Markets Actual Q1 Q2 Q3 Q4 2021
Currency 1213.70 1202 1208 1215 1221 1233
Stock Market (points) 2059.35 2097 2075 2054 2032 1989
Government Bond 10Y (%) 1.39 1.59 1.63 1.68 1.72 1.8

Overview Actual Q1 Q2 Q3 Q4 2021
GDP Growth Rate (%) 1.20 0.5 0.9 0.8 1 1
GDP Annual Growth Rate (%) 2.20 -0.4 0.7 1.2 1.6 2.2
Unemployment Rate (%) 4.00 3.9 3.9 3.8 3.7 3.8
Inflation Rate (%) 1.50 1.1 1.3 1.5 1.4 2.1
Inflation Rate Mom (%) 0.60 0.3 0.3 0.6 0.2 0.2
Interest Rate (%) 1.25 1 1 1.25 1.25 1.25
Balance of Trade (USD Million) 620.00 4500 4100 9500 5800 5800
Current Account (USD Million) 4330.90 4500 6900 5500 4500 4100
Current Account to GDP (%) 4.70 2.9 2.9 2.9 2.9 3
Government Debt to GDP (%) 36.60 40 40 40 40 40.5
Government Budget (% of GDP) -1.60 -1.5 -1.5 -1.5 -1.5 -2
Business Confidence (points) 65.00 72 69 68 71 75
Manufacturing PMI (points) 49.80 48.2 49.8 50.1 48.7 49.7
Consumer Confidence (points) 96.90 99 95 94 96 99
Retail Sales MoM (%) 0.30 0.5 0.6 0.3 0.9 0.9
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 42.00 42 42 42 42 42

GDP Actual Q1 Q2 Q3 Q4 2021
GDP Growth Rate (%) 1.20 0.5 0.9 0.8 1 1
GDP Annual Growth Rate (%) 2.20 -0.4 0.7 1.2 1.6 2.2
GDP (USD Billion) 1619.42 1700 1700 1700 1700 1790
GDP Constant Prices (KRW Billion) 467045.10 454476 460885 463553 474518 484957
Gross National Product (KRW Billion) 456451.80 435308 451276 458278 463755 473958
Gross Fixed Capital Formation (KRW Billion) 134629.40 131122 133675 130327 136783 139793
GDP per capita (USD) 26761.90 27912 27912 27912 27912 28493
GDP per capita PPP (USD) 36776.50 38201 38201 38201 38201 38201
GDP From Agriculture (KRW Billion) 8402.70 8471 8193 8257 8537 8725
GDP From Construction (KRW Billion) 22159.70 21826 22254 21209 22514 23010
GDP From Manufacturing (KRW Billion) 125987.10 119654 121399 124477 128003 130819
GDP From Mining (KRW Billion) 498.70 523 507 457 507 518
GDP From Public Administration (KRW Billion) 27295.60 26541 26918 27219 27732 28342
GDP From Services (KRW Billion) 260084.80 254558 257447 259325 264246 270060
GDP From Transport (KRW Billion) 15648.60 15210 15558 15698 15899 16249
GDP From Utilities (KRW Billion) 11528.80 11586 12876 11144 11713 11971

Labour Actual Q1 Q2 Q3 Q4 2021
Unemployment Rate (%) 4.00 3.9 3.9 3.8 3.7 3.8
Employed Persons (Thousand ) 27503.00 27200 27300 273500 27500 27500
Unemployed Persons (Thousand ) 1143.00 1080 1100 1120 1110 1110
Labor Force Participation Rate (%) 62.60 63.4 64 64 63 63
Labour Costs (points) 111.40 140 140 140 142 142
Wages (KRW/Month) 3863726.00 4122000 3697000 3981000 3886000 4042000
Wages in Manufacturing (KRW/Month) 4199394.00 4712000 3904000 4309000 4322000 4457000
Minimum Wages (KRW/Hour) 8590.00 8590 8590 8590 8590 8990
Population (Million) 51.61 52.11 52.11 52.11 52.11 52.36
Retirement Age Women 60.00 60 60 60 60 60
Retirement Age Men 60.00 60 60 60 60 60
Youth Unemployment Rate (%) 7.50 10.6 10.3 8.8 8.4 8.4
Employment Rate (%) 60.00 61.4 61.4 61.4 61.5 61.5

Prices Actual Q1 Q2 Q3 Q4 2021
Inflation Rate (%) 1.50 1.1 1.3 1.5 1.4 2.1
Inflation Rate Mom (%) 0.60 0.3 0.3 0.6 0.2 0.2
Consumer Price Index CPI (points) 105.79 106 106 107 107 109
Core Consumer Prices (points) 105.75 106 107 107 107 109
Core Inflation Rate (%) 0.60 1.2 1.4 1.5 1.4 1.7
Producer Prices (points) 103.93 105 105 105 107 109
Producer Prices Change (%) 1.00 1.3 1.5 1.2 1.9 1.9
Food Inflation (%) 1.80 1.9 1.8 1.7 2.4 2.4
Cpi Housing Utilities (points) 103.43 104 104 105 105 107
CPI Transportation (points) 105.03 100 105 105 105 107

Money Actual Q1 Q2 Q3 Q4 2021
Interest Rate (%) 1.25 1 1 1.25 1.25 1.25
Interbank Rate (%) 1.28 1.32 1.32 1.32 1.32 1.32
Money Supply M2 (KRW Billion) 2925874.00 2890000 2890000 2890000 3130000 3130000
Foreign Exchange Reserves (USD Million) 409650.00 410300 411700 413200 414637 420454
Loans to Private Sector (KRW Hundred Million) 8775425.00 8360927 8538426 8652193 8828820 9023054
Deposit Interest Rate (%) 1.72 1.72 1.72 1.72 1.72 1.72
Private Debt To GDP (%) 260.80 261 261 261 261 259
Central Bank Balance Sheet (KRW Billion) 492574.80 495180 498716 501369 504021 514629
Foreign Stock Investment (USD Hundreds of Millions) 741314.20 710080 740000 740000 690000 680000

Trade Actual Q1 Q2 Q3 Q4 2021
Balance of Trade (USD Million) 620.00 4500 4100 9500 5800 5800
Current Account (USD Million) 4330.90 4500 6900 5500 4500 4100
Current Account to GDP (%) 4.70 2.9 2.9 2.9 2.9 3
Imports (USD Million) 42729.00 41500 39800 40500 45000 45900
Exports (USD Million) 43349.00 45000 43900 50000 50800 51700
External Debt (USD Million) 466978.70 461599 461599 480076 480648 499401
Foreign Direct Investment (USD Thousand ) 9844064.00 3300000 6500000 4500000 9040000 9040000
Tourism Revenues (USD Million) 1883000.00 1505000 1555000 1390000 1420000 1420000
Tourist Arrivals 1456429.00 1000000 1100000 1300000 1380000 1450000
Weapons Sales (USD Million) 1083.00 560 560 560 560 560

Government Actual Q1 Q2 Q3 Q4 2021
Government Debt to GDP (%) 36.60 40 40 40 40 40.5
Government Budget (% of GDP) -1.60 -1.5 -1.5 -1.5 -1.5 -2
Government Budget Value (KRW Billion) -7906.00 -19000 -12000 -20000 18000 23000
Government Spending (KRW Billion) 78781.50 74020 75920 77104 80042 81803
Government Revenues (KRW Billion) 409618.00 110800 220000 3150000 425000 425000
Fiscal Expenditure (KRW Billion) 417525.00 140000 245000 245000 399000 399000
Military Expenditure (USD Million) 41157.00 40650 40650 40650 40650 40650
Government Spending To GDP (%) 32.26 38 38 38 38 39

Taxes Actual Q1 Q2 Q3 Q4 2021
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 42.00 42 42 42 42 42
Sales Tax Rate (%) 10.00 10 10 10 10 10
Social Security Rate (%) 18.81 18.81 18.81 18.81 18.81 18.81
Social Security Rate For Companies (%) 10.40 10.4 10.4 10.4 10.4 10.4
Social Security Rate For Employees (%) 8.41 8.41 8.41 8.41 8.41 8.41

Business Actual Q1 Q2 Q3 Q4 2021
Business Confidence (points) 65.00 72 69 68 71 75
Manufacturing PMI (points) 49.80 48.2 49.8 50.1 48.7 49.7
Industrial Production (%) 4.20 1.1 0.5 1.2 1.8 2
Industrial Production Mom (%) 3.50 -0.5 -0.8 0.9 1.7 1.7
Manufacturing Production (%) 4.80 0.9 0.5 1.1 1.1 1.5
Capacity Utilization (points) 103.00 104 103 103 105 105
Bankruptcies (Companies) 15.00 35 40 40 27 27
Car Registrations 117002.00 121000 113000 105000 115000 110000
Leading Economic Index (points) 117.70 114 114 114 116 115
Steel Production (Thousand Tonnes) 5876.38 6300 6300 6300 6410 6410
Mining Production (%) -5.50 1.2 -1.5 -3 4.7 4.7
Coincident Index (points) 112.00 111 111 111 111 111
Car Production 4028834.00 4250000 4250000 4250000 4250000 4250000
Electricity Production (Gigawatt-hour) 23632.58 23850 23500 23500 25100 25300

Consumer Actual Q1 Q2 Q3 Q4 2021
Consumer Confidence (points) 96.90 99 95 94 96 99
Retail Sales MoM (%) 0.30 0.5 0.6 0.3 0.9 0.9
Retail Sales YoY (%) 4.60 3.2 3.5 3.9 5 5
Consumer Spending (KRW Billion) 223925.40 220124 222418 223154 227508 232513
Disposable Personal Income (KRW Billion) 1890779.40 1888265 1895185 1898343 1921032 1963295
Personal Savings (%) 35.00 33.6 33.8 34 33.6 32.9
Consumer Credit (KRW Billion) 1572659.90 1537996 1559718 1578951 1597822 1632975
Bank Lending Rate (%) 3.22 3.22 3.22 3.22 3.22 3.22
Households Debt To GDP (% of GDP) 92.90 93 93.1 93.6 93.6 94.9
Gasoline Prices (USD/Liter) 1.26 1.19 1.21 1.24 1.29 1.29

Housing Actual Q1 Q2 Q3 Q4 2021
Housing Index (points) 100.60 100 102 102 102 102
Home Ownership Rate (%) 57.70 58.2 58.2 58.2 58.2 57.7
Construction Orders (KRW Million) 12583186.00 6010000 4310000 4400000 9890000 9000000
Construction Output (%) -2.10 -1.2 0.5 1 1.9 3.2


This page has economic forecasts for South Korea including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the South Korea economy.