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.


Overview Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.60 0.9 0.8 0.8 1 1 percent
Unemployment Rate 3.90 3.8 3.9 3.8 3.9 3.7 percent
Inflation Rate 2.00 1.7 1.8 1.9 2 2.3 percent
Interest Rate 1.50 1.75 1.75 2 2 2.25 percent
Balance of Trade 6552.00 14800 4230 5440 6450 17300 USD Million
Government Debt to GDP 38.00 38.5 39 39 39 40 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 1121.75
1124 1131 1138 1146 1175
Stock Market 2092.40
points
2315 2291 2268 2245 2155
Government Bond 10Y 2.22
percent
2.39 2.41 2.44 2.47 2.59
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.60
percent
0.9 0.8 0.8 1 1
GDP Annual Growth Rate 2.00
percent
2.8 2.6 2.7 2.9 2
GDP 1530.75
USD Billion
1577 1622 1622 1622 1700
GDP Constant Prices 400234.60
KRW Billion
402648 405892 408704 411841 420148
Gross National Product 406053.70
KRW Billion
434733 404328 417017 417829 453626
Gross Fixed Capital Formation 117824.70
KRW Billion
128101 130390 126755 121242 133669
GDP per capita 26152.03
USD
26500 26800 26800 26800 27200
GDP per capita PPP 35938.37
USD
36653 37400 37400 37400 38201
GDP From Agriculture 6932.40
KRW Billion
7271 7692 7484 7133 7587
GDP From Construction 16285.10
KRW Billion
17876 18209 17664 16757 18653
GDP From Manufacturing 116974.90
KRW Billion
115005 116608 117442 120367 120003
GDP From Mining 502.00
KRW Billion
563 571 541 517 587
GDP From Public Administration 24176.90
KRW Billion
24114 24412 24643 24878 25162
GDP From Services 211761.30
KRW Billion
213128 215096 216436 217902 222390
GDP From Transport 13200.40
KRW Billion
13474 13314 13561 13583 14059
GDP From Utilities 7884.20
KRW Billion
7966 7397 8103 8113 8312
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 3.90
percent
3.8 3.9 3.8 3.9 3.7
Employed Persons 26837.00
Thousand
26810 26830 26850 26880 27500
Unemployed Persons 1100.00
Thousand
1030 1060 1040 1020 1110
Labor Force Participation Rate 63.40
percent
63.1 62.9 62.7 62.5 63
Labour Costs 96.50
Index Points
137 142 138 119 142
Productivity 109.20
Index Points
108 109 110 109 19.6
Wages 3457189.00
KRW/Month
3791000 4167000 3832000 4075000 4236000
Wages in Manufacturing 3692181.00
KRW/Month
4152000 4837000 4059000 4349000 4542000
Minimum Wages 7530.00
KRW/Hour
7530 8200 8200 8200 8800
Population 51.45
Million
51.6 51.8 51.8 51.8 52.1
Retirement Age Women 60.00
60 60 60 60 60
Retirement Age Men 60.00
60 60 60 60 60
Youth Unemployment Rate 8.50
percent
8.7 9.1 8.8 8.7 8.4
Employment Rate 61.20
percent
61.3 58.9 60.2 61.1 61.5
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 2.00
percent
1.7 1.8 1.9 2 2.3
Inflation Rate Mom -0.20
percent
0.5 0.6 0.4 0.4 0.2
Consumer Price Index CPI 105.42
Index Points
105 106 106 108 109
Core Consumer Prices 104.68
Index Points
105 106 106 106 108
Core Inflation Rate 1.10
percent
1.1 1.5 1.8 1.7 2.2
GDP Deflator 111.35
Index Points
114 112 110 113 117
Producer Prices 105.78
Index Points
106 107 107 108 111
Producer Prices Change 2.70
percent
3.1 2.8 2.5 2.2 1.9
Export Prices 88.32
Index Points
87 85.7 86.4 83.8 84
Import Prices 92.06
Index Points
91 88.5 88.9 91.6 94
Food Inflation 5.60
percent
2.2 2.5 2.8 2.6 2.9
Cpi Housing Utilities 102.40
Index Points
103 104 104 104 107
CPI Transportation 106.54
Index Points
104 105 107 107 109
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 1.50
percent
1.75 1.75 2 2 2.25
Interbank Rate 1.80
percent
1.79 1.79 2.04 2.04 2.29
Money Supply M0 103503900.00
KRW Million
99650000 99870000 99900000 99985000 103000000
Money Supply M1 846035.30
KRW Billion
863000 881000 888000 910000 950000
Money Supply M2 2646433.20
KRW Billion
2710000 2750000 2780000 2820000 3130000
Money Supply M3 3734950.80
KRW Billion
3950000 4055000 4120000 4180000 4350000
Foreign Exchange Reserves 402750.00
USD Million
401000 401600 402000 402500 402700
Loans to Private Sector 8260318.00
KRW Hundred Million
8230000 8250000 8270000 8260000 8320000
Deposit Interest Rate 1.67
percent
1.67 1.67 1.92 1.92 2.17
Private Debt To GDP 253.30
percent
256 258 258 258 258
Central Bank Balance Sheet 497407.40
KRW Billion
487000 490000 490150 491000 498600
Foreign Stock Investment 7302.78
USD Hundreds of Millions
7690 7663 7687 7700 7800
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade 6552.00
USD Million
14800 4230 5440 6450 17300
Exports 54972.00
USD Million
48100 49100 50300 51200 50800
Imports 48421.00
USD Million
44900 44870 44860 44750 45000
Current Account 10831.40
USD Million
10680 9800 7500 7900 9010
Current Account to GDP 5.60
percent
6.2 6.1 6.1 6.1 5.8
External Debt 440543.60
USD Million
450000 436500 427700 421000 431000
Terms of Trade 97.10
Index Points
95.6 96.84 97.19 91.48 89.36
Foreign Direct Investment 3448981.00
USD Thousand
8370000 4970000 6830000 4179000 9040000
Capital Flows 9802.30
USD Million
4900 4500 6300 5200 7500
Tourism Revenues 1356500.00
USD Million
1350000 1277000 1273000 1375000 1420000
Tourist Arrivals 1278604.00
1320000 1290100 1195000 1212000 1380000
Gold Reserves 104.40
Tonnes
104 104 104 104 104
Terrorism Index 0.61
0.2 0.2 0.2 0.2 0.1
Weapons Sales 587.00
USD Million
590 550 550 550 560
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 38.00
percent
38.5 39 39 39 40
Government Budget -2.00
percent of GDP
-2.3 -2.7 -2.7 -2.7 -3.2
Government Budget Value 14031.00
KRW Billion
26000 -1800 14000 16000 33000
Government Spending 60585.40
KRW Billion
59812 60980 61245 62342 62411
Government Revenues 339609.00
KRW Billion
411000 115200 255000 321000 425000
Fiscal Expenditure 325578.00
KRW Billion
385000 117000 241000 305000 392000
Military Expenditure 37559.90
USD Million
38200 39870 39870 39870 40650
Asylum Applications 652.00
Persons
690 710 730 745 850
Government Spending To GDP 32.26
percent
33.5 33.4 33.4 33.4 33.7
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Business Confidence 71.00
Index Points
75 77 79.2 79.8 83
Manufacturing PMI 51.00
50.8 51 51.1 51.3 50.9
Industrial Production -8.40
percent
4.6 0.1 2.1 -1.3 2.5
Industrial Production Mom -2.50
percent
1.2 1.9 -1.5 2.2 1.7
Manufacturing Production -8.90
percent
1.8 -1.5 -0.1 0.5 1.1
Capacity Utilization 102.50
Index Points
103 103 104 104 105
New Orders 9327988.00
KRW Million
7450000 8210000 7670000 8250000 7860000
Changes in Inventories -1354.20
KRW Billion
1080 2100 2250 2300 3030
Bankruptcies 39.00
Companies
41.1 39.9 37.8 31.7 27
Car Registrations 131112.00
112400 125000 134000 139200 141000
Leading Economic Index 113.40
Index Points
114 115 115 116 119
Internet Speed 28553.69
KBps
27600 27200 26900 27300 28000
IP Addresses 25814048.00
IP
28400000 28900000 29300000 29600000 32800000
Mining Production -13.80
percent
2.8 -3.1 -5.9 -2.8 4.7
Steel Production 5853.02
Thousand Tonnes
6220 6030 6090 6130 6410
Coincident Index 109.20
Index Points
110 110 110 110 111
Competitiveness Index 78.84
Points
79.34 79.34 79.34 79.34 81.84
Competitiveness Rank 15.00
15 15 15 15 15
Car Production 4114913.00
4000000 4150000 4150000 4150000 4250000
Ease of Doing Business 5.00
5 4 4 4 3
Electricity Production 23308.81
Gigawatt-hour
23000 23625 23300 23600 24300
Corruption Index 54.00
Points
54 54 54 54 54
Corruption Rank 51.00
51 51 51 51 51
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Consumer Confidence 99.50
Index Points
99.3 101 101 102 103
Retail Sales MoM -2.20
percent
0.5 0.3 -0.7 0.4 0.9
Retail Sales YoY 0.50
percent
4.5 4.2 3.7 3.9 6
Consumer Spending 191729.70
KRW Billion
193947 193570 195726 197290 202376
Disposable Personal Income 1722492.80
KRW Billion
1790000 1870000 1870000 1870000 1950000
Personal Savings 8.80
percent
9.1 10.3 10.3 10.3 11.4
Consumer Credit 1493155.50
KRW Billion
1537000 1551000 1583000 1598000 1647000
Bank Lending Rate 3.61
percent
3.63 3.63 3.88 3.88 4.13
Households Debt To GDP 95.20
percent of GDP
95.4 95.8 96.1 96.4 96.9
Gasoline Prices 1.48
USD/Liter
1.46 1.43 1.4 1.38 1.28
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Housing Index 105.60
Index points
104 105 105 105 104
Home Ownership Rate 56.80
percent
55 57.1 57.1 57.1 55.8
Construction Orders 4757267.00
KRW Million
4250000 6770000 7580000 8220000 9890000
Construction Output -16.60
percent
13.4 -0.1 0.8 0.5 5.9
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 25.00
percent
25 25 25 25 25
Personal Income Tax Rate 40.00
percent
40 40 40 40 40
Sales Tax Rate 10.00
percent
10 10 10 10 10
Social Security Rate 18.81
percent
18.81 18.81 18.81 18.81 18.81
Social Security Rate For Companies 10.40
percent
10.4 10.4 10.4 10.4 10.4
Social Security Rate For Employees 8.41
percent
8.41 8.41 8.41 8.41 8.41
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Precipitation 35.90
mm
44.24 40.81 116 116 112
Temperature 1.64
celsius
7.23 1 21.13 16.55 12.13



South Korea - Economic Forecasts - 2018-2020 Outlook