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)
October Economic Trends
The economy added 707,000 jobs year-on-year in September 2022 and the unemployment rate fell by 0.3 percentage points from a year ago to 2.4 percent. The growth of consumer prices declined by 0.1 percent year-on-year in September due to a slower increase in petroleum prices and the core inflation rose by 4.5 percent
In September, Korean treasury yields rose, the won weakened, and stock prices fell as major economics accelerated monetary tightening and the British financial market showed signs of uncertainty. In August, housing prices and prices of Jeonse (lumpsum deposits with no monthly payments) both declined further by 0.21 percent and 0.2 percent, respectively, from the period month.
While the economy has continued to improve gradually due to recovery in employment and in-person service industries, amid continued high inflation and declines in some indicators of economic sentiment caused by the volatile global financial market bogged down by concerns over the escalation of the war in Ukraine and China’s lockdowns, there are concerns of economic slowdown such as a drag on export recovery in the future.
※ Source: Ministry of Economy and Finance (https://moef.go.kr)
*This article is extracted from Invest KOREA information center, 2022.