Economic Bulletin (Vol. 35 No. 3)

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

Current Economic Trends
49 Policy Issues
One Year Evaluation of Korea-US FTA
53 Economic News Briefing
Bank of Korea Holds Key Rate at 2.75%

Overseas Direct Investment Down 14.3% in 2012
Korea Now Ranks 8th in World Trade
Government Releases Report on Foreign-invested Firms
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Economic Information and Education Center

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Republic of Korea
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57 Statistical Appendices
Vol.35 No.3 March 2013
Foreign Press Spokespersons Office

Ministry of Strategy and Finance
Government Complex, 477 Galmae-ro
Sejong, 339-012
Republic of Korea
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| Economic Information and Education Center
Vol.35 No.3
March 2013
Republic of Korea
Vol.35 No.3
March 2013
Contents
Economic Bulletin
The Green Book: Current Economic Trends
Overview ......................................................................................................................... 03
1. External economic situation ..................................................................................... 04
2. Private consumption .................................................................................................. 09
3. Facility investment ..................................................................................................... 13
4. Construction investment ........................................................................................... 16
5. Exports and imports .................................................................................................. 18
6. Mining and manufacturing production .................................................................. 21
7. Service sector activity ................................................................................................ 23
8. Employment .............................................................................................................. 26
9. Financial markets ........................................................................................................ 30
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market
10. Balance of payments ................................................................................................ 34
11. Prices and international commodity prices ......................................................... 37
11.1 Prices
11.2 International oil and commodity prices
12. Real estate market ................................................................................................... 42
12.1 Housing market
12.2 Land market
13. Composite indices of business cycle indicators .................................................. 47
Policy Issues
One Year Evaluation of Korea-US FTA ........................................................................ 49
Economic News Briefing

Statistical Appendices
........................................................................ 53
.............................................................................. 57
The Green Book

Overview
The Korean economy has seen inflation remain stable, while employment growth has been slowing down,
and major economic indicators including production, consumption and investment have been sluggish.
In January, the economy added 322,000 jobs year-on-year, posting a slight improvement from 277,000 in
the previous month, but the employment rate remained stagnant, showing no change from the previous
year.
Consumer price inflation stayed stable in the 1 percent range in February, down from the previous
months 1.5 percent to 1.4 percent, as falling livestock product prices offset increases in agricultural and
petroleum product prices.
Mining and manufacturing production fell 1.5 percent month-on-month in January due to weak audiovisual communications equipment and semiconductors, while service output decreased by 0.9 percent
because of shrinking real estate & renting and wholesale & retail.
Despite an increase in semi-durable goods sales, retail sales in January fell 2.0 percent from the previous
month due to a decrease in durable goods sales.
Facility investment in January dropped 6.5 percent month-on-month due to weak transportation
equipment and machinery investment. Construction investment went up 0.2 percent, led by an
improvement in building construction.
Exports fell 8.6 percent year-on-year in February, despite increased average daily exports, due to a
reduction in working days as the Lunar New Year holiday fell in February. The trade balance remained
in the black at US$2.54 billion.
The cyclical indicator of the coincident composite index stayed unchanged month-on-month in January,
and the leading composite index fell 0.2 points.
In February, both the stock prices and the won rose as uncertainties over North Koreas nuclear tests
eased, alertness to the weakening yen waned, and foreign investors became net buyers of Korean stocks.
The decline in housing prices slowed from 0.3 percent to 0.2 percent in January, while rental prices
continued to increase by 0.3 percent.
External uncertainties linger as there are concerns arising from the US sequester, Italys political
instability and the slow recovery of the European economy. Domestic uncertainties also persist due to
weak consumption and sluggish investment.
The Korean government will closely watch the global and domestic economic situations, 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.
Recent economic indicators for the US and China appear to be improving, but
downside risks remain, such as the current political uncertainty in the US and the
economic recession in the eurozone.
External
economic
situation
After political negotiations failed in the US, the across-the-board, automatic

spending cuts known as the sequester went into effect on March 1, and fiscal
anxieties remain as the temporary budget expires on March 27 and the debt limit
is only postponed until May 19.
The eurozone economy remains sluggish and Italy in the wake of early elections
continues to experience difficulties related to forming a new government. The
European Commission downgraded their eurozone growth rate forecast from 0.1
percent to -0.3 percent.
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 growth rate (quarter-on-quarter, adjusted) in the fourth quarter of 2012

was adjusted upward from the advanced estimate of -0.1 percent to 0.1 percent and
major economic indicators such as sentiment and the housing market all improved.
The growth rate adjustment reflects accelerating growth in business and housing
investment and a shift to net exports.
Contribution to growth rate (advanced estimate [ adjusted, %p)
1.52 [1.47 (private consumption), 0.83 [ 0.96 (business investment), 0.36 [ 0.40 (housing
investment), -0.25 [ 0.24 (net exports), -1.33 [ -1.38 (government spending)
Retail sales in January marginally increased month-on-month by 0.1 percent, and

confidence increased, with the ISM Manufacturing Index in February reaching the
highest level since June 2011, despite fiscal anxieties.
ISM Manufacturing Index (base=50)
50.2 (Jun 2012) [ 50.5 (Jul) [ 50.7 (Aug) [ 51.6 (Sep) [ 51.7 (Oct) [ 49.9 (Nov) [ 50.2
(Dec) [ 53.1 (Jan 2013) [ 54.2 (Feb)
4 | The Green Book
University of Michigan Consumer Sentiment Index
72.3 (Jul 2012) [ 74.3 (Aug) [ 78.3 (Sep) [ 82.6 (Oct) [ 82.7 (Nov) [ 72.9 (Dec) [ 73.8 (Jan
2013) [ 77.6 (Feb)
The housing market continued to recover as housing prices continued to rise for
the 11th consecutive month and existing home sales in January increased by 0.4
percent month-on-month.
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)
(Percentage change from previous period)
2010
2011
Annual Annual
2012
2013
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Dec
Jan
1.3
4.1
2.2
2.0
1.3
3.1
0.1
2.5
1.7
2.0
1.9
2.4
1.5
1.6
2.1
8.6
19.0
9.5
7.7
7.5
3.6
-1.8
9.7
-3.7
-1.4
1.4
12.1
11.9
20.5
8.5
13.5
17.5
Industrial production
5.3
4.1
1.7
0.9
3.8
1.4
0.6
0.0
0.6
0.4
-0.1
Retail sales
5.5
8.0
1.2
1.9
5.0
1.7
-0.3
1.3
1.5
0.5
0.1
Existing home sales
-3.4
2.4
1.7
2.8
9.9
5.5
-2.0
5.1
3.3
-1.2
0.4
Unemployment rate
9.6
9.0
9.1
8.7
8.1
8.3
8.2
8.1
7.8
7.8
7.9
Consumer prices
1.6
3.2
0.8
0.2
2.1
0.6
0.2
0.6
0.5
0.0
0.0
Real GDP
2.4
1.8
- Personal consumption expenditure
1.8
- Corporate fixed investment
0.7
- Housing construction investment
1. Preliminary
2. Annualized rate (%)
3. Seasonally adjusted
Source: US Department of Commerce
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
GDP (q-o-q, annualized rate)
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
Industrial production (q-o-q)
The Green Book | 5
The Chinese economy continues to gradually recover as domestic factors, such

as consumption and investment, improved while exports registered double-digit
figures for the second consecutive month in January.
China
At the National Peoples Congress, China proposed to maintain the same 7.5
percent growth rate target and emphasized accelerating structural reforms amid
stable growth.
However, factors that may impede further recovery remain, as there is the
possibility of strengthened government regulations to stabilize the housing market,
the manufacturing PMI continues to fall and the global economy remains poor.
Manufacturing PMI
49.2 (Aug 2012) [ 49.8 (Sep) [ 50.2 (Oct) [ 50.6 (Nov) [ 50.6 (Dec) [ 50.4 (Jan 2013) [
50.1 (Feb)
(Percentage change from same period in previous year)
2011
2012
2013
Annual
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Nov
Dec
Jan
9.3
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
10.1
10.3
Fixed asset investment (accumulated)
24.8
24.9
23.8
20.6
20.9
20.4
20.5
20.6
20.7
20.6
Retail sales
17.1
17.3
17.5
14.3
14.9
13.9
13.5
14.9
14.9
15.2
Exports
20.7
20.7
14.4
8.3
8.8
10.5
4.5
9.5
2.9
14.1
25.0
Consumer prices
5.4
6.3
4.6
2.6
3.8
2.8
1.9
2.1
2.0
2.5
2.0
Producer prices
6.0
7.1
3.1
-1.7
0.1
-1.4
-3.3
-2.3
-2.2
-1.9
-1.6
Real GDP
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
GDP (y-o-y, left)
6 | The Green Book
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
Fixed asset investment (accumulated, y-o-y, right)
Japanese exports in January registered its largest deficit since 1985, but real
indicators somewhat improved, led by retail sales and industrial production.
Japan
Trade account balance (billion yen)

-523 (Jul 2012) [ -764 (Aug) [ -565 (Sep) [ -555 (Oct) [ -956 (Nov) [ -643 (Dec), -1,631
(Jan 2013)
2011
2012
2013
Annual
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Nov
Dec
Jan
Real GDP
-0.8
-1.8
-0.9
2.5
0.2
1.5
-0.2
-1.0
-0.1
-2.4
-2.0
-4.0
4.3
-0.4
1.2
-2.0
-4.2
-1.9
-1.4
2.4
1.0
Retail sales
-1.2
0.0
1.3
0.5
-1.0
1.3
-0.3
-1.2
0.2
-0.1
0.0
2.3
Exports (y-o-y)
-2.6
2.7
-8.1
0.6
-5.4
1.0
9.2
-4.2
-5.7
-4.1
-5.8
6.4
Consumer prices (y-o-y)
-0.3
-0.5
-0.4
0.1
-0.3
0.3
0.1
-0.4
-0.2
-0.2
-0.1
-0.3
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
GDP (q-o-q, left)
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
Industrial production (q-o-q, right)
The Green Book | 7
The eurozone economy in the fourth quarter of 2012 contracted by 0.6 percent
compared with the previous quarter, posting the lowest since the first quarter
of 2009. Growth has been negative for three straight quarters. Eurozone
unemployment rose to a record high of 11.9 percent.
Eurozone
Unemployment rate (%)

(Dec) [ 11.9 (Jan 2013)
The manufacturing PMI fell short of its 50 point baseline for the 19th consecutive
month in February and exports fell 3.1 percent year-on-year owing to the
strengthening euro.
Manufacturing PMI (base = 50)
(Dec) [ 47.9 (Jan 2013) [ 47.9 (Feb)
However, retail sales rose 1.2 percent month-on-month in January owing to
strong increases in German and Belgian retail sales, each of which increased by
3.1 percent.
2010
2011
Annual Annual
Real GDP
2.0
1.4
2012
Q3
0.1
2013
Q4
Annual
Q1
Q2
Q3
Q4
Dec
Jan
-0.3
-0.5
0.0
-0.2
-0.1
-0.6
7.4
3.5
0.8
-2.1
-2.4
-0.5
-0.5
0.4
-2.4
0.7
Retail sales
0.9
-0.5
0.3
-1.2
-1.7
-0.3
-0.8
0.0
-1.5
-0.8
1.2
20.1
12.7
9.4
8.3
7.4
8.6
8.1
7.4
5.5
-3.1
1.6
2.7
2.7
2.9
2.1
2.7
2.7
2.5
2.3
2.2
2.0
Exports (y-o-y)
Consumer prices (y-o-y)
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
GDP (q-o-q, left)
8 | The Green Book
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
Industrial production (q-o-q, right)
2.
Private
consumption
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
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
Private consumption
(y-o-y)
1. Preliminary
2. National accounts
Source: The Bank of Korea
Despite an increase in semi-durable goods sales, retail sales fell 2.0 percent monthon-month and 2.8 percent year-on-year in January, as sales of nondurable goods,
including food products, and sales of durable goods, such as automobiles, fell.
Durable goods sales fell 7.1 percent month-on-month as demand for automobiles
took a sharp dive due to the expiration of the individual consumption tax cut.
Automobile sales dropped 13.8 percent in January. Nondurable goods sales fell
0.6 percent as sales were negatively affected by the late Lunar New Year holiday
and the expansion of forced Sunday closure of large discount stores, both of which
contributed to poor food product sales.
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
Private consumption (y-o-y)
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
Private consumption (q-o-q)
The Green Book | 9
20121
2011
1
Annual
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
4.5
1.4
0.8
0.5
0.0
2.3
1.0
0.3
5.3
6.2
4.0
2.6
2.8
1.4
- Durable goods
10.6
3.8
0.5
0.7
-0.9
5.3
2.5
Automobiles
7.0
5.2
-3.3
4.6
-11.3
2.4
2.4
3.7
0.9
1.4
1.7
-2.7
-1.1
-0.4
Retail sales
(y-o-y)
- Semi-durable goods
- Non-durable goods
2.1
0.4
0.6
-0.1
-1.6
2.3
0.9
20131
Nov
Dec
Jan
1.2
Q4
0.4
1.2
0.4
-2.0
2.6
2.5
4.0
2.0
-2.8
1.9
2.8
2.3
0.3
2.9
-7.1
9.4
-1.6
9.0
-0.3
3.8
-13.8
0.3
-1.1
1.7
0.9
0.0
0.8
1.5
-1.1
1.8
-0.8
-0.6
-0.6
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
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
2013. 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
Durable goods
10 | The Green Book
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
Semi-durable goods
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Non-durable goods
Specialized retailers sales increased, but sales at department stores, large discount
stores and nonstore retailers all decreased.
20121
2011
20131
Annual
Q1
Q2
Q3
Q4
Annual1
Q1
Q2
Q3
Department stores
7.7
2.6
0.3
0.7
-0.1
1.8
-0.6
1.1
0.4
Q41
2.5
Nov
Dec1
Jan1
4.6
-3.9
-4.7
Large discount stores
5.6
-0.1
2.5
0.8
0.7
2.0
-0.7
0.8
1.2
-0.6
2.0
-2.3
-3.7
Specialized retailers2
3.5
0.0
2.8
-1.2
0.8
-0.5
0.0
-1.6
1.4
-2.2
-0.6
0.4
1.7
Nonstore retailers
8.3
-0.6
2.6
2.0
1.2
9.8
3.0
2.8
2.6
2.4
-1.7
-1.7
-1.3
1. Preliminary
2. Specialized retailers are defined as stores carrying a few (1 to 3) specialized items.
Although the expiration of the individual consumption tax cut continued to have
a negative impact, retail sales may have marginally improved in February, as
temporary factors, such as the late Lunar New Year holiday, were relieved.
Domestic sales of automobiles were poor in February due to the continuing
negative effects from the expiration of the individual consumption tax cut and the
reduced number of business days owing to the Lunar New Year holiday.
Department store and discount store sales turned positive in February as the
Lunar New Year Holiday-related demand increased, leading to an increase in food
product sales.
Gasoline sales in February took a large fall year-on-year as domestic oil prices rose
and outdoor activities declined owing to the cold weather and frequent snowfalls.
February recorded 45mm of rainfall in the first 10 days of the month, the most
rainfall since 1973 for the same period, and a total of 50.4mm of rainfall for the
entire month, 50 percent higher than average.
Gasoline prices (won/liter)
1,920 (5th week Jan) [ 1,923 (1st week Feb) [ 1,940 (2nd week) [ 1,968 (3rd week) [ 1,988 (4th
week)
Growth in credit card use increased due to an expansion in department store and
discount store sales.
(y-o-y, %)
2012
Jul
Aug
Sep
2013
Oct
Nov
Dec
Jan
Credit card sales
13.7
8.0
15.7
9.2
14.2
7.1
6.2
Feb
8.1
Department store sales
-1.3
-6.9
-0.8
-0.4
9.1
-0.2
-8.2
1.1
Large discount store sales
-8.2
-3.3
0.2
-6.6
-1.7
-5.0
-24.6
10.2
Domestic sales of gasoline
-2.1
-2.7
1.6
7.9
3.7
-2.8
2.7
-8.9
Domestic sales of cars
-4.0
-20.2
-3.1
4.3
13.2
7.5
1.6
-13.5
Sources: Credit Finance Association of Korea, Ministry of Knowledge Economy, Korea National Oil Corporation, Korea Automobile Manufacturers Association
Ministry of Strategy and Finance (for February data)
The Green Book | 11
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
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Department store sales
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
Domestic car sales (left)
2009. 1
2010. 1
2011. 1
2012. 1
-60
2013. 1
Domestic car sales growth (right)
Consumption conditions continued their positive trend as inflation remained

stable and real wages grew, but the increases are expected to be gradual as the
housing market remains sluggish and household debt continues to be a burden.
The consumer price increase has stayed in the 1 percent range for four consecutive
months, and consumer sentiment has been hovering above the baseline for two
months in a row.
Real wage growth (y-o-y, %)
-2.9 (2011) [ 3.1 (2012) [ 4.7 (Q1 2012) [ 2.7 (Q2) [ 3.1 (Q3) [ 2.2 (Q4)
Consumer price inflation (y-o-y, %)
2.2 (Jun 2012) [ 1.5 (Jul) [ 1.2 (Aug) [ 2.0 (Sep) [ 2.1 (Oct) [ 1.6 (Nov) [ 1.4 (Dec) [ 1.5
(Jan 2013) [ 1.4 (Feb)
12 | The Green Book
Consumer Sentiment Index (CSI, base=100)
101 (Jun 2012) [ 100 (Jul) [ 101 (Aug) [ 99 (Sep) [ 100 (Oct) [ 100 (Nov) [ 99 (Dec) [
102 (Jan 2013) [ 102 (Feb)
There is also the possibility that consumption will be constrained owing to the
poor real estate market, as housing prices have fallen for eight straight months and
debt payments continue to burden households.
Interest costs compared with household income (%)
1.6 (2006) [ 1.7 (2007) [ 1.9 (2008) [ 2.0 (2009) [ 2.1 (2010) [ 2.3 (2011) [ 2.3 (2012)
Housing prices (m-o-m, %)
-0.1 (Jul 2012) [ -0.1 (Aug) [ -0.2 (Sep) [ -0.1 (Oct) [ -0.1 (Nov) [ -0.1 (Dec) [ -0.1 (Jan
2013) [ -0.1 (Feb)
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
2011
Annual
Annual
Q3
25.7
3.7
31.2
4.1
-2.5
8.3
1.9
0.9
2012
Q4
Annual
Q1
Q2
Q3
Q4
-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
-2.5
11.4
-7.5
-5.9
-11.2
6.1
-4.6
-0.6
1. Preliminary
The Green Book | 13
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. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
Transportation equipment
Machinery
The facility investment index in January declined 6.5 percent month-on-month as

both machinery and transportation equipment investment dropped. The index fell
13.6 percent year-on-year.
2010
2011
2012
Annual Annual Annual

Facility investment index
(y-o-y)
- Machinery
- Transportation equipment
1. Preliminary
14 | The Green Book
25.8
4.0
Q1
2013
Q2
Q3
Q4
Nov
Dec
Jan
-2.0
6.4
-5.0
-6.8
0.8
0.1
6.3
-6.5
10.7
-2.7
-8.2
-6.9
-10.8
-6.3
-13.6
30.2
2.7
-2.2
8.1
-5.5
-6.9
-3.8
-0.1
2.7
-3.6
8.9
9.8
-1.1
-1.0
-1.8
-6.7
22.0
0.3
21.2
-16.7
Although corporate investment sentiment improved for three months in a row

and facility investment adjustment pressure increased, machinery orders remained
weak and domestic automobile sales declined, making it hard to predict the
developments of the index.
Business survey index for manufacturing sector (Bank of Korea)
85 (Jun 2012) [ 81 (Jul) [ 70 (Aug) [ 75 (Sep) [ 72 (Oct) [ 70 (Nov) [ 67 (Dec) [ 70 (Jan
2013) [ 72 (Feb) [ 76 (Mar)
2010
2011
2012
2013
Q1
Q2
Q3
Q4
Nov
Dec
Jan
-13.4
-1.1
-19.8
-10.4
-21.4
-26.4
-16.8
-5.4
-5.3
-18.7
-2.0
4.0
16.0
-0.1
2.3
Domestic machinery orders
8.0
7.6
(q-o-q, m-o-m)
- Public
-45.7
-2.6
-11.0
126.1
-59.7
86.7
-54.6
-75.8
31.2
174.3
- Private
22.3
8.8
-13.6
-8.7
-15.1
-16.0
-15.1
-11.6
-21.6
-10.3
Machinery imports
40.4
7.1
-3.0
15.3
-4.3
-12.2
-8.2
-17.0
-7.5
-4.4
Average manufacturing operation ratio
80.3
80.2
78.1
79.6
79.0
76.2
77.8
78.0
78.4
78.1
Facility investment adjustment pressure
8.8
1.1
-1.4
0.7
-1.3
-3.0
-1.5
0.5
-1.9
6.9
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, %)
60
50
40
30
20
10
0
-10
-20
-30
3
2
2001. Q1
70
-40
-50
2002. Q1
2003. Q1
Machinery orders (left)
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
Machinery imports (right)
The Green Book | 15
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
-3.7
-5.0
Construction investment
(y-o-y)
Q3
2012
Q4
Annual
Q1
Q2
Q3
Q4
-0.5
0.1
-1.5
-1.2
-0.4
0.1
-1.3
-4.0
-2.1
1.5
-2.1
-0.2
-4.1
- Building construction
-1.6
-4.1
-1.1
-0.6
3.8
-3.6
-2.0
- Civil engineering works
-6.2
-6.0
0.3
1.0
-7.7
4.4
2.8
1. Preliminary
Construction investment
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
Construction investment (q-o-q)
2011. Q1
2012. Q1
Construction investment (y-o-y)
Construction investment by type

50
(y-o-y, %)
40
30
20
10
0
-10
-20
-30
2001. 1
2002. 1
2003. 1
Building construction
16 | The Green Book
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
Residential buildings
2009. 1
2010. 1
2011. 1
2012. 1
Civil engineering works
The value of construction completed (constant) in January increased 0.2 percent

month-on-month and 9.4 percent year-on-year, thanks to strong building
construction.
2010
2011
2012

Construction completed (constant)
Q2
Q3
-5.8
-5.6
-0.9
1.0
-4.9
-9.7
Q4
Nov
Dec
Jan
1.5
1.3
2.2
0.2
-2.3
-5.6
1.5
-8.2
9.4
-3.2
-6.4
-7.0
-6.9
-7.6
-4.5
-4.8
1.0
1.8
-1.7
3.1
1.1
2.2
-5.6
-3.4
-6.9
4.1
0.9
1.0
4.9
1.2
-0.9
(y-o-y)
Q1
2013
1. Preliminary
Construction investment may continue to suffer due to the struggling housing

market and a decline in construction orders.
Unsold new houses remained unchanged month-on-month, and housing
transactions decreased year-on-year with the expiration of the temporary
acquisition tax cut.
Unsold houses (thousand)
61 (Apr 2012) [ 62 (May) [ 62 (Jun) [ 67 (Jul) [ 70 (Aug) [ 72 (Sep) [ 73 (Oct) [ 76 (Nov)
[ 75 (Dec) [ 75 (Jan 2012)
Housing transaction growth (y-o-y, %)

-22.1 (Jul 2012) [ -34.6 (Aug) [ -44.3 (Sep) [ -15.2 (Oct) [ -8.0 (Nov) [ 2.4 (Dec) [ -5.7
(Jan 2013)
(Percentage change from same period in previous year)
2010
2011
2012

Construction orders (current value)
2013
Q1
Q2
Q3
Q4
Nov
Dec
Jan
-8.9
33.3
-0.7
-13.6
-33.1
-20.0
-43.0
-53.0
15.1
-14.8
-6.1
-20.4
4.4
-10.8
-24.2
-17.7
6.1
-8.9
14.0
-8.7
27.4
-7.0
-7.1
-27.4
-16.1
-37.5
-65.1
-28.3
-6.0
-9.3
42.0
12.5
-26.3
-43.7
-29.1
-51.6
-23.6
Building permit area
19.3
9.9
-0.5
8.7
1.2
-7.3
-2.3
3.1
9.2
-28.3
(q-o-q, m-o-m)
1. Preliminary
Sources: Statistics Korea, Ministry of Land, Transport and Maritime Affairs
The Green Book | 17
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
2013. 1
Building permit area
Exports in February decreased 8.6 percent (preliminary) year-on-year to US$42.33

billion.
Exports posted negative growth despite an increase in average daily exports, as
there were 2.5 fewer working days compared to the same period of the previous
year due to the Lunar New Year holiday. The average export growth of January and
February registered 0.6 percent.
Average daily exports (US$ billion)
2.01 (Feb 2012) [ 2.07 (Feb 2013)
Working days (the number of days)
23 (Feb 2012) [ 20.5 (Feb 2013) (-2.5 days)

45.0 (Jan-Feb 2012) [ 44.5 (Jan-Feb 2013) (-0.5 day)
Average daily exports grew, driven by a strong performance from IT related items,
including mobile phones, LCDs and semiconductors. However, exports decreased
in most sectors due to a reduction in working days.
Export growth by item (y-o-y, %)
10.2 (mobile phones), 6.2 (LCDs), 0.4 (semiconductors), 7.8 (petrochemicals), -15.1 (automobiles),
-40.3 (vessels)
18 | The Green Book
Exports by type
Source: Korea Customs Service, Ministry of Knowledge Economy (export and import trend)
160
(y-o-y, %)
140
120
100
80
60
40
20
0
-20
-40
-60
-80
2001. 1
2002. 1
2003. 1
Export growth rate
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
Automobiles
2009. 1
2010. 1
2011. 1
2012. 1
Semiconductors
2013. 1
Steel
Average daily exports, an indicator adjusted to days worked, stood at US$2.07

billion, up 2.5 percent year-on-year. The indicator has grown for four consecutive
months since November.
Average daily export growth (y-o-y, %)
-2.4 (Sep 2012) [ -1.2 (Oct) [ 3.9 (Nov) [ 7.1 (Dec) [ 1.6 (Jan 2013) [ 2.5 (Feb)
Average daily exports (US$ billion)
2.01 (Feb 2012), 1.97 (Q1), 2.10 (Q2), 1.90 (Q3), 2.09 (Dec), 1.90 (Jan 2013), 2.07 (Feb)
Exports to most regions declined due to fewer days worked, but average daily
exports remained strong thanks to exports to China and the ASEAN countries.
Export growth by region (y-o-y, %)
-1.0 (China), 0.6 (ASEAN countries), -11.4 (US), -15.3 (EU)
Average daily export growth by region (y-o-y, %)

11.1 (China), 12.9 (ASEAN countries), -0.6 (US), -5.0 (EU)
Excluding vessel exports, which have little to do with the current economic
conditions as vessels are ordered two to three years before delivery, exports grew
4.0 percent year-on-year during the months of January and February.
Imports in February dropped 10.7 percent (preliminary) year-on-year to US$40.27
billion.
Despite a slight increase in consumer goods imports, imports fell year-on-year as
commodities and capital goods imports declined.
Import growth by category (Feb 1-28, preliminary, y-o-y, %)
2.6 (consumer goods), -9.5 (commodities), -18.1 (capital goods)
The Green Book | 19
Imports by type
100
(y-o-y, %)
80
60
40
20
0
-20
-40
-60
-80
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
Import growth rate
2008. 1
2009. 1
2010. 1
2011. 1
Commodities
2012. 1
2013. 1
Capital goods
(US$ billion)
2012
Exports
(y-o-y, %)
Average daily exports
Imports
2013
Annual
Q1
Q2
Q3
Q4
Feb
Dec
Jan
Feb
Jan-Feb
547.87
134.85
140.13
133.13
139.77
46.32
44.88
45.68
42.33
88.01
-1.3
2.00
3.0
1.97
-1.7
2.09
-5.7
1.90
-0.3
2.04
-20.4
2.01
-5.7
2.09
10.9
1.90
-8.6
2.07
0.6
1.98
519.58
133.67
130.43
125.65
129.83
45.10
43.07
45.21
40.27
85.47
(y-o-y, %)
-0.9
7.8
-2.8
-6.9
-1.0
23.8
-5.2
3.9
-10.7
-3.6
Average daily imports
1.90
1.95
1.96
1.79
1.89
1.96
2.00
1.88
1.96
1.92
1. Preliminary
Source: Korea Customs Service
Exports and imports

60
(US$ billion)
50
40
30
20
10
0
-10
2001. 1
2002. 1
Trade balance
20 | The Green Book
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
Exports
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Imports
The trade balance (preliminary) in February posted a surplus of US$2.06 billion.

(US$ billion)
2012
Trade balance
2013
Annual
Q1
Feb
Q2
Q3
Q4
Dec
Jan
Feb
Jan-Feb
28.29
1.18
1.22
9.70
7.47
9.94
1.81
0.48
2.06
2.54
1. Preliminary
Source: Korea Customs Service
6.
Mining and manufacturing production in January fell 1.5 percent month-onmonth, as weakness in semiconductors & parts and audio-visual communications
equipment offset growth in automobiles and other transportation equipment. On
a yearly basis, output rose 7.3 percent.
Mining and
manufacturing
production
Compared to the previous month, production of automobiles (up 1.5%), other

transportation equipment (up 3.3%) and mechanical equipment (up 2.3%) rose,
while production of audio-visual communications equipment (down 10.1%),
semiconductors & parts (down 6.2%) and clothing & fur (down 18.8%) fell.
Compared to a year ago, production of semiconductors & parts (up 15.0%),
automobiles (up 17.9%) and other transportation equipment (up 24.7%) increased,
while production of computers (down 62.6%), mechanical equipment (down 5.6%)
and audio-visual communications equipment (down 6.8%) went down.
50
(%)
40
30
20
10
0
-10
-20
-30
2001. 1
2002. 1
2003. 1
Industrial production (m-o-m)
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Industrial production (y-o-y)
The Green Book | 21
The manufacturing inventory-shipment ratio increased by 2.1 percentage points

month-on-month as inventories rose 0.7 percent and shipments fell 1.1 percent.
Inventories of primary metals (up 3.2%), automobiles (up 4.4%) and electric
equipment (up 5.9%) rose month-on-month, while refined petroleum (down
6.8%), mechanical equipment (down 2.0%), and audio-visual communications
equipment (down 6.0%) declined.
Shipments of refined petroleum (up 4.9%), other transportation equipment (up
5.8%) and nonmetallic minerals (up 8.6%) climbed, while semiconductors & parts
(down 7.0%), audio-visual communications equipment (down10.1%) and primary
metals (down 1.3%) slipped.
Shipment and inventory

10
(m-o-m, %)
8
6
4
2
0
-2
-4
-6
-8
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Shipment growth
2012. 1
2013. 1
Inventory growth
The average operation ratio of the manufacturing sector fell by 0.3 percentage
points month-on-month to 78.1 percent.
Average manufacturing operation ratio

100
( %)
90
80
70]
60
50
2001. 1
2002. 1
22 | 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
(Percentage change from previous quarter or month)
2011
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
- Exports
3
2012
2013
Annual
Q4
Annual1
Q1
Q2
Q3
Q4
Nov
Dec
Jan
5.9
-0.7
3.3
0.8
1.7
3.6
-0.5
1.1
-2.2
-1.0
2.9
-0.1
2.1
2.1
1.6
-0.5
-1.5
7.3
6.0
-0.7
3.5
0.8
1.7
3.8
1.0
-0.3
-2.3
-1.1
2.9
-0.2
2.2
1.9
1.4
-0.6
-1.1
7.7
5.6
-0.4
0.7
1.8
-0.3
-2.4
1.9
1.0
1.8
-1.1
4.0
-1.4
-1.1
0.7
-0.3
-1.4
0.9
0.6
1.3
-0.7
7.7
0.9
3.0
3.2
-0.3
-3.6
3.0
1.6
2.3
-1.4
Inventory
14.9
5.4
3.3
-2.4
-1.4
-0.1
7.0
4.0
2.5
0.7
Manufacturing Average operation ratio (%)

activity
Production capacity4
80.2
78.8
78.1
79.6
79.0
76.2
77.8
78.0
78.4
78.1
4.9
4.0
2.2
3.1
2.3
1.9
1.3
1.4
1.3
0.8
1. Preliminary
2. Including mining, manufacturing, electricity, and gas industry
3. End-period
4. Percentage change from same period in previous year
Mining and manufacturing production is expected to rebound somewhat, with

major exports, including semiconductors, LCDs and other IT related products,
improving.
Average daily export growth (y-o-y, %)
-6.0 (Aug 2012) [ -2.4 (Sep) [ -1.2 (Oct) [ 3.9 (Nov) [ 7.1 (Dec) [ 1.6 (Jan 2013) [ 2.5
(Feb)
Export amount (US$ billion, Jan [ Feb 2013)
semiconductors (4.04 [ 3.89), LCDs (2.34 [ 2.10), wireless communications equipment (2.13
[ 1.65)
Number of days worked

24 (Jan 2013) [ 20.5 (Feb)
* A decrease in the number of days worked due to the Lunar New Year holiday negatively
affected exports in February.
7.
Service sector
activity
Service output in January declined 0.9 percent month-on-month as weaknesses

in real estate & renting and wholesale & retail offset growth in publishing &
communications services and transportation services. On a year-on-year basis,
service activity rose 1.7 percent.
Real estate & renting fell 7.2 percent from the previous month, as housing
transactions plunged from 108,000 in December 2012 to 27,000 in January 2013
due to the expiration of the property acquisition tax cut.
The Green Book | 23
Wholesale & retail declined 0.9 percent month-on-month as the individual

consumption tax cut on home appliances and automobiles ended and also as the
Lunar New Year holiday fell in February this year instead of January.
Hotels & restaurants weakened for the fourth straight month, declining 0.4 percent
due to poor consumer confidence.
Publishing & communications services rose 2.8 percent month-on-month, thanks
to continuing improvement in wireless communications and increased production
in the broadcasting sector.
Wireless communications growth (y-o-y, %)
3.7 (Sep 2012) [ 7.6 (Oct) [ 6.6 (Nov) [ 6.2 (Dec) [ 7.6 (Jan 2013)
Broadcasting growth (y-o-y, %)
-2.5 (Sep 2012) [ 2.3 (Oct) [ 7.5 (Nov) [ 3.3 (Dec) [ 24.9 (Jan 2013)
Transportation services rose 0.4 percent, helped by robust exports.
Average daily export growth by month (y-o-y, %)
-2.3 (Sep 2012) [ -1.2 (Oct) [ 3.9 (Nov) [ 7.1 (Dec) [ 1.6 (Jan 2012) [ 2.5 (Feb)
Weight
Service activity index
- Wholesale & retail
20121
2011
Annual Q1
Q2
Q3
Q4 Annual Q1
0.0
1.6
Q2
Q3
20131
Q41 Nov1 Dec1 Jan1
100.0
3.2
1.2
0.5
1.2
0.5
0.1
0.9
0.0
0.5
21.6
3.8
1.6
1.0
0.4 -0.3
0.7 -0.1
0.6
0.1
0.7
1.3 -1.0 -0.9
0.5 -0.9
2.6 -0.4
1.1 -1.3
1.2
0.6
0.9
- Transportation services
8.5
4.5
1.2
0.2
0.9
- Hotels & restaurants
7.2
-1.3 -0.4
2.2 -2.7 -1.4 -1.2 -0.1
0.9
1.3 -1.9 -0.7 -1.1 -0.4
8.4
5.1
0.7
0.7
0.6
14.7
6.8
2.9 -0.5
- Publishing & communications services

- Financial & insurance services
3.3
1.0
3.9 -0.8
3.0 -0.4
2.8
2.3 -2.6
1.6 -0.6
3.1
1.9
0.5 -0.7
- Real estate & renting
5.3
-7.6 -0.5 -0.6
0.9 -2.9 -4.3 -4.0
2.3 -1.3
- Professional, scientific & technical services
5.6
0.5 -3.7
2.7
1.1
4.0 -0.6
0.8
1.2 -1.7 -0.2 -1.2
- Business services
- Educational services
- Healthcare & social welfare services
4.1
1.6
0.4 -0.7
0.8
0.2
0.4
2.8
2.7 -0.6
2.4 -0.9 -7.2

0.2
1.3 -2.7
3.3
5.2
1.2
1.2
0.5
0.3
3.5
2.9
10.9
2.2
0.5 -1.0
1.1
1.0
0.9
0.6 -1.4
0.0
0.9
0.6
3.3 -2.5
7.5
6.4
3.0
1.4
1.5
5.8
1.4
2.5
1.0
0.2 -0.2
0.1 -1.1
1.4
2.8
0.9
2.7 -1.5 -3.0
0.9
- Entertainment, cultural & sports services
2.9
2.7
0.4
3.0 -1.0
- Membership organizations
3.6
1.6
0.4
0.0 -0.2 -1.2 -1.4 -0.8 -0.4
1.9 -0.6 -1.7
- Sewerage & waste management
0.6
3.3 -3.2
8.6
0.3 -4.8
0.8
2.9 -0.3 -7.3
5.8
1.1
1.0
0.7 -5.2 -2.1

1.0 -0.3
3.9 -7.9
6.5
1. Preliminary
Although financial & insurance services may falter due to decreased stock
transactions, service output is expected to improve in February, with wholesale &
retail growing as a result of Lunar New Year holiday-related spending.
24 | The Green Book
Service industry
Source: Statistics Korea (service industry activity trend)
(%)
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
2013. 1
Service industry activity (m-o-m)
Service industry activity (y-o-y)
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
2013. 1
Wholesale & retail (m-o-m)
January 2013 service industry by business

Tot
al i
nde
x
&r
eta
il
Tra
nsp
ort
atio
ns
erv
ice
Ho
s
tels
&r
est
aur
ant
s
Pub
lish
ing
&c
om
mu
Fin
nic
anc
atio
ial
ns
&i
ser
nsu
vic
es
ran
ce s
Rea
erv
l es
ice
tat
s
e&
r
e
nti
Pro
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
erv
al s
ice
erv
s
ice
s
Ent
ert
ain
me
nt,
cul
Me
tur
oth mb
al &
er p ersh
spo
ers ip o
rts
ona rga
ser
l se niz
vic
Sew
rvic atio
es
ma era
n
e
s
s
ter ge
,
r
e
ial , w
p
a
rec ast
ir &
ove e m
ry & an
rem agem
edi ent
atio ,
na
ctiv
itie
s
(y-o-y, %)
Wh
ole
sal
e
-2
The Green Book | 25
8.
Employment
The number of workers on payroll in January increased by 322,000 from a year

earlier to 24,050,000 and the employment rate remained unchanged from the
previous year at 57.4 percent.
Employment growth improved as temporary factors such as heavy snowfall and
the cold spell were relieved.
The number of workers in the manufacturing sector surged, while construction
workers declined by a smaller margin. Employment growth in the service sector
continued to slow down.
By status of workers, the number of regular workers continued to show strong
growth, while the number of self-employed workers declined for the first time in
18 months since August 2011.
2010
2011
Annual Annual Q2
Number of employed (million)
2012
Q3
Q4 Annual Jan
Q1
Q2
2013
Q3
Q4
Dec
Jan
23.83 24.24 24.57 24.48 24.46 24.68 23.73 23.93 25.00 24.99 24.80 24.40 24.05
Employment rate (%)
58.7
59.1
59.9
59.5
59.4
59.4
57.4
57.8
60.2
60.0
59.4
58.3
57.4
(Seasonally adjusted)
58.7
59.1
59.1
59.1
59.2
59.4
59.1
59.3
59.4
59.5
59.2
59.1
59.2
Employment growth (y-o-y, thousand)
323
415
402
363
474
437
536
467
430
506
342
277
322
(Excluding agriculture, forestry & fisheries)
405
440
399
414
497
451
500
498
454
504
344
289
337
191
63
112
-12
-75
14 -114 -102
-66
85
140
112
156
33
-2
-41
-35
71
22
86
79
33
17
-40
-82
-48
- Services
200
386
331
472
514
416
543
541
491
397
236
252
220
- Agriculture, forestry & fisheries
-82
-25
-51
-23
-14
36
-31
-24
-2
-12
-15
- Wage workers
517
427
421
392
374
315
353
360
281
317
303
267
397
Regular workers
697
575
621
572
500
436
465
413
379
485
469
Temporary workers
-34
-78 -137
-76
-10
-2
21
110
73
- Manufacturing
- Construction
Daily workers
458
523
-79 -109 -111
-77
-146
-70
-63 -104 -115 -120 -133 -163 -171
-89
-57
-80
-49
-194
-11
-19
-29
100
121
183
108
150
189
39
10
-75
-118
-39
34
125
124
190
149
173
143
33
12
-21
- Male
181
238
221
208
257
234
292
238
242
284
172
91
173
- Female
142
177
181
155
216
203
244
230
188
223
170
186
149
- 15 to 29
-43
-35
-74
-1
-18
-36
-21
-8
-57
-80
-77
-82
- 30 to 39
-4
-47
-13
-83
-56
-31
-48
-65
-80
33
-10
-40
-26
- Non-wage workers
Self-employed workers
- 40 to 49
29
57
59
46
47
11
16
28
12
-3
-8
48
- 50 to 59
294
291
294
270
315
270
376
326
260
273
220
197
200
47
149
137
131
185
222
213
178
251
245
215
205
182
- 60 or more
26 | The Green Book
Number of persons employed and employment growth

Source: Statistics Korea (employment trend)
1,200
(thousand)
(million)
25
1,000
800
24
600
400
23
200
0
22
-200
-400
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
Employment growth (y-o-y, left)
2011. 1
21
2013. 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 70.9
40
7.0
20
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
6.9
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 17.4
4.9
6.1
6.8
7.2
7.2
6.9
7.0
7.0
7.1
6.5
5.0
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 2
10
11
12 2013. 1
4.4
Services
4.4
Construction
Manufacturing
4.3
Agriculture, forestry & fisheries
Share of persons employed by status of workers

100
80
(%)
4.7
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
4.2
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 22.7
7.2
60
4.8
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
6.2
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 19.9
40
20
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 46.9
0
2011. 1 2
Unpaid family workers
10
11
Self-employed workers
12 2012. 1 2
Daily workers
Temporary workers
10
11
12 2013. 1
Regular workers
The Green Book | 27
The number of unemployed persons in January decreased by 6,000 year-on-year to

847,000, while the unemployment rate fell 0.1 percentage point from the previous
year to 3.4 percent.
The month-on-month unemployment rate (seasonally adjusted) inched up, but this
was mostly due to seasonal factors such as school vacation, job searching and bids
for government job projects, which tend to push up the unemployment rate from
January to March.
2010
2011
Annual Annual
2012
Annual Jan
2013
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Dec
Jan
Number of persons unemployed (thousand)
920
855
865
786
740
820
853
947
841
770
722
737
847
Unemployment growth (y-o-y, thousand)
31
-65
-3
-88
-68
-35
-65
-82
-23
-16
-18
-18
-6
- Male
-7
-48
-32
-48
-41
-26
-41
-54
-19
-16
-13
10
- Female
38
-17
29
-40
-27
-9
-24
-28
-4
-6
-28
-13
Unemployment rate (%)
3.7
3.4
3.4
3.1
2.9
3.2
3.5
3.8
3.3
3.0
2.8
2.9
3.4
(Seasonally adjusted)
3.7
3.4
3.4
3.2
3.1
3.2
3.2
3.5
3.3
3.1
3.0
3.0
3.2
- 15 to 29
8.0
7.6
7.9
6.7
7.1
7.5
8.0
8.2
8.1
6.8
7.0
7.5
7.5
- 30 to 39
3.5
3.4
3.5
3.2
2.9
3.0
2.8
3.2
3.2
2.8
2.7
2.7
3.3
- 40 to 49
2.5
2.1
2.1
2.0
1.9
2.0
2.3
2.4
2.0
2.0
1.8
1.7
2.0
- 50 to 59
2.5
2.1
2.0
2.1
1.8
2.1
2.0
2.3
2.0
2.2
1.8
1.8
2.2
- 60 or more
2.8
2.6
2.3
2.1
1.8
2.4
3.3
4.4
2.0
1.9
1.6
1.9
3.3
The economically inactive population in January was up 239,000 from a year

earlier to 16,980,000, while the labor force participation rate remained unchanged
at 59.5 percent.
The number of those economically inactive due to old age (up 175,000) and
housework (up 134,000) increased while those due to rest (down 184,000)
decreased.
2010
2011
Annual Annual Q2
Economically inactive population (million)
2012
Q3
Q4 Annual Jan
Q1
Q2
2013
Q3
Q4
Dec
Jan
15.84 15.95 15.56 15.85 16.01 16.08 16.74 16.50 15.67 15.90 16.26 16.71 16.98
Labor force participation rate (%)
61.0 61.1 62.0 61.5 61.1 61.3 59.5 60.1 62.3 61.8 61.1 60.1 59.5
(seasonally adjusted)
61.0 61.1 61.2 61.0 61.1 61.3 61.1 61.4 61.4 61.4 61.1 60.9 61.1
Growth in economically inactive population

143
(y-o-y, thousand)
- Childcare
-125
- Housework
201
112
66
191
-5
-16
17
101
27
143
53
128
103
110
57
244
315
239
23
-2
18
-7
-3
-9
103
123
85
181
101
126
178
134
- Education
12
-51
-39
-78
-69
-12
-47
-28
-64
39
45
103
- Old age
80
-45
-58
-22
148
48
76
174
156
186
195
175
-56
182
163
193
131
-53
143
126
- Rest
28 | The Green Book
-71 -142 -125 -156 -184
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
2013. 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
2011. 1
Original rate
2012. 1
2013. 1
Labor force participation rate

65
(%)
64
63
62
61
60
59
58
57
2001. 1
2002. 1
Original rate
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
The Green Book | 29
9.
Financial markets
9.1 Stock market

The Korean stock price index in February rose 3.3 percent to 2,026 points from the
previous months 1,962 points.
Despite the external uncertainties resulting from North Koreas third nuclear
test and Italys general election results, the KOSPI Composite rose due to eased
vigilance on the weakening Japanese yen and foreign investors net buying.
Foreign investors became net buyers of Korean stocks in February, buying 1.9
trillion won worth of stocks compared to selling 1.9 trillion won in the previous
month.
(End-period)
KOSPI
KOSDAQ
Jan 2013
Feb 2013
Change1
Jan 2013
Feb 2013
Stock price index (points)
1,961.9
2,026.5
64.6 (3.3%)
503.7
535.9
32.2 (6.4%)
Market capitalization (trillion won)
1,135.2
1,173.2
38.0 (3.3%)
111.1
119.1
8.0 (7.2%)
4.4
3.7
-0.7 (-15.9%)
1.8
1.9
0.1 (5.6%)
34.6
35.0
0.4 (1.2%)
8.3
8.5
0.2 (2.4%)
Average daily trade value (trillion won)

Foreign stock ownership (%)
Change1
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 February fell 6 won to 1,083.0 won from 1,089.0
won at the end of January.
The won/dollar exchange rate fluctuated within the 1,070 to 1,090 won range due
to a combination of upward pressures, such as North Koreas third nuclear test
and political uncertainty in Italy, and downward pressures, such as the purchase of
securities by foreign investors and export financing by banks.
30 | The Green Book
The won/100 yen exchange rate fell 25.6 won in February due to a weak yen
resulting from the expectations of aggressive monetary easing as the governmentfriendly Kuroda Haruhiko, president of the Asian Development Bank (ADB), was
appointed governor of the Bank of Japan (BOJ).
(End-period)
2008
2009
2010
2011
2012
Dec
Dec
Dec
Dec
Dec
2013
Jan
Feb
Change1
Won/dollar
1,259.5
1,164.5
1,134.8
1,151.8
1,070.6
1,089.0
1,083.0
-1.1
Won/100 yen
1,396.8
1,264.5
1,393.6
1,481.2
1,238.3
1,197.6
1,172.0
5.7
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
2009. 3. 18
2009. 10. 19
2010. 5. 25
2010. 12. 27
2011. 8. 3
2012. 3. 9
2012. 10. 16
Won/100 yen
The Green Book | 31
9.3 Bond market

3-year Treasury bond yields fell 13 basis points in February to 2.63 percent from
the previous months 2.76, resulting from a growing appetite for safe assets and
net buying of futures by foreign investors as the general election in Italy increased
uncertainty in the eurozone.
(End-period, %)
2007
2008
2009
2010
2011
2012
2013
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Feb
Call rate (1 day)
5.02
3.02
2.01
2.51
3.29
2.77
2.76
2.76
CD (91 days)
5.82
3.93
2.88
2.80
3.55
2.89
2.84
2.82
-2
Treasury bonds (3 yrs)
5.74
3.41
4.44
3.38
3.34
2.82
2.76
2.63
-13
Corporate bonds (3 yrs)
6.77
7.72
5.56
4.27
4.21
3.29
3.13
2.99
-14
Treasury bonds (5 yrs)
5.78
3.77
4.98
4.08
3.46
2.97
2.89
2.74
-15
Change1
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
2009. 1
3-yr treasury bonds yield
2010. 1
2011. 1
2012. 1
2013. 1
Overnight call rate (daily)
9.4 Money supply & money market

M2 (monthly average) in December expanded 4.5 percent from a year earlier.
Although currency redemption in the government sector has continued, M2
growth accelerated slightly as money supply in the foreign sector expanded due to
the current account surplus and foreign investors securities investment.
32 | The Green Book
(Percentage change from same period in previous year, average)
2008
2009
2010
2011
Annual Annual Annual Annual
2012
Q4
Annual
Q1
Q2
Q3
Q4
Nov
Dec
Dec 1
M12
-1.8
16.3
11.8
6.6
2.6
3.8
1.8
3.6
4.3
5.5
5.3
5.8
454.4
M2
14.3
10.3
8.7
4.2
4.4
5.2
5.3
5.6
5.6
4.5
4.4
4.5
1,831.8
Lf3
11.9
7.9
8.2
5.3
6.2
7.8
7.5
8.5
7.9
7.1
7.1
7.34
2,446.34
1. Balance at end December 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
2007. 1
Reserve money
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
M1
Lf
Bank deposit growth turned negative in January while asset management

company (AMC) deposits turned positive. Bank deposit growth turned negative as
corporations withdrew funds to pay value added tax (VAT). AMC deposits turned
positive, led by corporate funds, due to inflows of money market funds (MMF) and
decreasing market interest rates.
(Monthly change, end-period, trillion won)
2009
2010
2011
2012
Annual
Annual
Annual
Jan
Annual
Bank deposits
54.8
36.9
58.9
2.1
AMC deposits
-27.6
-16.7
-16.6
-5.2
2013
Jan
Dec
Jan
Jan 1
37.0
-10.0
6.5
-2.4
1,133.4
18.8
5.7
-6.7
15.4
332.7
1. Balance at end January 2013, trillion won
The Green Book | 33
Deposits in financial institutions

30
(y-o-y, end of monthly balance, trillion won)
20
10
0
-10
-20
2001. 1
2002. 1
10.
Balance of
payments
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 January posted a surplus of US$2.25

billion, staying in the black for 12 consecutive months.
The goods account surplus widened from US$1.92 billion in December 2012 to
US$2.60 billion in January 2013 as exports to China and exports of major items,
such as mobile phones, semiconductors and petroleum products, improved.
Goods exports (US$ billion)
44.29 (Dec 2012) [ 47.14 (Jan 2013)
Goods imports (US$ billion)
42.37 (Dec 2012) [ 44.55 (Jan 2013)
Export growth by item (y-o-y, %)
14.6 (mobile phones), 9.0 (semiconductors), 10.8 (petroleum products), -22.1 (vessels)
Export growth by region (y-o-y, %)
16.6 (China), 7.7 (Southeast Asia), 6.9 (Japan), 21.3 (US), -3.2 (EU)
The goods account continued to show a strong surplus despite the fact that it
usually tends to deteriorate in January due to seasonal factors, such as the year-end
effect and an increase in fuel imports.
The January current account had posted a deficit for four years in a row.
Average monthly current account over the last five years (US$ billion)
0.91 (Dec), -0.8 (Jan), 0.45 (Feb), 2.08 (Mar)
34 | The Green Book
The service account swung to a deficit of US$0.93 billion from a surplus of US$0.03
billion in the previous month due to the deteriorating travel account resulting from
a strong won and the winter break, and also due to worsening business service and
transportation accounts.
Foreign tourist arrivals in January (y-o-y, %): -0.02
Departures for overseas travel in January (y-o-y, %): 18.7
The primary income account surplus widened to US$0.97 billion from US$0.64
billion as the investment income balance improved due to an increase in interest
income. The secondary income deficit narrowed slightly to US$0.38 billion from
US$0.45 billion in the previous month.
(US$ billion)
2011
2012
2013
Annual
Annual
Q1
Q2
Q3
Q4
Jan
Nov
Dec
Jan1
Current account
26.07
43.14
2.56
11.19
14.56
14.94
-0.97
6.91
2.14
2.25
- Goods balance
31.66
38.34
2.61
8.52
13.34
13.98
-1.62
6.78
1.92
2.60
- Service balance
-5.85
2.68
-0.65
2.31
0.65
0.36
-0.13
-0.05
0.03
-0.93
- Primary income balance
2.89
4.89
1.49
0.82
1.04
1.54
1.19
0.37
0.64
0.97
- Secondary income balance
-2.63
-2.76
-0.89
-0.47
-0.47
-0.93
-0.41
-0.20
-0.45
-0.38
1. Preliminary
The capital and financial account (preliminary) in January posted a net outflow of
US$0.91 billion.
Capital & financial account balance (US$ billion)
-1.38 (Q1 2012) [ 7.97 (Q2) [ -13.34 (Q3) [ -20.96 (Q4) [ -3.83 (Dec) [ -0.91 (Jan 2013)
Net outflow in direct investment expanded to US$1.42 billion from the previous
months US$0.67 billion due to a decrease in foreign direct investment (FDI).
The portfolio investment account switched to a net outflow of US$4.37 billion
from a net inflow of US$3.19 billion as foreign investors equity investment
turned to a net outflow.
A net inflow in financial derivatives remained almost steady, inching down from
US$0.61 billion to US$0.59 billion, while the other investment account switched
to a net inflow of US$4.64 billion from a net outflow of US$9.07 billion due to an
increase in foreign borrowings by banks.
The current account in February is expected to maintain a surplus, helped by a
goods account surplus resulting from a trade surplus in February.
The Green Book | 35
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
Service account
2012. 1
2013. 1
Current account
Travel account 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
Travel revenue
2012. 1
2013. 1
Travel payment
Capital & financial account balance

15
(US$ billion)
10
5
0
-5
-10
-15
2001. 1
2002. 1
2003. 1
Portfolio investment
36 | The Green Book
2004. 1
2005. 1
2006. 1
Direct investment
2007. 1
2008. 1
2009. 1
Financial derivatives
2010. 1
2011. 1
2012. 1
2013. 1
Capital & financial account
11.
11.1 Prices
Prices and
international
commodity
prices
Consumer prices in February rose 1.4 percent year-on-year and 0.3 percent monthon-month, staying stable in the 1 percent range for four consecutive months.
Core consumer prices, which exclude oil and agricultural products, rose 1.3 percent
year-on-year and 0.2 percent month-on-month. Core consumer prices based on
the OECD method, which exclude food and energy, rose 1.2 percent year-onyear and 0.3 percent month-on-month. Consumer prices for basic necessities, a
barometer of perceived consumer prices, were up 0.8 percent year-on-year and 0.4
percent month-on-month.
Expected annual inflation remained unchanged from the previous month and the
prices of imports declined 10.6 percent year-on-year.
Expected annual inflation (%)
3.7 (Jul 2012) [ 3.5 (Aug) [ 3.3 (Sep) [ 3.3 (Oct) [ 3.2 (Nov) [ 3.1 (Dec) [ 3.2 (Jan 2013)
[ 3.2 (Feb)
Price increases in imports (y-o-y, %, won base)
-0.9 (Jul 2012) [ 0.5 (Aug) [ -2.2 (Sep) [ -6.4 (Oct) [ -7.9 (Nov) [ -9.0 (Dec) [ -10.6 (Jan
2013)
<Consumer price inflation>
(%)
2012
2013
Month-on-Month
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
0.5 0.4 -0.1 0.0 0.2 -0.1 -0.2 0.4 0.7 -0.1 -0.4 0.2 0.6 0.3
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 1.4
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 1.3
Consumer prices excluding food and energy (y-o-y)

Consumer prices for basic necessities (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 1.2
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 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
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 Green Book | 37
The prices of agricultural and oil products rose due to the heavy snow and cold
weather, but those of livestock products fell, allowing the growth in overall
consumer prices to stabilize.
Agricultural, livestock & fishery product prices increased 1.0 percent monthon-month. Agricultural (up 1.5%, m-o-m) and fishery product prices (up 0.5%,
m-o-m) rose due to the heavy snow and cold weather, while the prices of livestock
products (down 0.3%, m-o-m) fell.
Manufactured product prices climbed 0.3 percent month-on-month. The prices of
durable goods (down 0.1%, m-o-m) and cosmetics (down 0.5%, m-o-m) stabilized,
while those of oil products (up 1.0%, m-o-m) rose due to an increase in international
oil prices.
Personal service prices rose 0.5 percent month-on-month due to rising dining out
expenses (up 0.4%, m-o-m) and other personal service prices (up 0.5%, m-o-m).
<Consumer price inflation in major sectors>

Agricultural, livestock & Manufactured products

fishery products
Oil products
Total
Month-on-Month (%)
Public
utilities
Housing Public Personal

rents
services services
0.3
1.0
0.3
1.0
0.0
0.2
0.0
0.5
Contribution (%p)
0.28
0.08
0.09
0.05
0.00
0.02
0.00
0.15
Year-on-Year (%)
1.4
3.3
0.7
-1.9
4.2
3.1
1.1
0.9
Contribution (%p)
1.41
0.27
0.24
-0.11
0.20
0.29
0.15
0.27

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)
38 | The Green Book
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Consumer price inflation (y-o-y)
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. 2
Public services
11.2 International oil and commodity prices

International oil prices rose until mid-February but slid later in the month.
Meanwhile, domestic oil product prices increased.
Dubai crude prices rose until mid-February, reaching a five-month high of 113.6
dollars per barrel on February 13, but eventually fell as US inventories increased
and geopolitical risks eased as a result of the resumption of nuclear talks with Iran.
Dubai crude ($/barrel)
111.8 (1st week Feb) [ 113.3 (2nd week) [ 111.3 (3rd week) [ 107.9 (4th week, down 3.7% since
end of January)
International oil prices

Source: Korea National Oil Corporation
160
($/B)
140
120
100
80
60
40
20
0
2001. 1
2002. 1
Dubai crude
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
WTI crude
The Green Book | 39
(US$/barrel, period average)
2010
2011
Annual
Annual
2012
Annual
Aug
Sep
2013
Oct
Nov
Dec
Jan
Feb
Dubai crude
78.1
105.9
109.0
108.6
111.2
109.0
107.3
106.4
107.9
111.1
Brent crude
79.7
111.0
111.7
113.0
113.0
111.6
109.3
109.2
112.7
116.2
WTI crude
79.5
95.1
93.8
94.1
94.5
89.5
86.6
88.2
94.8
95.3
Domestic oil product prices had risen for four consecutive weeks since the first
week of February due to rising international gasoline prices.
Gasoline prices (won/liter)
1,922.6 (1st week Feb) [ 1,940.2 (2nd week) [ 1,967.6 (3rd week) [ 1,988.3 (4th week)
(US$/barrel, period average)
2010
2011
Annual
Annual
2012
Annual
Aug
Sep
2013
Oct
Nov
Dec
Jan
Feb
Gasoline prices
1,710.4
1,929.3
1,985.8
1,971.3
2,024.5
2,005.7
1,956.0
1,935.6
1,924.6
1,952.5
Diesel prices
1,502.8
1,745.7
1,806.3
1,784.8
1,836.6
1,820.8
1,777.7
1,760.0
1,749.6
1,766.7
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
2005. 1
2006. 1
Dubai crude (import prices, won, left)
40 | The Green Book
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
20
2013. 1
Dubai international prices (dollar, right)
International grain prices showed a mixed trend, while nonferrous metal prices
generally fell in February.
The prices of wheat and corn decreased due to expectations of production increases
in South America and the US Department of Agriculture (USDA) revising up its
forecast for inventories*, but soybean prices increased due to concerns over the
weather conditions in South America**.
* The USDA forecast 2013 US corn yields to increase 35 percent and inventories to rise to the
highest since 1988.
** Rainfall in Argentina has fallen short of average levels this year, depleting soil moisture in the
soybean producing areas.
Nonferrous metal prices continued to rise until early in the month but started to
fall in mid-February as investor sentiment was daunted by the lower than expected
PMI in China and political unrest in Italy.
Prices of nonferrous metals in February (m-o-m, %)
Nickel (-9.5), tin (-6.2), lead (-6.0), aluminum (-5.0), copper (-4.4), zinc (-3.8)
<Reuters index*>

2010
2011
Annual
2,553
Annual
3,062
(Period average)
2013
2012
Annual
3,006
Aug
Sep
Oct
Nov
Dec
Jan
Feb
3,108
3,172
3,110
3,067
3,037
2,996
2,990
* 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)
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)
The Green Book | 41
12.
12.1 Housing market
Real estate
market
Nationwide apartment sales prices continued a downward trend in February,

falling 0.2 percent from the previous month.
Apartment sales prices in the Seoul metropolitan area (down 0.4%, m-o-m)
declined by a smaller margin than the previous month (down 0.7%, m-o-m).
Apartment sales prices were steady in areas excluding the Seoul metropolitan area,
with prices in Daegu (up 0.2%, m-o-m) and North Chungcheong Province (up
0.0%, m-o-m) rising by a smaller margin. Apartment prices in the five metropolitan
cities and other cities remained unchanged.
<Nationwide apartment sales prices>

2012
2013
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec Jan-Feb Jan
Nationwide
0.0
-0.1
-0.1
-0.3
-0.4
-0.3
-0.3
-0.2
-0.3
-0.5
-0.3
Seoul
-0.4
-0.6
-0.5
-0.8
-0.9
-0.7
-0.6
-0.5
-0.6
-1.0
-0.6
-0.6
-0.7
-0.6
-1.0
-1.3
-0.9
-0.7
-0.4
-0.7
-1.1
-0.8
-0.3
-0.3
-0.4
-0.4
-0.5
-0.4
-0.6
-0.6
-0.5
-0.8
-0.4
-0.7
-0.5
-0.6
-0.6
-0.5
-0.5
-0.6
-0.9
-1.1
-0.5
-0.7
0.2
0.1
0.1
-0.1
-0.3
-0.1
0.0
0.1
0.1
0.0
0.1
Gangnam2
3
Gangbuk
Seoul metropolitan area

5 metropolitan cities
Feb 41 Feb 111 Feb 181 Feb 251

-0.2 -0.05 -0.06 -0.05 -0.02
-0.4 -0.08 -0.13 -0.11 -0.05
Feb
-0.3 -0.06 -0.08 -0.09 0.00

-0.5 -0.09 -0.18 -0.14 -0.10
-0.4 -0.10 -0.12 -0.08 -0.07
0.0
0.00 0.00 -0.02 0.00
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
4
(m-o-m, %)
3
2
1
0
-1
-2
2009. 1
7
Nationwide
42 | The Green Book
2010. 1
2011. 1
2012. 1
2013. 1
Metropolitan cities
Nationwide apartment rental prices continued to rise in February (up 0.3%,

m-o-m). Rental prices in the Seoul metropolitan area and the five metropolitan
cities rose 0.3 percent each.
Apartment rental price increase in major districts in Seoul (m-o-m, %)
Gangnam (1.1), Seocho (0.2), Songpa (0.5), Seongdong (2.0), Gwangjin (1.1), Dongjak (0.9)
<Nationwide apartment rental prices>

2012
2013
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec Jan-Feb Jan
Nationwide
0.1
0.0
-0.1
-0.2
-0.1
0.3
0.4
0.4
0.3
0.6
0.3
Feb Feb 41 Feb 111 Feb 181 Feb 251

0.3 0.08 0.13 0.10 0.13
Seoul
-0.4
-0.5
-0.4
-0.5
-0.3
0.6
0.8
0.7
0.2
1.0
0.4
0.6
0.11 0.25 0.21 0.24
-0.5
-0.5
-0.4
-0.6
-0.4
0.8
1.0
0.9
0.3
1.1
0.5
0.6
-0.3
Seoul metropolitan area -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
0.8
0.5
0.3
0.2
0.6
0.3
0.11 0.24 0.20 0.25

0.10 0.25 0.22 0.22
0.06 0.14 0.13 0.16
0.3
0.1
-0.1
-0.2
0.2
0.3
0.4
0.4
0.6
0.3
0.3
0.09 0.11 0.08 0.10
Gangnam2
3
Gangbuk
5 metropolitan cities
0.3
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
4
(m-o-m, %)
3
2
1
0
-1
-2
2009. 1
7
Nationwide
2010. 1
2011. 1
2012. 1
2013. 1
Metropolitan cities
Apartment sales transactions in January decreased 79.1 percent from the previous
months 81,229 to 16,968, and were down 7.2 percent from a year earlier (18,282).
The Green Book | 43
<Apartment sales transactions>

Nationwide
(Monthly average, thousand)
2009 2010
2011
Annual Annual Oct
Nov Dec
Jan
Feb
Mar
Apr May
Jun
Jul
55
18
39
47
45
37
38
53
48
55
2012
77
46
2013
Aug Sep
31
26
Oct
Nov Dec
Jan
45
50
17
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
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Areas excluding the Seoul Metropolitan area
12.2 Land market

Nationwide land prices in January rose 0.03 percent month-on-month, but were
still 0.08 percent lower than the pre-crisis peak reached in October 2008.
Land prices in the Seoul metropolitan area fell overall, with prices in Seoul (down
0.06%, m-o-m) turning negative.
Land price increases in Seoul metropolitan area (m-o-m, %)
0.10 (May 2012) [ 0.10 (Jun) [ 0.03 (Jul) [ -0.01 (Aug) [ -0.02 (Sep) [ 0.03 (Oct) [ 0.04
(Nov) [ 0.06 (Dec) [ -0.01 (Jan 2013)
Land prices continued to rise in areas excluding the Seoul metropolitan area (up
0.11%, m-o-m), with Sejong (up 0.66%, m-o-m) posting the highest growth rate in
the nation for the 11th straight month in January.
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.14 (Apr 2012) [ 0.14 (May) [ 0.13 (Jun) [ 0.13 (Jul) [ 0.11 (Aug) [ 0.10 (Sep) [ 0.11
(Oct) [ 0.12 (Nov) [ 0.12 (Dec) [ 0.11 (Jan 2013)
44 | The Green Book
<Land prices by region>

2008 2009 2010
2011
Annual Annual Annual Annual
Q1
2012
Q2
Q3
Q4
Annual
Q1
Q2
Q3
2013
Q4
Nov
Dec
Jan
0.03
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
0.07
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
0.03
0.05 -0.06
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
0.07
0.04
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
0.00
0.10
0.01
2005
2006
2007
Source: Korea Land & Housing Corporation
Land prices by region

Source: Korea Land & Housing 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
2004
City
2008
2009
2010
2011
2012
County
Nationwide land transactions in January were 141,000 land lots, down 37.1 percent
from the previous month but up 9.0 percent from 129,000 a year earlier.
Monthly land transactions plummeted in Seoul (down 51.3%, m-o-m), Daegu
(down 59.0%, m-o-m), Gwangju (down 61.5%, m-o-m), and Daejeon (down 55.8%,
m-o-m).
Transactions of vacant land increased 0.9 percent month-on-month to 75,000
lots, making up 53.4 percent of the total amount of transactions, and were up 11.3
percent from 68,000 a year earlier.
The Green Book | 45
<Land sales transactions>

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

Nationwide
2013
Feb
Mar
Apr May
Jun
Jul
Aug Sep
Oct
Nov Dec
Jan
208
203
187
208
170
129
165
187
182
186
163
167
150
133
172
185
224
141
Seoul
26
22
16
18
13
12
14
15
15
13
12
10
15
16
20
10
Gyeonggi
45
46
41
43
33
24
30
37
36
35
32
34
30
27
35
36
45
29
Incheon
13
10
10
10
10
1. Monthly average
Source: Korea Land & Housing Corporation
Land and consumer prices since 1970s

Source: Korea Appraisal Board (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 & Housing 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
46 | The Green Book
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Areas excluding the Seoul metropolitan area
13.
Composite
indices of
business cycle
indicators
Industrial output in January decreased 0.7 percent month-on-month but increased

3.5 percent year-on-year. Output in construction (up 0.2%, m-o-m) and public
administration (up 3.7%, m-o-m) rose, while output in mining & manufacturing
(down 1.5%, m-o-m) and services (down 0.9%, m-o-m) fell.
The cyclical indicator of the coincident composite index remained unchanged in
January.
Five components, including the value of construction completed and mining &
manufacturing production, increased, while retail sales decreased.
Components of the coincident composite index in January (m-o-m)
value of construction completed (1.2%), mining & manufacturing production (0.7%), domestic
shipment (0.2%), service activity (0.1%), non-farm payroll employment (0.1%), retail sales
(-0.2%), imports (0.0%)
The cyclical indicator of the leading composite index fell 0.2 points from the
previous month.
The consumer expectations index, KOSPI and the ratio of export to import prices
were higher compared to the previous month while five components, including the
value of construction orders received and indicator of inventory cycle, fell.
Components of the leading composite index in January (m-o-m)
consumer expectations index (1.3p), KOSPI (0.8%), ratio of export to import prices (0.4%), value
of construction orders received (-9.6%), international commodity prices (-1.9%), indicator of
inventory cycle (-2.9%p), domestic shipment of machinery (-2.1%), ratio of job openings to job
seekers (-0.7%p), spreads between long & short term interest rates (0.0%p)
2012
Jun
Jul
Aug
Sep
2013
Oct
Nov1
Dec1
Jan1
Industrial output (m-o-m, %)
-0.8
0.7
-1.4
1.1
-0.4
1.1
1.0
-0.7
(y-o-y, %)
0.0
1.5
-0.5
1.0
-1.0
1.4
-0.2
3.5
Coincident composite index (m-o-m, %)
0.4
0.5
-0.1
0.5
-0.1
0.6
0.5
0.4
99.7
99.8
99.3
99.3
98.9
99.1
99.2
99.2
(m-o-m, p)
0.0
0.1
-0.5
0.0
-0.4
0.2
0.1
0.0
Leading composite index (m-o-m, %)
1.0
0.6
0.1
-0.1
0.3
0.7
0.7
0.2
100.0
100.1
99.8
99.4
99.3
99.6
100.0
99.8
0.7
0.1
-0.3
-0.4
-0.1
0.3
0.4
-0.2
Cyclical indicator of coincident composite index
Cyclical indicator of leading composite index

(m-o-m, p)
1. Preliminary
The Green Book | 47
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
2013. 1
Industrial output (y-o-y)
Cyclical indicator of coincident composite index

110
(points)
105
100
95
90
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Cyclical indicator of leading composite index

110
(points)
105
100
95
90
2001. 1
2002. 1
48 | The Green Book
2003. 1
2004. 1
2005. 1
Policy Issues
Major outcomes
The Korea-US FTA has helped revitalize the Korean economy through brisk trade
and increased foreign investment. Thanks to the Korea-US FTA, the economy
could produce outcomes, which would otherwise have been less desirable amid
difficult external conditions, including the European fiscal crisis. In 2012, the
bilateral trade amount reached US$101.9 billion, making Korea the third largest
trade partner of the US.
The Korea-US FTA also provided a more transparent and secure environment for
investment. Korea was the second largest investment destination of the US last
year, following Japan.
<Outcomes of Korea-US FTA>

Export growth
(y-o-y, %)
Import growth
(y-o-y, %)
FTA utilization
(%, as of February 28, 2013)
(March 15, 2012 - February 28, 2013)
Total exports
1.4
Goods with FTA rates
10.4
Goods without FTA rates
-3.6
Total imports
-9.1
Goods with FTA rates
4.1
Goods without FTA rates

Exports
-20.1
69.6
Imports
62.1
Foreign investment growth (y-o-y, %)

Consumer price reduction (as of February 28, 2013 compared with March 15, 2012)
113.6
7 out of 8*
* Of almonds, wine, orange juice, grape juice, cars, grapefruits, lemons and walnuts, the prices of all products excluding walnuts have decreased.
Sources: Korea Customs Service, Ministry of Knowledge Economy, Korea Fair Trade Commission
Policy Issues | 49
Outcomes by category
1. Exports to US increased
For products with Korea-US FTA tariff rates, the growth of exports to the US
far exceeded the growth of exports to the other parts of the world, presenting an
apparent positive effect of the Korea-US FTA.
The exports of automobile parts to the US increased by 10.9 percent while the
exports of the same products to the rest of the world increased by 6.0 percent, and
petroleum product exports to the US rose by 29.3 percent while the exports of the
same products to the rest of the world increased by 3.9 percent. The increase in
the petroleum product exports was in line with rising demand from the US as the
nation replaced its imports from other countries with the Korean products that can
be supplied at a lower price owing to preferential tariff rates. Agricultural product
exports increased from US$0.6 billion to US$0.65 billion, and agricultural product
imports decreased from US$7.14 billion to US$5.94 billion, dispelling concerns
that the trade pact would lead to a surge in agricultural product imports.
Exports without Korea-US FTA tariff rates fell by 3.5 percent, led by wireless
communications equipment and semiconductors, which decreased by 35.2 percent
and 7.7 percent, respectively. However, the fall is not entirely due to declining
US demand, but partly because of expanded overseas production. The FTA
contributed to an increase in automobile exports to the US, although automobiles
are not included in the FTA. It is assumed that the trade agreement raised the
brand awareness of Korean car manufacturers.
Imports of products outside the FTA dropped 9.1 percent, led by semiconductors,
aircrafts and parts, semiconductor manufacturing equipment and steel products.
Meanwhile, the imports of US cars increased 4.1 percent, as the tariff rate fell from
8 percent to 4 percent. Exports of tariff-free agricultural products, such as seaweed
and beverages, rose by 7.0 percent, and imports of US fruit, such as oranges and
cherries, also increased.
2. FDI from the US increased

From March 15, 2012 to February 28, 2013, foreign direct investment (FDI) from
the US has increased by 113.6 percent from US$2.120 billion to US$4.529 billion,
through both M&As and greenfield investments. US direct investment in the
manufacturing sector increased 88.6 percent, while the direct investment in the
service sector rose 90.6 percent.
50 | Policy Issues
3. Consumer prices decreased

The government has been monitoring the prices of eight import itemswine, cars,
almonds, orange juice, grape juice, grapefruit, lemons and walnutsall of which,
with the exception of walnuts, have shown reductions in their prices. The prices
of almonds and wine have dropped by 12.3 percent and 11.5 percent, respectively,
while the prices of imported cars shed 3.4 percent.
4. Positive effect on SMEs

Growth of exports to the US by small- and medium-sized enterprises (SMEs)
surpassed the growth of the nations total exports to the region, each of which
increased 3.1 percent and 2.7 percent, respectively, partly because exports that
benefit from the FTA are the products mostly made by SMEs, such as automobile
parts, textiles and food. Such sectors are also shown to have actively utilized the
trade agreement. According to the US International Trade Commission, as of the
end of 2012 the Korea-US FTA utilization rate of Koreas component exporters was
76.5 percent, while that of textile exporters was 75.8 percent and food exporters
74.3 percent.
Plans for the future

The Korea-US FTA turned out to be apparently positive after a year of its
implementation. Therefore, the government will act to help enterprises utilize
FTAs and consumers benefit from them. First, the government will produce FTA
utilization rates by nation, industry and business size, on the basis of which the
government will provide the most adequate support. The government plans to
expand its SME exporter support to 1,900 enterprises, and the support will cover
FTA related consultation and education, and product-of-origin management.
On-site customs brokerage service will also be made available to up to 10,000
cases annually through regional FTA centers as well as the FTA Information and
Business Support Center.
On top of that, the government will provide various support to help SME exporters
make deals with foreign buyers, such as arranging business centers next to large
exhibitions, and facilitate developing new business models that utilize FTAs.
There will be a joint program by the government, the Korea International Trade
Association and the Korea Trade-investment Promotion Agency, which is aimed
at promoting the utmost use of FTAs.
Policy Issues | 51
Consumers will enjoy imported goods at cheaper prices as the government will
strengthen the monitoring of consumer prices of those goods, provide price
information, improve distribution systems and investigate unfair practices
regarding prices. Currently, the government monitors the consumer prices of eight
products imported from the US and seven from the EU, and will adjust products
for monitoring in line with changes in tariff reduction and import amount. The
government will further lower consumer prices by encouraging competition
through parallel importation and e-commerce.
The government will provide education and consultation on product-origin
verification, as there have been increased requests for the verification from
destination countries. Furthermore, the government will examine corporate
practices regarding country of origin verification to increase confidence about
the Korean products, and the Korean customs authorities will sign MOUs with its
counterparts to help make origin verification processes more transparent.
52 | Policy Issues
Economic News Briefing
Bank of Korea holds key rate at 2.75%

The Monetary Policy Committee of the Bank of Korea (BOK) decided on March
14 to leave its benchmark interest rate unchanged at 2.75 percent. The central bank
has kept borrowing costs unchanged for five straight months, after a 25 basis-point
cut in October 2012. The Committee stated that it will conduct monetary policy
so as to keep consumer price inflation within the inflation target range over a
medium-term horizon while ensuring that the growth potential is not eroded due
to the continuation of slow growth.
Overseas direct investment down 14.3% in 2012

Koreas overseas direct investment in 2012 declined 14.3 percent from the
previous year to US$39.01 billion. Investments in the mining sector plunged
51.7 percent year-on-year to US$9.89 billion as public energy firms cut back on
large-scale natural resources development investment. Meanwhile, investments
in manufacturing rose 4.2 percent to US$10.50 billion, surpassing mining for the
first time in five years. Investments in finance & insurance (US$6.80 billion, up
29.2% y-o-y) and real estate & renting (US$2.56 billion, up 129.1% y-o-y), which
had declined in 2011 as a result of the eurozone crisis, recovered to 2010 levels.
Economic News Briefing | 53
(trillion won)
2008
2009
2010
2011
2012
Total (US$ billion)
36.85
30.75
34.35
45.53
39.01
Growth rate1 (%)
22.8
-16.6
11.7
32.5
-14.3
1. Percentage change from the previous year
By region, investments in North America decreased significantly, while

investments in Asia increased. Investments in Europe, which had plunged in
2011 due to the financial turmoil in the eurozone, improved last year, mostly due
to the Korea-EU FTA that went into effect on July 1, 2011. The top investment
destination in 2012 was the US (US$6.90 billion, down 58.2% y-o-y), followed
by China (US$6.48 billion, up 35.7% y-o-y), Australia (US$4.41 billion, up 7.0%
y-o-y), the Netherlands (US$2.85 billion, up 813.9% y-o-y), and Hong Kong
(US$2.06 billion, up 20.8% y-o-y).
Although uncertainties remain, Koreas overseas direct investment is projected to
rise in 2013, helped by increased overseas investment by the pension funds and
modest economic recovery in the US and China.
Korea now ranks 8th in world trade

Korea has surpassed Italy to become the worlds eighth largest trading nation,
according to the latest World Trade Organization (WTO) statistics. Koreas ranking
has been climbing steadily since the country reached 13th in 2000, and in 2012 the
nations trade volume exceeded US$1 trillion for the second straight year. Over the
last 10 years, Korea and China have grown considerably, with China threatening to
beat the US to become the worlds top trader. Germany and the Netherlands have
continued to perform strongly, while Japan and Italy have struggled in recent years.
<Trade ranking and volume by nation>

Ranking
Nation
Trade volume (US$ trillion)
Change from previous year (%)
54 | Economic News Briefing
US
China
Germany
Japan
3.882
3.867
2.576
1.684
1.247
3.6
6.2
-5.5
0.4
-1.0
10
UK
Korea
Italy
Hong Kong
1.244
1.149
1.068
0.987
0.948
-5.0
3.5
-1.1
-8.7
-1.9
Netherlands France
Korea, Colombia officially sign FTA

The Korea-Colombia free trade agreement (FTA) was officially signed on February
21, making Colombia the tenth nation to sign an FTA with Korea. Through this
bilateral accord, Korea hopes to increase its exports of automobiles, automotive
components, textiles, plastics and steel, while Colombia expects to boost its exports
of agricultural products and natural resources. Both nations will abolish tariffs on
over 96 percent of their products within 10 years after the FTA takes off.
Government releases report on foreign-invested firms

The Ministry of Knowledge Economy (MKE) released on February 27 a report on
foreign-invested companies in Korea. According to the report, the total number
of workers employed by the 14,809 foreign-invested firms in Korea was 501,000 in
2011, up 17,000 from the previous year and making up 6.2 percent of the nations
total workforce. Employment growth was led by the manufacturing sector, which
saw an increase of 22,794 employees.
The foreign-invested firms exports increased US$8.4 billion year-on-year
to US$100.7 billion in 2011, accounting for 18.1 percent of the nations total
exports. Meanwhile, sales soared 20 percent to 482 trillion won, and research and
development (R&D) spending rose by 530 billion won to 1.9 trillion won.
The companies also saw an improvement in profitability and financial health,
the ministry report revealed. Foreign-invested firms ratio of operating profit
to net sales was 6.04 percent in 2011, 1.35 times higher than that of domestic
corporations, while the debt-to-asset ratio improved slightly from 113.1 percent in
2010 to 109.03 percent in 2011.
Among the 336 foreign-invested firms that had received business support from the
government, more than half said that the aid was very helpful, but added that more
assistance was needed in terms of tax incentives, financial aid and administrative
aid.
Economic News Briefing | 55
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 | 57
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
2011
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
2011
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
58 | Statistical Appendices
2.
Production, shipment and inventory
(constant prices, 2010=100)
Production index
Period
2010
2011
2012P
100.0
105.9
106.8
Y-o-Y change
(%)
16.3
5.9
0.8
Shipment index
100.0
105.6
106.3
Y-o-Y change
(%)
14.3
5.6
0.7
Inventory index
Service production index
104.6
120.2
124.3
Y-o-Y change
(%)
18.0
14.9
3.4
100.0
103.2
104.8
Y-o-Y change
(%)
3.8
3.2
1.6
2010
93.9
101.2
98.7
106.2
26.3
18.7
9.7
12.6
93.9
101.1
98.6
106.4
22.0
15.6
9.0
11.8
97.2
98.2
100.7
104.6
9.3
15.9
16.2
18.0
96.8
100.5
99.8
103.8
5.4
4.7
2.2
3.4
2011
102.6
107.4
103.9
109.7
9.3
6.1
5.3
3.3
103.3
106.6
103.1
109.2
10.0
5.4
4.6
2.6
104.7
110.0
112.7
120.2
7.7
12.0
11.9
14.9
99.5
103.4
103.2
106.7
2.8
2.9
4.5
2.8
2012
106.3
108.6
102.9
109.6
3.6
1.1
-1.0
-0.1
106.3
108.1
102.6
108.2
2.9
1.4
-0.5
-0.9
117.8
115.2
114.6
124.3
12.5
4.7
1.7
3.4
102.1
104.9
104.7
107.6
2.6
1.5
1.5
0.8
2010
1
2
3
4
5
6
7
8
9
10
11
12
94.1
86.0
101.6
101.2
100.2
102.3
102.2
96.6
97.4
105.3
105.6
107.6
38.7
18.9
22.6
20.2
20.1
16.0
14.1
14.1
1.6
14.4
12.4
11.1
93.8
85.9
102.0
101.5
99.4
102.4
101.1
97.2
97.5
105.4
106.2
107.6
33.5
14.2
19.5
17.1
16.5
13.3
12.3
14.1
1.3
13.3
11.9
10.3
97.2
98.7
97.2
98.3
99.2
98.2
101.0
101.2
100.7
101.8
102.0
104.6
2.3
9.3
9.3
14.1
16.0
15.9
18.1
17.8
16.2
18.1
17.0
18.0
95.2
93.8
101.5
98.8
101.2
101.6
99.5
98.1
98.9
100.5
100.6
110.2
4.4
4.9
7.0
3.7
5.7
4.7
3.8
3.0
-0.2
3.5
3.6
2.9
2011
1
2
3
4
5
6
7
8
9
10
11
12
105.3
91.8
110.6
106.8
107.1
108.3
105.9
101.5
104.4
109.7
109.3
110.1
11.9
6.7
8.9
5.5
6.9
5.9
3.6
5.1
7.2
4.2
3.5
2.3
105.8
93.3
110.8
106.8
106.0
107.0
104.0
101.2
104.2
109.1
108.2
110.3
12.8
8.6
8.6
5.2
6.6
4.5
2.9
4.1
6.9
3.5
1.9
2.5
104.6
102.8
104.7
105.8
108.6
110.0
111.8
112.2
112.7
115.6
117.9
120.2
7.6
4.2
7.7
7.6
9.5
12.0
10.7
10.9
11.9
13.6
15.6
14.9
100.1
94.2
104.1
102.1
103.5
104.7
103.1
103.1
103.3
104.2
103.7
112.3
5.1
0.4
2.6
3.3
2.3
3.1
3.6
5.1
4.4
3.7
3.1
1.9
2012
1
2
3
4
5
6
7
8
9
10
11
12P
101.9
105.8
111.2
106.4
110.4
108.9
105.6
99.4
103.6
107.6
111.6
109.6
-3.2
15.3
0.5
-0.4
3.1
0.6
-0.3
-2.1
-0.8
-1.9
2.1
-0.5
102.6
105.8
110.6
105.9
109.6
108.9
104.8
98.5
104.6
106.6
109.5
108.6
-3.0
13.4
-0.2
-0.8
3.4
1.8
0.8
-2.7
0.4
-2.3
1.2
-1.5
119.4
117.5
117.8
116.6
118.4
115.2
115.8
119.5
114.6
115.5
120.4
124.3
14.1
14.3
12.5
10.2
9.0
4.7
3.6
6.5
1.7
-0.1
2.1
3.4
100.5
100.0
105.9
102.7
105.9
106.0
104.7
103.8
105.9
104.6
105.2
113.1
0.4
6.2
1.7
0.6
2.3
1.2
1.6
0.7
2.2
0.4
1.4
0.7
2013
1P
109.3
7.3
107.1
4.4
127.9
7.1
102.2
1.7
P: Preliminary
3.
Production capacity and operation ratio
Period
Production capacity index (2010=100)
2010
2011
2012P
100.0
104.9
107.2
Y-o-Y change (%)

7.9
4.9
2.2
Operation ratio index (2010=100)

100.0
99.8
97.0
Y-o-Y change (%)

7.7
-0.2
-2.8
Average operation
ratio (%)
80.3
80.2
78.1
2010
97.8
99.5
100.7
102.0
7.6
8.5
7.9
7.4
95.7
102.7
97.6
104.0
18.3
8.9
0.8
4.8
79.4
80.6
80.4
80.9
2011
103.6
104.7
105.2
106.1
5.9
5.2
4.5
4.0
97.6
103.1
97.3
101.3
2.0
0.4
-0.3
-2.6
81.4
80.4
80.4
78.8
2012
106.8
107.1
107.2
107.5
3.1
2.3
1.9
1.3
96.9
100.3
92.8
97.9
-0.7
-2.7
-4.6
-3.4
79.6
79.0
76.2
77.8
2010
1
2
3
4
5
6
7
8
9
10
11
12
97.3
97.6
98.5
99.0
99.4
100.0
100.4
100.6
101.1
101.7
101.9
102.4
7.1
7.4
8.2
8.2
8.7
8.6
8.3
8.1
7.4
7.6
7.6
7.0
95.9
87.1
104.0
103.3
101.3
103.6
103.1
94.4
95.2
104.3
103.5
104.2
31.4
10.2
14.7
10.9
9.7
6.3
5.4
4.8
-7.2
6.3
4.0
4.0
78.1
79.9
80.2
80.5
80.4
80.9
81.7
79.6
80.0
79.8
80.4
82.5
2011
1
2
3
4
5
6
7
8
9
10
11
12
103.2
103.4
104.2
104.6
104.6
104.9
105.1
105.2
105.4
106.0
106.1
106.2
6.1
5.9
5.8
5.7
5.2
4.9
4.7
4.6
4.3
4.2
4.1
3.7
100.3
87.0
105.4
102.3
102.8
104.3
100.4
94.4
97.2
102.4
101.6
99.9
4.6
-0.1
1.3
-1.0
1.5
0.7
-2.6
0.0
2.1
-1.8
-1.8
-4.1
82.5
80.3
81.3
79.6
80.2
81.3
80.9
80.0
80.4
79.7
78.9
77.7
2012
1
2
3
4
5
6
7
8
9
10
11
12 P
106.7
106.8
106.9
107.0
107.1
107.2
106.9
107.4
107.3
107.4
107.6
107.6
3.4
3.3
2.6
2.3
2.4
2.2
1.7
2.1
1.8
1.3
1.4
1.3
91.8
96.5
102.3
98.2
102.0
100.8
96.8
87.9
93.8
97.7
100.3
95.8
-8.5
10.9
-2.9
-4.0
-0.8
-3.4
-3.6
-6.9
-3.5
-4.6
-1.3
-4.1
79.7
80.4
78.7
79.0
79.5
78.4
77.8
74.0
76.7
77.0
78.0
78.4
2013
1P
107.6
0.8
97.3
6.0
78.1
P: Preliminary
4.
Consumer goods sales index
(constant prices, 2010=100)
Consumer goods sales index
Durable goods
Period
2010
2011
2012P
100.0
104.5
106.9
Y-o-Y change
(%)
6.7
4.5
2.3
Semi-durable goods
100.0
110.6
116.5
Y-o-Y change
(%)
14.8
10.6
5.3
100.0
103.7
102.6
Y-o-Y change
(%)
6.7
3.7
-1.1
Non-durable goods
100.0
102.1
104.4
Y-o-Y change
(%)
2.2
2.1
2.3
2010
95.6
98.7
99.7
106.1
8.9
5.4
8.0
5.0
94.5
96.0
101.0
108.5
29.5
6.2
17.0
9.8
93.5
100.3
90.9
115.3
3.0
5.7
9.4
8.9
97.0
99.2
102.9
100.9
2.4
3.4
2.4
0.8
2011
100.7
104.8
103.7
108.9
5.3
6.2
4.0
2.6
105.4
112.2
111.4
113.3
11.5
16.9
10.3
4.4
98.3
105.5
94.2
116.7
5.1
5.2
3.6
1.2
99.6
101.2
104.4
103.3
2.7
2.0
1.5
2.4
2012
103.5
106.3
106.4
111.6
2.8
1.4
2.6
2.5
110.0
115.5
118.8
121.8
4.4
2.9
6.6
7.5
98.0
104.4
90.9
117.1
-0.3
-1.0
-3.5
0.3
102.9
102.8
107.5
104.3
3.3
1.6
3.0
1.0
2010
1
2
3
4
5
6
7
8
9
10
11
12
95.0
93.3
98.4
96.6
100.7
98.7
100.1
96.2
102.7
104.0
105.3
109.1
6.1
11.7
8.7
7.8
4.4
4.3
9.5
9.3
5.3
4.5
6.7
4.0
92.8
90.4
100.3
92.7
94.6
100.7
104.0
98.2
100.7
105.4
108.3
111.9
40.0
22.5
27.1
17.5
3.2
0.1
18.2
25.9
8.4
14.3
10.8
5.2
95.0
88.5
96.9
99.7
105.0
96.2
92.7
83.4
96.5
113.6
114.9
117.4
4.1
3.4
1.4
3.5
5.2
8.7
10.2
9.4
8.3
11.0
7.1
8.7
96.0
96.8
98.2
97.1
101.6
98.8
101.6
100.9
106.3
99.1
99.6
104.0
-4.9
11.0
2.3
3.5
2.2
4.4
4.3
1.7
1.4
-4.3
3.8
2.1
2011
1
2
3
4
5
6
7
8
9
10
11
12
105.4
92.8
103.9
102.5
107.3
104.7
104.2
100.9
106.0
107.4
107.2
112.0
10.9
-0.5
5.6
6.1
6.6
6.1
4.1
4.9
3.2
3.3
1.8
2.7
104.0
97.8
114.5
106.4
112.6
117.5
117.0
109.7
107.6
109.0
116.3
114.5
12.1
8.2
14.2
14.8
19.0
16.7
12.5
11.7
6.9
3.4
7.4
2.3
104.9
90.0
99.8
105.6
109.9
100.9
96.2
86.2
100.1
116.1
111.9
122.1
10.4
1.7
3.1
5.9
4.7
4.9
3.8
3.4
3.7
2.2
-2.6
4.0
106.3
91.7
100.8
99.4
103.6
100.5
101.8
103.4
107.9
102.7
100.9
106.4
10.7
-5.3
2.6
2.4
2.0
1.7
0.2
2.5
1.5
3.6
1.3
2.3
2012
1
2
3
4
5
6
7
8
9
10
11
12P
107.5
97.9
105.0
102.9
110.0
105.9
108.0
102.0
109.1
109.0
111.5
114.2
2.0
5.5
1.1
0.4
2.5
1.1
3.6
1.1
2.9
1.5
4.0
2.0
107.7
107.9
114.4
107.8
118.1
120.5
126.2
114.3
115.9
117.1
123.0
125.3
3.6
10.3
-0.1
1.3
4.9
2.6
7.9
4.2
7.7
7.4
5.8
9.4
103.6
91.0
99.3
103.7
110.4
99.2
96.0
80.7
96.0
113.5
117.8
119.9
-1.2
1.1
-0.6
-1.8
0.5
-1.7
-0.2
-6.4
-4.1
-2.2
5.3
-1.8
109.2
96.3
103.1
100.2
106.0
102.1
105.0
105.8
111.7
103.2
103.3
106.5
2.7
5.0
2.3
0.8
2.3
1.6
3.1
2.3
3.5
0.5
2.4
0.1
2013
1P
104.5
-2.8
111.8
3.8
103.6
0.0
101.4
-7.1
P: Preliminary
5.
Consumer goods shipment index and consumer sentiment index
Domestic consumer goods shipment index (2010=100)
Durable goods
Period
2010
2011
2012P
100.0
109.2
101.1
Y-o-Y
change (%)
5.2
0.9
0.2
Non-durable goods
100.0
100.2
98.5
Y-o-Y
change (%)
4.0
0.2
-1.7
100.0
101.2
102.3
Y-o-Y
change (%)
5.8
1.2
1.1
Consumer
sentiment
index
-
2010
96.6
96.9
100.6
106.0
9.8
3.3
2.8
5.3
95.6
97.7
101.2
105.5
18.4
-1.9
2.0
0.3
96.9
96.5
100.4
106.2
6.0
6.2
3.3
7.9
2011
100.8
97.9
101.2
103.8
4.3
1.0
0.6
-2.1
99.5
100.7
100.8
99.9
4.1
3.1
-0.4
-5.3
101.4
96.7
101.4
105.4
4.6
0.2
1.0
-0.8
2012
100.0
99.7
100.9
103.8
-0.8
1.8
-0.3
0.0
97.4
98.9
96.0
101.7
-2.1
-1.8
-4.8
1.9
101.2
100.1
103.0
104.7
-0.2
3.5
1.6
-0.7
2010
1
2
3
4
5
6
7
8
9
10
11
12
101.5
90.1
98.1
97.3
95.2
98.1
100.5
99.8
101.4
106.7
106.1
105.3
15.5
6.3
7.5
5.8
2.7
1.4
3.4
10.2
-4.3
7.4
9.6
-0.5
96.0
91.2
99.7
95.2
95.4
102.4
105.5
97.7
100.3
106.0
106.5
104.1
36.2
10.9
11.4
10.9
-4.7
-9.2
1.3
9.1
-3.6
6.7
2.0
-6.9
103.8
89.6
97.4
98.2
95.1
96.2
98.4
100.8
101.9
106.9
105.9
105.8
7.7
4.3
5.9
3.5
6.8
8.3
5.0
10.7
-4.6
7.6
13.8
2.8
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
108.6
88.7
105.2
98.2
96.1
99.3
99.7
102.1
101.8
105.0
102.1
104.2
7.0
-1.6
7.2
0.9
0.9
1.2
-0.8
2.3
0.4
-1.6
-3.8
-1.0
100.9
92.6
105.1
97.3
99.3
105.4
104.2
98.1
100.0
100.3
98.6
100.9
5.1
1.5
5.4
2.2
4.1
2.9
-1.2
0.4
-0.3
-5.4
-7.4
-3.1
111.9
87.1
105.2
98.6
94.7
96.7
97.8
103.8
102.6
107.0
103.6
105.7
7.8
-2.8
8.0
0.4
-0.4
0.5
-0.6
3.0
0.7
0.1
-2.2
-0.1
111
109
110
102
105
103
103
99
99
101
105
100
2012
1
2
3
4
5
6
7
8
9
10
11
12P
100.2
97.9
101.9
98.7
101.9
98.6
101.6
98.5
102.7
103.7
104.2
103.6
-7.7
10.4
-3.1
0.5
6.0
-0.7
1.9
-3.5
0.9
-1.2
2.1
-0.6
92.2
98.0
102.1
93.6
100.2
102.9
105.1
87.5
95.4
98.4
101.0
105.7
-8.6
5.8
-2.9
-3.8
0.9
-2.4
0.9
-10.8
-4.6
-1.9
2.4
4.8
103.7
97.9
101.9
100.9
102.7
96.7
100.1
103.1
105.8
105.9
105.6
102.7
-7.3
12.4
-3.1
2.3
8.4
0.0
2.4
-0.7
3.1
-1.0
1.9
-2.8
98
102
102
106
106
101
100
101
99
100
100
99
2013
1
2
103.8
-
3.6
-
96.5
-
4.7
-
106.9
-
3.1
-
102
102

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
25,148
21,789
2,407
2,142
22,741
19,647
Manufacturing
14,147
10,482
Estimated
facility investment
index
(2005=100)
Domestic
machinery shipment
excluding ship
(2010=100)
139.2
136.4
104.3
98.8
2011
6,383
6,723
5,666
6,376
358
708
310
1,031
6,025
6,015
5,356
5,345
3,772
3,802
3,163
3,411
130.5
149.8
139.5
136.9
99.0
110.1
101.8
106.4
2012
6,310
5,391
5,079
5,008
810
285
579
468
5,500
5,106
4,500
4,540
3,055
2,765
2,320
2,343
144.5
145.7
128.1
127.4
103.4
104.6
90.9
96.3
2011
7
8
9
10
11
12
2,026
1,759
1,881
1,950
2,293
2,133
132
82
96
311
526
194
1,894
1,676
1,785
1,639
1,767
1,939
1,040
1,024
1,098
969
1,110
1,332
141.0
140.0
137.5
124.0
139.4
147.4
103.5
100.0
102.0
101.3
102.4
115.6
2012
1
2
3
4
5
6
7
8
9
10
11
12P
1,933
2,541
1,836
1,845
1,830
1,716
1,835
1,516
1,729
1,545
1,689
1,775
52
695
63
56
39
190
310
169
100
86
127
255
1,881
1,846
1,773
1,789
1,791
1,526
1,525
1,347
1,629
1,458
1,562
1,520
1,158
1,036
860
927
988
850
779
689
852
733
833
777
139.4
146.8
147.4
143.1
145.9
148.1
140.4
118.2
125.7
119.7
124.4
138.1
95.0
106.0
109.1
104.1
103.8
105.8
96.4
87.8
88.6
92.7
93.8
102.5
2012
1P
1,828
142
932
120.4
82.6
7.6
-13.4
-2.6
-11.0
13.0
-25.9
4.0
-2.0
4.3
-5.3
2011
2012P
1,687
Y-o-Y change (%)
8.8
-13.6
2011
15.3
9.6
-0.7
6.4
-36.7
83.1
-18.6
-9.5
21.2
4.6
0.6
10.1
27.7
6.5
0.7
19.5
7.8
8.9
0.1
-0.1
12.8
3.2
1.2
1.4
2012
-1.1
-19.8
-10.4
-21.4
126.1
-59.7
86.7
-54.6
-8.7
-15.1
-16.0
-15.1
-19.0
-27.3
-26.6
-31.3
10.7
-2.7
-8.2
-6.9
4.4
-5.0
-10.7
-9.5
2011
7
8
9
10
11
12
-2.6
2.4
-1.4
12.7
30.5
-15.0
51.0
-17.3
-50.4
236.6
376.6
-79.2
-4.9
3.6
4.2
0.1
7.3
23.3
-6.3
11.1
-1.0
-3.8
11.3
56.9
0.1
-0.1
0.2
-5.0
3.0
1.3
1.8
1.5
0.5
3.6
-0.2
1.2
2012
1
2
3
4
5
6
7
8
9
10
11
12P
-0.8
25.1
-23.6
-4.4
-14.4
-35.4
-9.4
-13.8
-8.1
-20.8
-26.4
-16.8
-22.2
829.0
-70.9
-10.3
-72.8
-62.2
135.5
105.9
3.5
-72.3
-75.8
31.2
0.0
-5.7
-18.9
-4.3
-10.2
-29.1
-19.5
-19.7
-8.7
-11.0
-11.6
-21.6
3.9
-12.3
-41.7
-22.4
-19.1
-38.7
-25.1
-32.7
-22.4
-24.3
-25.0
-41.7
10.3
27.3
-1.7
2.8
-3.3
-7.0
-0.4
-15.6
-8.6
-3.5
-10.8
-6.3
1.0
16.5
-2.5
-0.3
-6.8
-7.6
-6.9
-12.2
-13.1
-8.5
-8.4
-11.3
2013
1P
-5.4
174.3
-10.3
-19.5
-13.6
-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)
91,717
88,031
Type of order
Public
Private
35,120
33,578
51,663
50,260
Domestic
construction
orders received
(total)
95,332
86,821
Type of order
Public
Private
28,624
26,103
61,839
57,202
2011
19,277
24,057
21,423
26,960
7,322
9,290
7,684
10,825
11,031
13,339
12,597
14,696
16,335
25,319
20,444
33,233
4,119
6,311
6,711
11,483
11,107
17,653
12,871
20,209
2012
19,106
22,203
21,135
25,587
7,385
8,813
7,499
9,881
10,795
12,333
12,584
14,548
21,772
25,136
17,665
22,248
5,531
5,602
5,478
9,492
15,549
18,515
11,632
11,506
2011
7
8
9
10
11
12
6,754
6,896
7,772
7,961
7,859
11,140
2,378
2,461
2,845
2,902
3,171
4,752
4,061
4,099
4,437
4,672
4,292
5,733
5,157
7,574
7,714
7,491
9,039
16,703
1,885
1,504
3,352
2,415
2,989
6,179
3,094
5,783
3,994
4,991
5,870
9,347
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
5,742
5,979
7,385
6,789
7,225
8,189
6,970
6,508
7,658
7,298
8,030
10,259
2,106
2,358
2,921
2,625
2,839
3,349
2,337
2,292
2,870
2,574
2,974
4,333
3,339
3,371
4,086
3,875
4,066
4,393
4,254
3,907
4,423
4,432
4,742
5,375
7,244
8,122
6,406
6,033
7,215
11,887
6,450
5,120
6,195
5,501
7,232
9,516
1,796
2,165
1,390
1,448
1,072
3,082
2,284
1,341
1,852
1,962
2,148
5,382
5,100
5,812
4,636
4,097
6,034
8,385
3,886
3,738
4,008
3,507
4,743
3,255
2013
1P
6,280
2,118
3,403
1,283
1,972
-0.6
-4.0
-0.1
-4.4
3,920
Y-o-Y change (%)
-2.2
-2.7
6.1
-8.9
-2.0
-8.8
12.3
-7.5
2011
2012P
2011
-5.2
-0.1
-2.7
4.4
-2.1
1.8
-1.5
0.7
-7.9
-4.3
-4.3
6.9
-11.5
-0.9
5.6
25.5
-49.0
-8.4
-1.4
54.5
20.3
4.7
12.1
15.4
2012
-0.9
-7.7
-1.3
-5.1
0.9
-5.1
-2.4
-8.7
-2.1
-7.5
-0.1
-1.0
33.3
-0.7
-13.6
-33.1
34.3
-11.2
-18.4
-17.3
40.0
4.9
-9.6
-43.1
2011
7
8
9
10
11
12
-9.3
-3.5
4.7
7.9
-1.9
6.7
-11.7
0.1
7.2
1.7
-2.5
2.3
-8.0
-6.1
1.4
12.3
-2.5
10.5
-32.0
79.2
2.3
70.0
17.9
16.0
-52.2
12.5
110.6
95.8
46.7
46.7
-8.6
111.9
-25.5
63.8
10.9
2.0
2012
1
2
3
4
5
6
7
8
9
10
11P
12P
-7.2
12.2
-4.8
-5.4
-2.9
-13.3
3.2
-5.6
-1.5
-8.3
2.2
-7.9
-13.6
16.3
2.3
-4.3
1.8
-10.9
-1.7
-6.8
0.9
-11.3
-6.2
-8.8
-4.3
10.1
-8.8
-4.7
-4.3
-12.5
4.8
-4.7
-0.3
-5.1
10.5
-6.2
47.5
99.1
-12.8
-10.1
0.9
3.7
23.1
-32.4
-19.7
-26.6
-20.0
-43.0
50.2
53.7
0.3
1.4
-43.3
3.0
23.1
-10.9
-44.7
-15.3
-28.1
-12.9
75.6
131.7
-18.6
-11.5
27.3
1.3
25.6
-35.4
0.4
-29.7
-19.2
-65.2
2013
1P
9.4
0.6
17.4
-53.0
-35.1
-61.3
P: Preliminary
8.
Composite indices of business cycle indicators and BSI
Period
Leading index
(2010=100)
Coincident index
(2010=100)
Cycle of
coincident index
(2010=100)
BSI
(results)
BSI
(prospects)
2009
1
2
3
4
5
6
7
8
9
10
11
12
87.4
88.2
88.7
90.5
91.9
93.6
94.3
95.0
95.9
96.9
98.2
98.8
88.5
88.5
89.2
90.3
90.8
92.3
93.1
93.7
94.3
95.3
96.0
96.5
95.3
95.0
95.4
96.1
96.4
97.5
98.0
98.3
98.6
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
99.2
99.1
99.0
99.0
99.6
100.1
100.7
100.8
101.0
100.5
100.5
100.5
97.0
97.7
98.4
99.1
99.8
100.3
100.9
101.1
101.1
101.0
101.4
102.2
99.9
100.2
100.5
100.8
101.1
101.2
101.4
101.1
100.7
100.2
100.2
100.6
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
101.3
101.6
101.7
101.3
101.6
102.0
102.6
102.9
103.2
103.3
103.4
103.7
103.5
103.6
104.0
104.0
104.7
105.3
105.9
106.5
106.5
107.0
106.9
107.4
101.4
101.1
101.1
100.7
100.9
101.1
101.2
101.4
101.0
101.0
100.6
100.5
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
104.4
105.4
105.7
106.2
106.3
107.4
108.0
108.1
108.0
108.3
109.1
109.9
107.4
108.2
108.3
108.6
108.7
109.1
109.7
109.6
110.1
110.0
110.7
111.3
100.2
100.5
100.2
100.0
99.7
99.7
99.8
99.3
99.3
98.9
99.1
99.2
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
3
85.0
83.0
-
85.7
86.7
104.4
110.1
-
111.8
-
99.2
-
Source: Statistics Korea & The Bank of Korea

9.
Balance of payments (I)
(million US$)
Current balance
Goods trade balance
Period
2010
2011
2012P
29,393.5
26,068.2
43,138.5
40,082.5
31,660.0
38,337.7
Exports
461,444.9
551,765.4
552,565.3
Imports
421,362.4
520,105.4
514,227.6
Services trade
balance
Income trade
Balance
Current transfers
-8,626.0
-5,849.5
2,676.2
1,015.9
2,890.9
4,885.5
-3,078.9
-2,633.2
-2,760.9
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
14,828.1
2,612.4
8,520.5
13,341.2
13,863.6
134,627.6
138,784.9
137,086.0
142,066.8
132,015.2
130,264.4
123,744.8
128,203.2
-648.4
2,312.7
654.4
357.5
1,487.6
821.4
1,041.3
1,535.2
-891.7
-465.8
-475.2
-928.2
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
2,140.2
-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
1,917.3
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
44,285.9
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
42,368.6
-128.8
-1,219.3
699.7
549.7
1,593.0
170.1
593.3
-262.2
323.3
378.3
-51.6
30.8
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
-446.9
2013P
2,253.6
2,597.2
47,143.6
44,546.4
-927.1
968.4
-384.9
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
-43,619.1
-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
-26,897.7
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
480.6
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
-20,931.2
-4,696.3
-4,138.1
-2,807.6
-2,980.7
-1,379.1
2,035.4
8,108.4
-5,338.8
730.3
-542.9
-1,490.7
1,086.4
6,251.6
-1,432.5
-18,692.6
-11,733.2
-181.4
-111.9
235.5
106.8
-3,479.2
-2,618.0
6,326.1
-2,071.7
143.8
1,315.8
1,424.9
6,103.1
2012P
-1,377.1
-7,968.0
-13,342.8
-20,931.2
-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
-11,733.2
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
6,103.1
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
-3,833.7
-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
-9,034.0
-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
1,693.5
2013P
-913.6
-1,417.7
-4,374.3
586.9
4,640.6
48.5
-397.6
-1,340.0
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
1
2
107.3
107.6
109.8
110.2
105.2
105.5
106.0
106.7
106.8
107.8
92.2
94.4
102.3
105.1
4.0
2.2
5.7
3.0
105.9
106.1
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
2
1.5
1.4
1.8
1.6
1.3
1.2
1.2
1.3
-1.6
-1.6
-2.5
-2.5
-8.1
-5.6
-10.6
-8.6

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
1
2
24,901
24,973
24,054
23,984
4,189
4,139
17,581
17,493
11,292
11,336
4,791
4,725
1,498
1,431
1.4
1.6
1.7
1.8
1.6
0.3
18,810
3.4
18,736
4.0
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
2
1.3
0.6
1.4
0.8
3.9
1.9
1.0
0.7
2.3
1.6
4.9
4.9
-1.6
-3.1
-3.1
-7.1

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
1
2
2.8
2.8
2.9
2.8
3.2
3.1
2.8
2.7
2.9
2.8
1,961.94
2026.49
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
Reserve money
2011
2012
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
2,379,518.7
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
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
2,455,962.9
2013
85,839.3
464,914.5
Y-o-Y change (%)
6.6
3.8
1,841,128.1
2,469,789.3
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
2013
5.1
5.8
4.8
7.7

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
2
1,082.7
1,085.4
1,065.4
1,086.7
1,196.8
1,166.4
1,469.3
1,425.8
1,415.7
1,452.3
1.3
-7.1
-4.2
1.7
1,188.5
1,176.2
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
1
2
-3.8
-3.6
-7.0
-3.3
-19.3
-15.9
-19.6
-18.6
-0.6
-6.0
-4.2
-2.3

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)
Joung Hye-Sun (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
03 The Green Book:

49 Policy Issues
53 Economic News Briefing
Bank of Korea Holds Key Rate at 2.75%

Overseas Direct Investment Down 14.3% in 2012
Korea Now Ranks 8th in World Trade
Government Releases Report on Foreign-invested Firms
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
Website. http://eiec.kdi.re.kr
57 Statistical Appendices
Vol.35 No.3 March 2013
Foreign Press Spokespersons Office

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| Economic Information and Education Center
Vol.35 No.3
March 2013

Economic Bulletin (Vol. 35 No. 3)

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Economic Bulletin (Vol. 35 No. 3)

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ISSN 2287-7266

03 The Green Book:

One Year Evaluation of Korea-US FTA

53 Economic News Briefing

Bank of Korea Holds Key Rate at 2.75%

For free subscriptions and enquiries, please contact:

Economic Information and Education Center

Foreign Press Spokespersons Office

| Economic Information and Education Center

One Year Evaluation of Korea-US FTA ........................................................................ 49

Economic News Briefing

The Green Book

Current Economic Trends

After political negotiations failed in the US, the across-the-board, automatic

World GDP growth

The US growth rate (quarter-on-quarter, adjusted) in the fourth quarter of 2012

Retail sales in January marginally increased month-on-month by 0.1 percent, and

4 | The Green Book

University of Michigan Consumer Sentiment Index

Existing home sales

- Personal consumption expenditure

- Corporate fixed investment

- Housing construction investment

US GDP growth and industrial production

GDP (q-o-q, annualized rate)

Industrial production (q-o-q)

The Green Book | 5

The Chinese economy continues to gradually recover as domestic factors, such

Fixed asset investment (accumulated)

Chinas GDP growth and fixed asset investment

6 | The Green Book

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

Trade account balance (billion yen)

(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)

The Green Book | 7

Unemployment rate (%)

Eurozones GDP growth and industrial production

GDP (q-o-q, left)

8 | The Green Book

Industrial production (q-o-q, right)

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

(Percentage change from previous period)

Private consumption (y-o-y)

Private consumption (q-o-q)

The Green Book | 9

(Percentage change from previous period)

Consumer goods sales (m-o-m)

Consumer goods sales (y-o-y)

Retail sales by type

10 | The Green Book

Large discount stores

Credit card sales

Department store sales

Large discount store sales

Domestic sales of gasoline

Domestic sales of cars

The Green Book | 11

Department store and discount store sales (current value)

Department store sales

Discount store sales