Here’s a look at Korea’s major economic indicators that provide an overview of the country’s recent economic developments
※ source: International Monetary Fund (IMF), Bank of Korea (BOK), Korea International Trade Association (KITA), Ministry of Trade, Industry and Energy (MOTIE)
December Economic Trends
In December 2022, the number of employed persons increased at a slower pace while the upward trend of consumer prices slowed down as well. In the same month, the economy added 509,000 jobs year-on-year and the unemployment rate fell by 0.5 percentage points from a year ago to 3.0 percent. The consumer prices continued to slowly grow by 5.0 percent year-on-year in December due to a decrease in the price of petroleum products, and the core inflation rose by 4.8 percent. In December, stock prices decreased due to grim outlooks for business performance and the won strengthened due to market expectations about major economies’ adjusting the pace of monetary tightening. Housing prices decline is significantly faster in November, and prices of Jeonse (lump-sum deposits with no monthly payments) also saw a faster decline. Amid continued high inflation in Korea, as the pace of domestic demand recovery gradually slowed and economic sentiment continued to be sluggish, there are concerns about an economic slowdown. Internationally, with uncertainties about major economies’ adjusting the pace of monetary tightening and China’s quarantine measures against Covid-19 lingering, downward risks on economic growth continued due to the growth slowdowns of major economies and the uncertainty of the Russia-Ukraine war.
※ Source: Ministry of Economy and Finance (https://moef.go.kr)
*This article is extracted from Invest KOREA information center, 2023.