://kostat.go.kr/portal/english
ISSN 2287-7266
Republic of Korea
ECONOMIC BULLETIN (Republic of Korea)
ECONOMIC
BULLETIN
Vol.35 No.2
February 2013
03 The Green Book:

50 Economic News Briefing
Korea Grows 0.4% in Q4

Government to Help Export Companies Cope with Exchange Rate Risks
OECD Reviews Koreas Development Aid Program
Korea Ranks 8th in IBP Survey
55 Statistical Appendices
For free subscriptions and enquiries, please contact:
MOSF/KDI
Economic Information and Education Center

Korea Development Institute
47 Hoegiro, Dongdaemun-gu
Seoul, 130-740
Republic of Korea
Tel. +82 2 958 4645
Fax. +82 2 3295 0748
E-mail. jiyounlee@kdi.re.kr
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Vol. 35 No.2 February 2013
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| Economic Information and Education Center

Economic Bulletin (Vol. 35 No. 2)

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ISSN 2287-7266

03 The Green Book:

Korea Grows 0.4% in Q4

For free subscriptions and enquiries, please contact:

Economic Information and Education Center

Vol.35 No.2 February 2013

Foreign Press Spokespersons Office

| Economic Information and Education Center

Economic News Briefing

The Green Book

Current Economic Trends

The economic slump in China appears to be easing, but uncertainties and

Spanish sovereign debt to come due (billion euros)

World GDP growth

The US economy shrank 0.1 percent (annualized, quarter-on-quarter, advanced

4 | The Green Book

However, private consumption, which accounts for 70 percent of economic

Long-term unemployment rate (%)

- Personal consumption expenditure

- Corporate fixed investment

- Housing construction investment

Existing home sales

The Green Book | 5

US GDP growth and industrial production

GDP (q-o-q, annualized rate)

Industrial production (q-o-q)

US nonfarm payroll growth and unemployment rate

US nonfarm payroll growth (m-o-m, left)

Unemployment rate (right)

6 | The Green Book

(Percentage change from same period in previous year)

Fixed asset investment (accumulated)

Chinas GDP growth and fixed asset investment

GDP (y-o-y, left)

Fixed asset investment (accumulated, y-o-y, right)

The Green Book | 7

(Percentage change from previous period)

Consumer prices (y-o-y)

Japans GDP growth and industrial production

GDP (q-o-q, left)

Industrial production (q-o-q, right)

Youth unemployment rate (%)

(Percentage change from previous period)

Retail sales (y-o-y)

Eurozones GDP growth and industrial production

GDP (q-o-q, left)

Industrial production (q-o-q, right)

Private consumption in the fourth quarter (advanced estimates of GDP) increased

(Percentage change from previous period)

The Green Book | 9

Private consumption (y-o-y)

Private consumption (q-o-q)

10 | The Green Book

Consumer goods sales (m-o-m)

Consumer goods sales (y-o-y)

Retail sales by type

Sales at department stores, specialized retailers, nonstore retailers and large

Large discount stores

The Green Book | 11

Department store sales

Large discount store sales

Domestic sales of gasoline

Domestic sales of cars

Credit card sales