Economic Bulletin (Vol. 35 No. 7)

ISSN 2287-7266
Republic of Korea
ECONOMIC BULLETIN (Republic of Korea)
ECONOMIC
BULLETIN
03 The Green Book:
Current Economic Trends
47 Featured Issue
Pursuing Realistic Visions for the Financial Industry

(Interview with FSC Chairman Shin Je-Yoon)
51 Policy Issues
Economic Policy Directions for the Second Half of 2013
58 Economic News Briefing
KONEX Begins Trading on July 1

Korea-China Currency Swap to be Extended
Government to Boost Surveillance on Illegal Forex Transactions
Korea-EU FTA Tariffs Further Cut
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61 Statistical Appendices
Vol.35 No.7 July 2013
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| Economic Information and Education Center
Vol.35 No.7
July 2013
Republic of Korea
Vol.35 No.7
July 2013
Contents
Economic Bulletin
The Green Book: Current Economic Trends
Overview ......................................................................................................................... 03
1. External economic situation ..................................................................................... 04
2. Private consumption .................................................................................................. 09
3. Facility investment ..................................................................................................... 12
4. Construction investment ........................................................................................... 14
5. Exports and imports .................................................................................................. 17
6. Mining and manufacturing production .................................................................. 19
7. Service sector activity ................................................................................................ 22
8. Employment .............................................................................................................. 24
9. Financial markets ........................................................................................................ 28
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market
10. Balance of payments ................................................................................................ 32
11. Prices and international commodity prices ......................................................... 35
11.1 Prices
11.2 International oil and commodity prices
12. Real estate market ................................................................................................... 40
12.1 Housing market
12.2 Land market
13. Composite indices of business cycle indicators .................................................. 45
Featured Issue
Pursuing realistic visions for the financial industry ...............................................47
(Interview with FSC chairman Shin Je-Yoon)
Policy Issues
Economic policy directions for the second half of 2013 ........................................... 51
Economic News Briefing .......................................................................... 58

Statistical Appendices ................................................................................ 61
The Green Book

Overview
The Korean economy has seen some economic indicators improve, including service output
and facility investment, while inflation has remained stable. However, mining & manufacturing
production, consumption and construction investment fell, and employment grew at a slower pace.
Real economic indicators excluding mining & manufacturing production, such as industrial
production, service output, consumption and construction investment, moderately improved in
the second quarter until May, compared with the first quarter, taking temporary factors in the
public sector into account.
In May, the economy added 265,000 jobs year-on-year, down from 345,000 in the previous month.
Consumer price inflation stayed stable at 1.0 percent in June, as favorable weather conditions and
low international oil prices contributed to a continuous fall in agricultural and petroleum product
prices.
Mining and manufacturing production fell by 0.4 percent month-on-month in May, led by a drop
in other transportation equipment, while service output increased by 0.2 percent, backed by an
improvement in real estate & renting.
Despite strong semi-durable goods sales, retail sales fell 0.2 percent month-on-month in May, as
durable and nondurable goods sales went down.
Facility investment in May rose 1.2 percent from the previous month due to strong machinery
investment, while construction investment dropped by 4.3 percent as both building construction
and civil engineering works fell.
Exports declined by 0.9 percent year-on-year in June despite strong exports of vessels and ITrelated items such as mobile phones, due to fewer days worked and decreased shipments to Japan.
The trade balance remained in the black at US$5.52 billion.
The cyclical indicator of the coincident composite index decreased 0.2 points month-on-month in
May, and the leading composite index rose 0.3 points.
In June, stock prices fell and the won weakened, due to the outflow of foreign capital from the
stock market, which resulted from worries regarding the early tapering of quantitative easing in
the US, and the strong dollar.
Apartment prices rose moderately by 0.1 percent in June from the previous month, when the
prices registered a 0.3 percent increase, while the upward trend in rental prices slowed down from
0.4 percent to 0.3 percent.
The Green Book | 3
The Korean economy is expected to gradually recover in line with an improvement in global
economic situations and as policies have started to positively affect the economy. However, there
still remain downside risks that may arise from the early tapering of quantitative easing in the US
and the struggling eurozone economy.
The Korean government will closely watch the global and domestic economic situations and
reinforce its monitoring of global and domestic markets, while continuing to pursue policies 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.
1.
The global economy is expected to continue to steadily recover, led by the US,
but the eurozone is still mired in recession and there is a possibility that Chinese
economic growth will slow down owing to a change in its policy focus to the
quality of growth*.
External
economic
situation
* Rather than implementing short-term economic stimulus measures, China is currently focused
on laying the foundation for sustainable growth through policy reforms, including stabilizing
the social safety net and investing in infrastructure to support urbanization (announced by the
National Peoples Congress in March, 2013).
Numerous potential risk factors remain, including political instability in Egypt

and Portugal* and financial market anxiety owing to recent talks of tapering
quantitative easing in the US**.
* Tensions are rising in the eurozone due to opposition within Portugal to further austerity,
and there are fears that oil prices will rise owing to the recent political upheaval in Egypt (the
military overthrew the Morsi administration earlier in the month).
** Some investment banks, such as Goldman Sachs, predict that the US Federal Reserve will
begin tapering quantitative easing in September owing to favorable employment indicators.
World GDP growth

6
(%)
5
4
3
2
1
0
-1
2001
4 | The Green Book
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
US economic growth in the first quarter of 2013 (finalized, annualized q-o-q) was
sharply revised downward from the previously reported 2.4 percent (revised) to 1.8
percent, but recovery momentum in the US continues led by consumption and the
housing market.
US
Factors that contribute to GDP, including private sector spending, corporate

investment and exports, were all revised downward, but the housing market
continued to be a bright spot for the US economy as housing investment was
revised upwards.
Contribution to growth rate (revised [ finalized, %p)
2.40 [ 1.83 (private consumption), 0.23 [ 0.04 (corporate investment), 0.30 [ 0.34 (housing investment),
0.63 [ 0.57 (inventory investment), 0.4 [ -0.15 (exports), -0.97 [ -0.93 (government spending)
Industrial production improved to 0.0 percent in May compared with the previous
month (-0.4%), and the ISM Manufacturing Index, which shows business confidence,
registered above its baseline of 50 while beating market expectations (50.5).
ISM Manufacturing Index (base=50)
51.7 (Oct 2012) [ 49.9 (Nov) [ 50.2 (Dec) [ 53.1 (Jan 2013) [ 54.2 (Feb) [ 51.3 (Mar) [
50.7 (Apr) [ 49.0 (May) [ 50.9 (Jun)
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
2004. Q1
2005. Q1
2006. Q1
2007. Q1
GDP (q-o-q, annualized rate)
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
2013. Q1
Industrial production (q-o-q)
Retail sales showed stronger growth than the previous month, up 0.6 percent, and
the Conference Board Consumer Confidence Index registered its highest level
since January 2008.
Consumer Confidence Index
73.1 (Oct 2012) [ 71.5 (Nov) [ 66.7 (Dec) [ 58.4 (Jan 2013) [ 68.0 (Feb) [ 61.9 (Mar) [
69.0 (Apr) [ 74.3 (May) [ 81.4 (Jun)
The housing market continued to recover, as home sales indicators improved

and housing prices rose for 13 consecutive months. Existing home sales in May
increased 4.2 percent, and new home sales improved 2.1 percent compared to the
previous month.
The Green Book | 5
Case-Shiller Home Price Index (q-o-q, %)
-0.4 (Q1 2012) [ 2.2 (Q2) [ 1.7 (Q3) [ 1.9 (Q4) [ 3.4 (Q1 2013)
1.3 (Feb 2013) [ 1.9 (Mar) [ 1.7 (Apr)
New home sales (m-o-m, %)
-4.9 (Oct 2012) [ 9.0 (Nov) [ -0.5 (Dec) [ 15.7 (Jan 2013) [ -2.8 (Feb) [ 1.3 (March) [ 3.3
(April) [ 2.1 (May)
The unemployment rate was 7.6 percent in June, unchanged from the previous
month, but the job market continued to show signs of improvement as nonfarm
employment increased by 195,000, greatly exceeding forecasts (165,000).
Nonfarm payroll increase (m-o-m, thousand)
160 (Oct 2012) [ 247 (Nov) [ 219 (Dec) [ 148 (Jan 2013) [ 332 (Feb) [ 142 (Mar) [ 199
(Apr) [ 195 (May) [ 195 (Jun)
Nonfarm payroll increase in June by industry (Out of 195,000 jobs added, thousand)
202 (private sector): 1 (mining), -6 (manufacturing), 13 (construction), 194 (service),
-7 (public sector)
US nonfarm payroll growth and unemployment rate

Sourse : US Department of Labor
800
(thousand)
(%)
12
600
10
400
200
0
-200
-400
-600
-800
-1,000
2001. 1
0
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
US nonfarm payroll growth (m-o-m, left)
2013. 1
Unemployment rate (right)
(Percentage change from previous period)
2011
Real GDP
2012
2013
Annual
Annual
Q1
Q2
Q3
Q4
Q1
Apr
May
Jun
1.8
2.2
2.0
1.3
3.1
0.4
1.8
- Personal consumption expenditure
2.5
1.9
2.4
1.5
1.6
1.8
2.6
- Corporate fixed investment
8.6
8.0
7.5
3.6
-1.8
13.2
0.4
- Housing construction investment
-1.4
12.1
20.5
8.5
13.5
17.6
14.0
Industrial production
4.1
3.8
1.4
0.6
0.0
0.6
1.0
-0.4
0.0
Retail sales
8.0
5.0
1.7
-0.3
1.3
1.5
1.0
0.1
0.6
Existing home sales
2.4
9.9
5.5
-2.0
5.1
3.3
1.0
0.6
4.2
Unemployment rate
9.0
8.1
8.3
8.2
8.1
7.8
7.7
7.5
7.6
7.6
3.2
2.1
2.8
1.9
1.7
1.9
1.7
1.1
1.4
Consumer prices
1. Preliminary 2. Annualized rate (%)
Source: US Department of Commerce
6 | The Green Book
3. Seasonally adjusted
Chinese economic growth in the first quarter was 7.7 percent, falling below market
expectations, while economic indicators were mixed as retail sales improved and
industrial production slowed down, and there is a possibility that growth will slow
down.
China
Consumption has been gradually improving, but has yet to pick up from a year
ago due to the cutting of lavish government spending, anticorruption policies
and worries about food product sanitation, and this could lead to a slowdown in
growth.
Investment continues to be strong and there are signs pointing to a recovery, such
as an expansion in investment to promote urbanization. However, factors which
limit a recovery remain, including the falling manufacturing PMI and restrictive
real estate market regulations.
Manufacturing PMI
50.5 (Q1 2013), 50.6 (Apr) [ 50.8 (May) [ 50.1 (Jun)
Nonmanufacturing PMI
55.4 (Q1 2013), 54.5 (Apr) [ 54.3 (May) [ 53.9 (Jun)

(Percentage change from same period in previous year)
2011
Annual
Real GDP
Q3
2012
Q4
Annual
Q1
Q2
2013
Q3
Q4
Q1
Apr
May
9.3
9.1
8.9
7.8
8.1
7.6
7.4
7.9
7.7
13.9
13.8
12.8
10.0
11.6
9.5
9.1
10.0
9.5
9.3
9.2
Fixed asset investment (accumulated)
24.8
24.9
23.8
20.6
20.9
20.4
20.5
20.6
20.9
20.6
20.4
Retail sales
17.1
17.3
17.5
14.3
14.9
13.9
13.5
14.9
12.4
12.8
12.9
Exports
20.7
20.7
14.4
8.3
8.8
10.5
4.5
9.5
18.4
14.6
1.0
Consumer prices
5.4
6.3
4.6
2.6
3.8
2.8
1.9
2.1
2.4
2.4
2.1
Producer prices
6.0
7.1
3.1
-1.7
0.1
-1.4
-3.3
-2.3
-1.7
-2.6
-2.9
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
2002. Q1
2003. Q1
GDP (y-o-y, left)
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
0
2013. Q1
Fixed asset investment (accumulated, y-o-y, right)
The Green Book | 7
Signs of a Japanese recovery continue to manifest as indicators, such as industrial

production, retail sales and exports, all continue to improve.
Japan
Deflationary pressures appear to be easing as the May consumer price index fell
only 0.3 percent and core inflation remained steady at 0.0 percent.
Business sentiment is improving as the Tankan index for large manufacturers
(baseline = 0) grew from -8.0 in the first quarter to 4.0 in the second quarter.
2011
Annual
Q3
2012
Q4
Annual
Q1
2013
Q2
Q3
Q4
Q1
Apr
May
Real GDP
-0.6
2.5
0.1
2.0
1.2
-0.2
-0.9
0.3
1.0
-2.4
4.3
-0.4
-0.3
1.2
-2.0
-4.2
-1.9
2.2
0.9
2.0
Retail sales
-1.2
0.5
-0.5
1.6
1.2
0.3
-0.9
-0.2
0.6
0.6
1.5
Exports (y-o-y)
-2.7
0.5
-5.5
-2.8
-1.6
4.8
-8.2
-5.5
1.2
3.8
10.1
Consumer prices (y-o-y)
-0.3
0.0
-0.2
-0.0
0.3
0.1
-0.4
-0.2
-0.6
-0.7
-0.3
1. Preliminary
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
2002. Q1
2003. Q1
GDP (q-o-q, left)
Eurozone
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
-25
2013. Q1
Industrial production (q-o-q, right)
The recession in the eurozone continues as unemployment in May broke records,

reaching 12.2 percent, and the manufacturing PMI fell below its baseline of 50 for
the 23rd consecutive month.
Unemployment rate (%)
11.5 (Aug 2012) [ 11.6 (Sep) [ 11.7 (Oct) [ 11.8 (Nov) [ 11.8 (Dec) [ 12.0 (Jan 2013) [
12.1 (Feb) [ 12.1 (Mar) [ 12.1 (Apr) [ 12.2 (May) (youth unemployment: 23.9)
Manufacturing PMI (base = 50)
46.1 (Sep 2012) [ 45.4 (Oct) [ 46.2 (Nov) [ 46.1 (Dec) [ 47.9 (Jan 2013) [ 47.9 (Feb) [ 46.8
(Mar) [ 46.7 (Apr) [ 48.3 (May) [ 48.8 (Jun)
8 | The Green Book
2011
2012
Annual Annual
Real GDP
1.4
-0.5
2013
Q1
Q2
Q3
Q4
Q1
Mar
Apr
Mar
Jun
0.0
-0.2
-0.1
-0.6
-0.2
3.5
-2.4
-0.5
-0.5
0.4
-2.4
0.1
0.9
0.3
Retail sales
-0.5
-1.7
-0.3
-0.8
0.0
-1.5
0.2
-0.2
-0.5
Exports (y-o-y)
12.7
7.4
8.6
8.1
7.4
5.5
1.2
-0.1
9.1
2.7
2.1
2.7
2.7
2.5
2.3
1.9
1.7
1.2
1.4
1.6
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
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
GDP (q-o-q, left)
2.
Private
consumption
2012. Q1
-10
2013. Q1
Industrial production (q-o-q, right)
Private consumption in the first quarter of 2013 (preliminary GDP) fell 0.4 percent
quarter-on-quarter while increasing 1.5 percent year-on-year.
2011
Private consumption
(y-o-y)
2012
2013
Annual
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Q1
2.4
0.7
0.6
0.1
-0.2
1.7
0.8
0.4
0.7
0.8
-0.4
3.2
3.1
2.1
1.2
1.3
1.0
1.7
2.7
1.5
1. Preliminary
2. National accounts
Source: The Bank of Korea
The Green Book | 9
Retail sales in May fell 0.2 percent compared with the previous month, as sales of
nondurable goods, such as automobile fuel, and durable goods, such as computers
and communications equipment, fell, despite an increase in semi-durable goods
sales, such as clothing. Year-on-year, the index rose 0.5 percent.
2011
20131
2012
Annual
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Q1
Apr1
May1
4.5
1.4
0.8
0.5
0.0
2.3
1.0
0.3
1.2
0.4
-1.2
-0.7
-0.2
5.3
6.2
4.0
2.6
2.8
1.4
2.6
2.5
0.2
2.1
0.5
- Durable goods
10.6
3.8
0.5
0.7
-0.9
5.3
2.5
1.9
2.8
2.3
-4.4
2.1
-1.0
Automobiles
7.0
5.2
-3.3
4.6
-11.3
2.4
2.4
9.4
-1.6
9.0
-9.0
-2.6
0.2
- Semi-durable goods
3.7
0.9
1.4
1.7
-2.7
-1.1
-0.4
0.3
-1.1
1.7
1.0
-4.4
0.9
- Nondurable goods
2.1
0.4
0.6
-0.1
1.6
2.3
0.9
-0.6
1.5
-1.1
-0.5
-0.4
-0.2
Retail sales
(y-o-y)
1. Preliminary
2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc.
3. Semi-durable goods: Clothing, footwear, etc.
4. Nondurable goods: Food, medicine, cosmetics, fuel, tobacco, etc.
Source: Statistics Korea
There is a possibility that retail sales in June will improve somewhat compared with
May due to an increase in seasonal clothing and home appliance sales.
Domestic car sales worsened due to poor midsize car sales.
Growth of department store sales accelerated from the previous month backed
by strong clothing sales due to the warm weather, and discount store sales turned
positive without a high base effect from before May 2012, when mandatory closures
were fully implemented, and owing to an increase in home appliance sales.
Gasoline sales turned negative as sales fell due to rising domestic oil prices.
Gasoline prices (won/liter)
1,897 (1st week Jun) [ 1,898 (2nd week) [ 1,902 (3rd week) [ 1,908 (4th week)
(y-o-y, %)
2012
2013
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
14.2
7.1
6.2
3.4
5.6
4.5
3.6
4.1
Department store sales
9.1
-0.2
-8.2
1.7
7.5
-1.9
1.0
3.7
Large discount store sales
-1.7
-5.0
-24.6
8.9
-4.4
-9.8
-4.3
4.3
Domestic sales of gasoline
3.7
-2.8
2.9
-8.0
7.6
6.5
2.6
-0.1
13.2
7.5
1.6
-13.5
-1.0
0.8
-1.9
-8.5
Credit card sales
Domestic sales of cars
Sources: Credit Finance Association of Korea, Ministry of Trade, Industry and Energy, Korea National Oil Corporation, Korea Automobile Manufacturers
Association, Ministry of Strategy and Finance (for June data)
10 | The Green Book
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
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
Private consumption (y-o-y)
2012. Q1
2013. Q1
Private consumption (q-o-q)
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
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
Nondurable goods
The Green Book | 11
3.
Facility investment (preliminary GDP) increased 2.6 percent quarter-on-quarter

and decreased 11.9 percent year-on-year in the first quarter of 2013.
Facility
investment
(Percentage change from previous quarter)
2011
Facility investment
(y-o-y)
Annual
Q3
3.6
-
2012
Q2
2013
Q4
Annual
Q1
Q3
Q4
Q1
-1.8
-3.6
-1.9
10.4
-7.8
-5.2
-1.8
2.6
1.1
-3.6
8.8
-3.5
-6.9
-5.2
-11.9
- Machinery
4.2
-2.3
-1.8
-1.1
11.3
-8.5
-6.0
-3.2
1.1
- Transportation equipment
1.4
-0.1
-10.8
-5.0
6.7
-5.2
-1.7
3.7
7.8
1. Preliminary
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
2013. 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
Transportation equipment
12 | The Green Book
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
2012. Q1
2013. Q1
Machinery
Facility investment rose 1.2 percent month-on-month in May, despite a decrease in

transportation equipment investment, due to an increase in machinery investment.
The index fell 11.6 percent year-on-year.
2011
2012
Annual Annual
Q1
2013
Q1
Mar
Apr
May1
0.8
-4.5
-0.2
-3.8
1.2
-8.2
-6.9
-15.4
-7.9
-12.1
-11.6
Q2
Q3
Q4
6.4
-5.0
-6.8
10.7
-2.7
Facility investment index
4.0
-2.0
(y-o-y)
- Machinery
2.7
-2.2
8.1
-5.5
-6.9
-3.8
-5.7
-3.2
1.0
2.3
- Transportation equipment
9.8
-1.1
-1.0
-1.8
-6.7
22.0
0.3
7.9
-17.9
-2.9
1. Preliminary
Despite an improvement in machinery orders and imports, facility investment

is likely to modestly grow due to the low average manufacturing operation ratio,
facility investment adjustment pressure and corporate sentiment.
Business survey index for manufacturing sector (Bank of Korea)
72 (Oct 2012) [ 70 (Nov) [ 67 (Dec) [ 70 (Jan 2013) [ 72 (Feb) [ 76 (Mar) [ 80 (Apr) [
81 (May) [ 82 (Jun) [ 78 (Jul)
2011
2012
2013
Q1
Q2
Q3
Q4
Q1
Mar
Apr
May1
-13.4
-1.1
-19.8
-10.4
-21.5
-10.7
13.4
-0.3
16.9
-5.3
-18.7
-2.0
3.9
5.2
-0.5
0.4
16.0
Annual Annual
Domestic machinery orders
7.6
(q-o-q, m-o-m)
- Public
-2.6
-11.0
126.1
-59.7
86.7
-54.6
-47.0
92.2
63.8
553.5
- Private
8.8
-13.6
-8.7
-15.1
-16.0
-15.1
-5.6
10.6
-2.3
5.3
Machinery imports
7.1
-3.0
15.3
-4.3
-12.2
-8.2
-11.8
-7.1
-7.2
-0.7
Average manufacturing operation ratio
80.2
78.1
79.6
79.0
76.2
77.8
77.1
75.4
75.5
75.4
Facility investment adjustment pressure
1.1
-1.4
0.7
-1.3
-3.0
-1.5
-2.9
-4.1
0.5
-2.5
1. Preliminary
2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p)
Sources: Statistics Korea, Korea International Trade Association
The Green Book | 13
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
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2006. Q1
2007. Q1
2008. Q1
2009. Q1
2010. Q1
2011. Q1
Machinery orders (left)
4.
Construction
investment
2012. Q1
-50
2013. Q1
Machinery imports (right)
Construction investment (preliminary GDP) in the first quarter of 2013 increased

4.1 percent quarter-on-quarter and 2.4 percent year-on-year.
2011
Construction investment
(y-o-y)
2012
2013
Annual
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Q1
-4.7
-0.4
0.1
-2.2
-1.5
-1.3
0.7
-1.2
4.1
-3.6
-1.7
-0.4
-3.1
-0.3
-4.2
2.4
- Building construction
-2.7
-0.3
-1.0
-1.7
0.3
-2.6
0.1
-0.3
4.6
- Civil engineering works
-7.3
-0.7
1.5
-2.9
-3.9
0.4
1.5
-2.4
3.5
1. Preliminary
The value of construction completed (constant) in May declined 4.3 percent

month-on-month, as both building construction and civil engineering works fell.
Compared to a year ago, the index rose 12.5 percent.
14 | The Green Book
2011
2012
Q1
Q2
Q3
Q4
Dec
Q1
Mar
Apr
May1
-5.8
-5.6
-0.9
1.0
1.4
2.1
4.4
-2.5
9.8
-4.3
Annual Annual
Construction completed (constant)
-6.4
(y-o-y)
2013
-4.9
-9.7
-2.3
-5.6
-8.3
5.2
3.7
19.6
12.5
-6.9
-7.6
-4.5
-4.8
1.0
1.8
3.0
7.6
1.5
9.0
-4.9
-5.6
-3.5
-6.9
4.1
0.9
1.0
1.1
0.6
-7.4
10.8
-3.5
2006. Q1
2007. Q1
2008. Q1
2009. Q1
1. Preliminary
Construction investment
(%)
20
15
10
5
0
-5
-10
-15
2001. Q1
2002. Q1
2003. Q1
2004. Q1
2005. Q1
2010. Q1
Construction investment (q-o-q)
2011. Q1
2012. Q1
2013. 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
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
Residential buildings
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Civil engineering works
The Green Book | 15
Construction investment remains to be seen as there are both positive factors, such
as a rise in construction completed due to new home sales in new towns and a
decrease in unsold new houses, and negative factors, such as the expiration of the
acquisition tax cut and poor construction orders.
Unsold houses (thousand, Ministry of Land, Infrastructure and Transport)
75 (Jan 2013) [ 73 (Feb) [ 71 (Mar) [ 70 (Apr) [ 67 (May)
2011
2012
Annual Annual
Construction orders (current value)
2013
Q1
Q2
Q3
Q4
Dec
Q1
Mar
Apr
May1
6.1
-8.9
33.3
-0.7
-13.6
-33.1
-43.0
-41.2
-20.7
-18.6
-19.1
15.1
-14.8
-6.1
-20.4
-10.8
-5.9
-13.5
-3.2
5.1
14.0
-8.7
27.4
-7.0
-7.1
-27.4
-37.5
-33.6
-13.7
-26.7
-46.4
-6.0
-9.3
42.0
12.5
-26.3
-43.7
-51.6
-51.3
-33.1
-1.0
79.3
9.9
-0.5
8.7
1.2
-7.3
-2.3
9.2
-12.4
-14.2
-14.2
-12.9
(q-o-q, m-o-m)
Building permit area
1. Preliminary
Sources: Statistics Korea, Ministry of Land, Infrastructure and Transport
Leading indicators of construction investment

Source: Statistics Korea (construction orders)
Ministry of Land, Infrastructure and Transport (building construction permit area)
340
(y-o-y, %)
290
240
190
140
90
40
-10
-60
-110
2001. 1
2002. 1
2003. 1
Construction orders
16 | The Green Book
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Building permit area
5.
Exports in June decreased 0.9 percent (preliminary) year-on-year to US$46.73

billion.
Exports and
imports
Despite an improvement in vessel exports and shipments to the EU, export growth
turned negative year-on-year in June, due to a fall in steel exports and shipments
to Japan, fewer days worked (22.5 [ 21.5) and a high base effect.
Export growth by item (y-o-y, %)
11.8 (vessels), 6.7 (semiconductors), 6.3 (mobile phones), -1.6 (automobiles), -7.7 (petroleum
products), -13.2 (steel)
Export growth by region (y-o-y, %)

13.1 (EU), 5.7 (US), 5.4 (China), 0.0 (ASEAN countries), -16.6 (Japan), -23.1 (Middle East)
Export growth in 2012 (y-o-y, %)

-5.0 (Apr 2012) [ -1.0 (May) [ 0.9 (Jun) [ -8.7 (Jul)
Export growth fell in most items and regions due to a decrease in days worked,
while shipments to Japan continued to drop in line with the weakening yen.
Average daily exports, an indicator adjusted to days worked, amounted to US$2.17
billion, an increase of 3.7 percent year-on-year, rising for the second consecutive
month.
Average daily export growth (y-o-y, %)
1.7 (Jan 2013) [ 2.6 (Feb) [ 4.5 (Mar) [ -8.0 (Apr) [ 1.0 (May) [ 3.7 (Jun)
Exports by item
Source: Korea Customs Service, Ministry of Trade, Industry and Energy (export and import trend)
160
(y-o-y, %)
140
120
100
80
60
40
20
0
-20
-40
-60
-80
2001. 1
2002. 1
2003. 1
Export growth rate
2004. 1
2005. 1
2006. 1
Automobiles
2007. 1
2008. 1
2009. 1
2010. 1
Semiconductors
2011. 1
2012. 1
2013. 1
Steel
The Green Book | 17
(US$ billion)
2012
Exports
2013
Annual
Q1
Q2
Q3
Q4
Jun
Q1
May
Jun1
Jan-Jun1
547.87
134.85
140.13
133.13
139.77
47.16
135.47
48.36
46.73
276.69
(y-o-y, %)
-1.3
2.9
-1.7
-5.8
-0.4
0.9
0.4
3.2
-0.9
0.6
Average daily exports
2.00
1.97
2.09
1.90
2.04
2.10
2.00
2.10
2.17
2.05
1. Preliminary
Source: Korea Customs Service
Imports in June dropped 1.8 percent (preliminary) year-on-year to US$41.22

billion.
Despite an increase in capital and consumer goods imports, imports continued a
downward trend year-on-year as shrinking oil imports caused by low oil prices led
to a sharp decrease in commodities imports.
Import growth by category (y-o-y, %)
-6.4 (commodities), 2.1 (consumer goods), 7.4 (capital goods)
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
2012. 1
Commodities
2013. 1
Capital goods
(US$ billion)
2012
Imports
2013
Annual
Q1
Q2
Q3
Q4
Jun
Q1
May
Jun1
Jan-Jun1
519.58
133.67
130.43
125.65
129.83
42.00
129.68
42.45
41.22
257.14
(y-o-y, %)
-0.9
7.8
-2.9
-6.9
-1.1
-6.3
-2.9
-4.6
-1.8
-2.6
Average daily imports
1.90
1.95
1.96
1.79
1.89
1.87
1.94
1.85
1.92
1.90
1. Preliminary
18 | The Green Book
Exports and imports

60
(US$ billion)
50
40
30
20
10
0
-10
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
Trade balance
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Exports
2013. 1
Imports
The trade balance (preliminary) in June remained in the black for 17 months in a
row, posting a surplus of US$5.52 billion.
(US$ billion)
2012
Trade balance
2013
Annual
Q1
Q2
Q3
Q4
June
Q1
May
Jun1
Jan-Jun
28.29
1.18
9.70
7.47
9.94
5.17
5.67
5.92
5.52
19.55
1. Preliminary
6.
Mining and
manufacturing
production
Mining and manufacturing production in May decreased 0.4 percent month-onmonth and 1.4 percent year-on-year, as poor semiconductors & parts and other
transportation equipment offset an increase in chemical products and refined
petroleum.
Compared to the previous month, production of chemical products (up 4.2%),
refined petroleum (up 5.4%) and medical, precision & optical instruments (up
6.8%) rose, while other transportation equipment (down 9.6%), semiconductors &
parts (down 2.5%) and processed metals (down 2.5%) fell.
Compared to a year ago, production of semiconductors & parts (up 6.4%), chemical
products (up 5.9%) and medical, precision & optical instruments (up 15.5%)
increased, while mechanical equipment (down 6.8%), refined petroleum (down
11.8%) and audio-visual communications equipment (down 16.1%) went down.
The Green Book | 19
50
(%)
40
30
20
10
0
-10
-20
-30
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
Industrial production (m-o-m)
2012. 1
2013. 1
Industrial production (y-o-y)
The manufacturing inventory-shipment ratio rose by 0.1 percentage point monthon-month as inventories and shipments increased 0.2 percent and 0.1 percent,
respectively.
Inventories of semiconductors & parts (up 3.0%), mechanical equipment (up 2.2%)
and groceries (up 4.7%) rose month-on-month, while refined petroleum (down
13.4%), primary metals (down 1.7%) and chemical products (down 1.5%) declined.
Shipments of audio-visual communications equipment (up 4.6%), chemical
products (up 4.3%) and refined petroleum (up 2.0%) climbed, while other
transportation equipment (down 10.4%), semiconductors & parts (down 1.8%)
and clothing & fur (down 7.3%) slipped.
The average operation ratio of the manufacturing sector fell by 0.1 percentage
point month-on-month to 75.4 percent.
Shipment and inventory

10
(m-o-m, %)
8
6
4
2
0
-2
-4
-6
-8
-10
2001. 1
2002. 1
2003. 1
Shipment growth
20 | The Green Book
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Inventory growth
Average manufacturing operation ratio

100
( %)
90
80
70]
60
50
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
(Percentage change from previous quarter or month)
2012
2013
Annual
Q1
Q2
Q3
Mining production (q-o-q, m-o-m)
1.7
-0.5
(y-o-y)
0.8
3.6
1.1
Manufacturing production (q-o-q, m-o-m)

Mining and
(y-o-y)
manufacturing
Shipment
activity2
- Domestic demand
Q4
May
Q1
Mar
Apr
May
-2.2
2.9
1.2
-0.9
-2.4
0.6
-0.4
-1.0
-0.1
3.1
-1.7
-2.9
1.6
-1.4
1.7
-0.5
-2.3
3.0
1.4
-0.9
-2.3
0.5
-0.4
0.8
3.8
1.0
-1.1
-0.2
3.2
-1.8
-3.0
1.5
-1.5
0.7
1.8
-0.3
-2.4
2.0
1.8
-0.5
-1.4
-0.2
0.1
-1.1
0.7
-0.3
-1.4
1.0
0.9
-0.8
-2.8
0.3
0.3
- Exports
3.0
3.2
-0.3
-3.6
3.2
2.8
-0.2
0.3
-0.6
-0.3
Inventory3
2.3
1.6
-1.8
-3.0
2.3
0.4
-0.8
-0.8
-0.7
0.2
Manufacturing Average operation ratio (%)

activity
Production capacity4
78.1
79.6
79.0
76.2
77.8
79.5
77.1
75.4
75.5
75.4
2.2
3.1
2.3
1.9
1.3
2.4
1.1
1.1
1.0
1.0
1. Preliminary
2. Including mining, manufacturing, electricity, and gas industry
3. End-period
4. Percentage change from same period in previous year
Production in the IT sector is expected to slow down from the previous month
in line with declining production growth of communications equipment and
semiconductors after demand for new mobile phone models peaked. However,
mining and manufacturing production is expected to slightly increase as the
resuming of working weekends has helped the automobile industry rebound and
average daily exports have picked up.
Growth of mobile phone exports (y-o-y, %)
32.3 (Jan 2013) [ 15.1 (Feb) [ 21.8 (Mar) [ 47.9 (Apr) [ 57.1 (May) [ 6.3 (June)
Growth of semiconductors exports (y-o-y, %)
7.2 (Jan 2013) [ 0.9 (Feb) [ 6.6 (Mar) [ 12.5 (Apr) [ 17.2 (May) [ 6.7 (June)
Growth of automobile exports (y-o-y, %)
23.2 (Jan 2013) [ -16.3 (Feb) [ -11.5 (Mar) [ -2.6 (Apr) [ 5.3(May) [ -1.6 (June)
Growth of average daily exports (y-o-y, %)

1.7 (Jan 2013) [ 2.6 (Feb) [ 4.5 (Mar) [ -8.0 (Apr) [ 1.0 (May) [ 3.7 (June)
The Green Book | 21
7.
Service sector
activity
Service output in May grew 0.2 percent month-on-month and 1.6 percent yearon-year, as growth in professional, scientific & technical services and financial &
insurance services offset weaknesses in educational services and wholesale & retail.
Service output grew 0.3 percent in the first quarter of 2013, showing a slight
improvement from the previous quarter, when output remained unchanged.
Wholesale & retail declined 0.6 percent month-on-month as retail sales decreased
due to falling sales of communications equipment, computers and car fuel.
Real estate & renting rose 1.4 percent, with housing transactions increasing from
80,000 in April to 90,000 in May.
Hotels & restaurants and financial & insurance services somewhat recovered from
the previous months slump, rising 1.4 percent and 1.0 percent, respectively.
Educational services continued to contract, declining 1.4 percent from the previous
month.
Weight
Service activity index
2011
Annual Q1
20131
2012
Q2
Q3
Q4 Annual Q1
Q2
Q3
Q4
Q1 Apr1 May1
0.0
0.5
0.1
0.9
0.0
0.3
100.0
3.2
1.2
0.5
1.2
21.6
3.8
1.6
1.0
0.4 -0.3
0.7 -0.1
0.6
0.1
0.7 -1.0 -0.6 -0.6
- Transportation services
8.5
4.5
2.6 -0.4
1.1 -1.3
1.2
1.2
0.2
0.9
0.6
- Hotels & restaurants
7.2 -1.3 -0.4
2.2 -2.7 -1.4 -1.2 -0.1
0.9
1.3 -1.9 -0.6 -0.9
- Publishing & communications services
8.4
5.1
0.7
0.7
0.6
1.6 -0.6
1.1
14.7
6.8
2.9 -0.5
3.1
1.1 -0.6
- Wholesale & retail
- Financial & insurance services
3.3
1.0
3.9 -0.8
1.6
3.0 -0.4
2.8
2.3 -2.6
0.5
0.7
0.4
0.2
0.7 -0.3
1.4
1.5 -0.2
1.0
- 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
4.1
4.0 -0.6
0.8
- Business services
3.3
5.2
1.2
1.2
0.5
0.3
3.5
2.9
1.2 -1.7 -0.2
10.9
2.2
0.5 -1.0
1.1
1.0
0.9
0.6 -1.4
0.0
0.9
0.9 -0.5 -1.4
- Healthcare & social welfare services
7.5
6.4
3.0
0.9
1.4
1.5
5.8
1.4
2.5
1.0
0.2
1.4
- Entertainment, cultural & sports services
2.9
2.7
0.4
3.0 -1.0
1.4
2.8
0.9
2.7 -1.5 -3.0 -0.1
- Membership organizations
3.6
1.6
0.4
0.0 -0.2 -1.2 -1.4 -0.8 -0.4
1.9 -0.6
- Sewerage & waste management
0.6
3.3 -3.2
8.6
0.3 -4.8 -1.0
- Educational services
0.8
2.9 -0.3 -7.3
5.8
1.6 -2.7
3.7
1.4
0.4 -0.7 -1.6
7.3
1.8
2.4 -0.4 -1.1

1.5
0.1
0.1 -0.3
2.4 -2.0
1.8
2.7
2.2
1. Preliminary
Service output is expected to improve in June, led by real estate & renting and
wholesale & retail, while financial & insurance services may decline due to falling
stock transactions.
Average daily stock transactions (trillion won)
7.9 (Sep 2012) [ 6.8 (Oct) [ 6.2 (Nov) [ 5.8 (Dec) [ 6.3 (Jan 2013) [ 5.5 (Feb) [ 6.0 (Mar)
[ 6.9 (Apr) [ 6.5 (May) [ 5.8 (Apr)
22 | 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)
May 2013 service industry by business

6
4
Tot
al i
nde
x
2
0
&r
eta
il
Tra
nsp
ort
atio
ns
erv
ice
Ho
s
tels
&r
est
aur
ant
s
Pub
lish
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-2
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The Green Book | 23
8.
Employment
The number of workers on payroll in May increased by 265,000 from a year earlier
to 25,400,000 and the employment rate fell 0.1 percentage point from the previous
year to 60.4 percent.
Workers in the service sector continued to grow, while growth in the number of
workers in the manufacturing sector slowed and workers in the construction and
agriculture, forestry & fisheries sectors declined by a wider margin.
By status of workers, regular workers continued to increase while self-employed
and temporary workers continued to decrease.
2010
2011
Annual Annual Q3
Number of employed (million)
2012
Q4 Annual May
Q1
2013
Q2
Q3
Q4
Q1
Apr
May
23.83 24.24 24.48 24.46 24.68 25.13 23.93 25.00 24.99 24.80 24.18 25.10 25.40
Employment rate (%)
58.7
59.1
59.5
59.4
59.4
60.5
57.8
60.2
60.0
59.4
57.7
59.8
60.4
(Seasonally adjusted)
58.7
59.1
59.1
59.2
59.4
59.5
59.3
59.4
59.5
59.3
59.2
59.5
59.3
Employment growth (y-o-y, thousand)
323
415
363
474
437
472
467
430
506
342
257
345
265
(Excluding agriculture, forestry & fisheries)
405
440
414
497
451
493
498
454
504
344
266
367
306
191
63
-12
-75
14
-67 -102
-66
85
140
119
165
105
33
-2
-35
71
22
33
79
33
17
-40
-64
-10
-13
- Services
200
386
472
514
416
531
541
491
397
236
199
186
187
- Agriculture, forestry & fisheries
-82
-25
-51
-23
-14
-21
-31
-24
-2
-9
-22
-41
- Wage workers
517
427
392
374
315
309
360
281
317
303
329
466
453
Regular workers
697
575
572
500
436
356
413
379
485
469
554
659
661
Temporary workers
-34
-78
-76
-10
-2
89
110
73
- Manufacturing
- Construction
Daily workers
-79 -109 -152 -202 -190
-146
-70 -104 -115 -120 -136 -163 -171
-89
-57
-194
-11
-29
100
121
163
108
150
189
39
-71 -120 -188
-118
34
125
124
186
149
173
143
33
-28
-90 -117
- Male
181
238
208
257
234
276
238
242
284
172
123
189
153
- Female
142
177
155
216
203
196
230
188
223
170
135
156
112
- 15 to 29
-43
-35
-1
-18
-36
-19
-8
-57
-80 -117 -133
-85
- 30 to 39
-4
-47
-83
-56
-31
-95
-65
-80
33
-10
-15
34
11
- 40 to 49
29
57
46
47
11
25
28
12
-3
12
-28
- 50 to 59
294
291
270
315
270
282
326
260
273
220
196
264
230
47
149
131
185
222
278
178
251
245
215
181
179
136
- Non-wage workers
Self-employed workers
- 60 or more
24 | The Green Book
-73
-19
Number of persons employed and employment growth

Source: Statistics Korea (employment trend)
1,200
(thousand)
(million)
26
1,000
25
800
600
24
400
23
200
0
22
-200
21
-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
2012. 1
2013. 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 71.1 70.2 69.4 69.2
40
20
0
7.0 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 6.7 6.9 7.1 7.1
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 17.3 16.9 16.7 16.4
4.4 4.9 6.1 6.8 7.2 7.2 6.9 7.0 7.0 7.1 6.5 5.0 4.4 4.7 5.6 6.5 7.0 7.0 6.8 6.8 6.8 6.9 6.5 4.9 4.3 4.6 5.6 6.3 6.7
2011. 1 2
Services
10
11
12 2012. 1 2
Construction
10
11
12 2013. 1 2
Manufacturing
Agriculture, forestry & fisheries
Share of persons employed by status of workers

100
80
(%)
4.7 4.8 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 4.2 4.7 5.0 5.0
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 22.8 23.0 22.8 22.6
7.2 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 6.0 6.0 6.5 6.7
60
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 19.7 19.5 19.5 19.5
40
46.9 47.3 47.0 46.3 46.2
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
0
2011. 1 2
Unpaid family workers
10
11
12 2012. 1 2
Self-employed workers
Daily workers
10
11
12 2013. 1 2
Temporary workers
Regular workers
The Green Book | 25
The number of unemployed persons in May decreased by 9,000 year-on-year to

797,000, while the unemployment rate fell 0.1 percentage point from the previous
year to 3.0 percent.
The unemployment rate fell year-on-year in all age groups excluding the 40s and
50s.
2010
2011
Annual Annual
2012
Q3
Q4
Annual May
2013
Q1
Q2
Q3
Q4
Q1
Apr
May
Number of persons unemployed (thousand)
920
855
786
740
820
807
947
841
770
722
907
825
797
Unemployment growth (y-o-y, thousand)
31
-65
-88
-68
-35
-12
-82
-23
-16
-18
-40
-70
-9
- Male
-7
-48
-48
-41
-26
-21
-54
-19
-16
-13
-7
-46
-7
- Female
38
-17
-40
-27
-9
-28
-4
-6
-33
-24
-2
Unemployment rate (%)
3.7
3.4
3.1
2.9
3.2
3.1
3.8
3.3
3.0
2.8
3.6
3.2
3.0
(Seasonally adjusted)
3.7
3.4
3.2
3.1
3.2
3.3
3.5
3.3
3.1
3.0
3.3
3.1
3.2
- 15 to 29
8.0
7.6
6.7
7.1
7.5
8.0
8.2
8.1
6.8
7.0
8.4
8.4
7.4
- 30 to 39
3.5
3.4
3.2
2.9
3.0
3.1
3.2
3.2
2.8
2.7
3.3
3.1
3.0
- 40 to 49
2.5
2.1
2.0
1.9
2.0
1.8
2.4
2.0
2.0
1.8
2.1
2.2
2.1
- 50 to 59
2.5
2.1
2.1
1.8
2.1
1.8
2.3
2.0
2.2
1.8
2.3
1.9
1.9
- 60 or more
2.8
2.6
2.1
1.8
2.4
1.7
4.4
2.0
1.9
1.6
3.4
1.3
1.6
The economically inactive population in May was up 273,000 from a year earlier
to 15,850,000, while the labor force participation rate fell 0.2 percentage points to
62.3 percent.
The number of those economically inactive due to childcare (down 8,000) decreased,
while those due to education (up 118,000), rest (up 74,000) and housework (up
66,000) increased.
2010
2011
Annual Annual Q3
Economically inactive population (million)
2012
Q4 Annual May
Q1
2013
Q2
Q3
Q4
Q1
Apr
May
15.84 15.95 15.85 16.01 16.08 15.58 16.50 15.67 15.90 16.26 16.83 16.07 15.85
Labor force participation rate (%)
61.0 61.1 61.5 61.1 61.3 62.5 60.1 62.3 61.8 61.1 59.9 61.7 62.3
(seasonally adjusted)
61.0 61.1 61.0 61.1 61.3 61.5 61.4 61.4 61.4 61.1 61.2 61.3 61.3
Growth in economically inactive population

(y-o-y, thousand)
143
112
191
53
128
56
103
-
- Childcare
-125
-5
17
23
-2
21
- Housework
201
101
143
103
123
157
85
110
57
244
336
269
273
-7
-3
-8
181
101
126
143
41
66
- Education
12
-51
-78
-69
-12
-65
-28
-64
39
118
164
118
- Old age
80
-45
-22
148
170
76
174
156
186
154
21
-56
182
193
131
-53 -103
126
-71 -142 -125 -106
71
74
- Rest
26 | The Green Book
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 | 27
9.
Financial markets
9.1 Stock market

The Korean stock price index in June fell 6.9 percent to 1,863 points from the
previous months 2,001 points.
The KOSPI Composite declined as concerns over an early reduction of quantitative
easing in the US led foreign investors to sell stocks.
Foreign investors turned net buyers of Korean stocks in June, selling 5.1 trillion
won worth of stocks compared to buying 1.0 trillion won in the previous month.
(End-period, point, trillion won)
KOSPI
KOSDAQ
May 2013
Jun 2013
Change1
May 2013
Jun 2013
Change1
Stock price index (points)
2,001.1
1,863.3
-137.8 (-6.9%)
577.9
519.1
-58.8 (-10.2%)
Market capitalization (trillion won)
1,164.2
1,084.2
-80.0 (-6.9%)
131.1
117.7
-13.4 (-10.2%)
4.2
4.1
-0.1 (-2.4%)
2.3
1.7
-0.6 (-26.1%)
34.5
33.9
-0.6 (-1.7%)
8.8
9.1
0.3 (3.4%)
Average daily trade value (trillion won)

Foreign stock ownership (%)
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 June rose 12.3 won to 1,142.0 won from 1,129.7
won at the end of May.
The won/dollar exchange rate rose to the 1,140 won range due to a rise in the value
of the US dollar caused by expectations of a reduction in quantitative easing in the
US, and also due to concerns over a credit crunch in China.
28 | The Green Book
The won/100 yen exchange rate surged to the 1,200 won range with the strong
yen/dollar exchange rate, but fell back to the 1,156 won range as the yen weakened
again.
(End-period)
2008
2009
2010
2011
2012
2013
Dec
Dec
Dec
Dec
Dec
May
Jun
Change1
Won/dollar
1,259.5
1,164.5
1,134.8
1,151.8
1,070.6
1,129.7
1,142.0
-6.3
Won/100 yen
1,396.8
1,264.5
1,393.6
1,481.2
1,238.3
1,120.2
1,156.3
7.1
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
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 | 29
9.3 Bond market

3-year Treasury bond yields rose 10 basis points in June to 2.88 percent from the
previous months 2.78 percent. The yields rose due to foreign investors net selling
of Treasury bond futures as well as institutional selling caused by concerns over an
early reduction of quantitative easing in the US.
(End-period, %)
2007
2008
2009
2010
2011
2012
2013
Dec
Dec
Dec
Dec
Dec
Dec
May
Jun
Call rate (1 day)
5.02
3.02
2.01
2.51
3.29
2.77
2.50
2.50
CD (91 days)
5.82
3.93
2.88
2.80
3.55
2.89
2.69
2.69
Treasury bonds (3 yrs)
5.74
3.41
4.44
3.38
3.34
2.82
2.78
2.88
10
Corporate bonds (3 yrs)
6.77
7.72
5.56
4.27
4.21
3.29
3.14
3.31
17
Treasury bonds (5 yrs)
5.78
3.77
4.98
4.08
3.46
2.97
2.90
3.14
24
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 April expanded 5.1 percent from a year earlier.
M2 growth accelerated as money supply in the government sector increased due to
budgetary front-loading, and also as money supply in the foreign sector increased
due to an improved current account.
30 | The Green Book
(Percentage change from same period in previous year, average)
2008
2009
2010
2011
2012
Annual Annual Annual Annual Annual
2013
Q1
Q2
Q3
Q4
Feb
Mar
Apr
Apr1
475.3
M12
-1.8
16.3
11.8
6.6
3.8
1.8
3.6
4.3
5.5
8.0
7.4
8.7
M2
14.3
10.3
8.7
4.2
5.2
5.3
5.6
5.6
4.5
5.3
5.0
5.1
Lf
11.9
7.9
8.2
5.3
7.8
7.5
8.5
7.9
7.1
1,867.7
4
8.1
6.8
6.9
2010. 1
2011. 1
2012. 1
2,512.54
1. Balance at end April 2013, 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
M1
2013. 1
Lf
Bank deposits and asset management company (AMC) deposits surged in May.
Bank deposits surged (-7.4 trillion won [ 7.6 trillion won), led by instant access
deposits, as corporate funds that had been lost due to tax payments in the previous
month returned.
AMC deposits also grew by a large margin (-10.1 trillion won [ 7.6 trillion won),
led by money market funds (MMF).
(Monthly change, end-period, trillion won)
2009
2010
2011
2012
2013
Annual
Annual
Annual
Mayr
Annual
May
Mar
Apr
May
May 1
Bank deposits
54.8
36.9
58.9
-0.4
37.0
11.6
1.4
-11.5
12.2
1,139.8
AMC deposits
-27.6
-16.7
-16.6
4.1
18.8
3.6
2.1
-3.9
10.0
341.7
1. Balance at end May 2013, trillion won
The Green Book | 31
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
2013. 1
Koreas current account (preliminary) in May posted a surplus of US$8.64 billion,

staying in the black for 16 consecutive months.
The goods account surplus widened from US$3.93 billion in April to US$8.64
billion in May due to improving exports of IT products, such as mobile phones,
and exports to China and the US, along with falling oil prices leading to a decrease
in imports.
Goods exports (US$ billion)
47.48 (Apr 2013) [ 49.59 (May)
Goods imports (US$ billion)
43.94 (Apr 2013) [ 42.32 (May)
Export growth by item (y-o-y, %)
57.1 (mobile phones), 17.2 (semiconductors), 5.3 (automobiles), -12.3 (steel), -34.3 (vessels)
Export growth by region (y-o-y, %)
21.6 (US), 16.6 (China), 11.8 (ASEAN), -11.6 (Japan), -14.0 (EU)
The service account surplus narrowed from US$1.45 billion to US$1.13 billion as a
result of deteriorating travel and intellectual property accounts.
32 | The Green Book
Service account (US$ billion, April [ May)
-0.45 [ -0.58 (travel), -0.09 [ -0.34 (intellectual property), 0.77 [ 0.86 (transportation), 1.18
[ 1.24 (construction), -0.14 [ -0.30 (business services)
The primary income account swung to a surplus of US$0.19 billion from a deficit
of US$1.09 billion as the cross-border dividend payments (March-April) by firms
whose fiscal year ended in December were completed. The secondary income
account surplus widened slightly from US$0.02 billion to US$0.04 billion.
(US$ billion)
2012
2013
Annual
May
Q1
Q2
Q3
Q4
Q1
Mar
Apr
May1
Current account
43.14
3.61
2.56
11.19
14.56
14.94
10.02
4.93
3.93
8.64
- Goods balance
38.34
1.75
2.61
8.52
13.34
13.98
9.39
4.21
3.54
7.27
- Service balance
2.68
1.59
-0.65
2.31
0.65
0.36
-0.48
0.91
1.45
1.13
- Primary income balance
4.89
0.34
1.49
0.82
1.04
1.54
1.38
-0.22
-1.09
0.19
- Secondary income balance
-2.76
-0.08
-0.89
-0.47
-0.47
-0.93
-0.26
0.09
0.02
0.04
1. Preliminary
The capital and financial account (preliminary) in May posted a net outflow of
US$11.6 billion.
Capital & financial account balance (US$ billion)
-0.91 (Jan 2013) [ -3.27 (Feb) [ -6.72 (Mar) [ -2.61 (Apr) [ -11.60 (May1)
1. Preliminary
The direct investment account swung to a net outflow of US$1.48 billion from a
net inflow of US$0.30 billion due to a decrease in foreign direct investment.
Net outflow in portfolio investment narrowed to US$1.17 billion from US$1.92
billion as foreign investors equity investment turned to a net inflow.
Financial derivatives switched to a net inflow of US$0.65 billion from a net
outflow of US$0.31 billion, while the net outflow of the other investment account
widened to US$8.53 billion from US$1.58 billion due to financial institutions net
repayment.
The current account is expected to maintain a surplus, helped by a goods account
surplus resulting from a trade surplus (US$5.52 billion) in June.
The Green Book | 33
Current account balance

Source: The Bank of Korea (balance of payments trend)
(US$ billion)
10
8
6
4
2
0
-2
-4
-6
2001. 1
2002. 1
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
Goods account
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
Service account
2013. 1
Current account
Travel account balance

4
(US$ billion)
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
34 | 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 June rose 1.0 percent year-on-year, staying stable at the 1.0
percent range for eight consecutive months. On a monthly basis, prices fell 0.1
percent.
Core consumer prices, which exclude oil and agricultural products, rose 1.4
percent year-on-year. Core consumer prices based on the OECD method, which
exclude food and energy, rose 1.3 percent year-on-year. Consumer prices for basic
necessities, a barometer of perceived consumer prices, were up 0.3 percent yearon-year but down 0.2 percent month-on-month.
The average expected annual inflation fell 0.1 percentage point from the previous
month to 2.8 percent and the import prices declined 9.6 percent year-on-year.
Expected inflation (%, over the next 12 months)
3.3 (Sep 2012) [ 3.3 (Oct) [ 3.2 (Nov) [ 3.1 (Dec) [ 3.2 (Jan 2013) [ 3.2 (Feb) [ 3.2 (Mar)
[ 3.1 (Apr) [ 2.9 (May) [ 2.8 (Jun)
Import price increases (y-o-y, %, won base)
-7.9 (Nov 2012) [ -9.0 (Dec) [ -10.6 (Jan 2013) [ -8.6 (Feb) [ -10.8 (Mar) [ -9.7 (Apr) [ -9.6 (May)
<Consumer price inflation>
(%)
2012
2013
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Month-on-Month
0.2 -0.1 -0.2 0.4 0.7 -0.1 -0.4 0.2 0.6 0.3 -0.2 -0.1 0.0 -0.1
Year-on-Year
2.5 2.2 1.5 1.2 2.0 2.1 1.6 1.4 1.5 1.4 1.3 1.2 1.0 1.0
Consumer prices excluding oil and agricultural

products (y-o-y)
1.6 1.5 1.2 1.3 1.4 1.5 1.3 1.2 1.2 1.3 1.5 1.4 1.6 1.4
Consumer prices excluding food and energy (y-o-y)
1.5 1.4 1.2 1.2 1.4 1.4 1.4 1.4 1.4 1.2 1.4 1.4 1.3 1.3
Consumer prices for basic necessities (y-o-y)
2.2 1.8 0.8 0.6 1.7 1.6 1.0 0.7 0.8 0.8 0.8 0.7 0.2 0.3
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 | 35
The prices of agricultural (down 4.7%, m-o-m) and oil products (down 0.1%,
m-o-m) fell as a result of favorable weather conditions and stable oil prices, and
those of public services and personal services remained unchanged from the
previous month, contributing to stabilizing consumer prices.
Agricultural, livestock & fishery product prices decreased 2.1 percent month-onmonth. The prices of livestock products (up 3.3%, m-o-m) rose, while agricultural
(down 4.7%, m-o-m) and fishery product prices (down 0.9%, m-o-m) fell.
Manufactured product prices inched up 0.2 percent month-on-month. The prices
of processed food (up 0.1%, m-o-m) rose, while those of oil products (down 0.1%,
m-o-m) declined.
Personal service prices remained unchanged from the previous month as dining
out expenses (up 0.2%, m-o-m) rose but other personal service prices (down 0.1%,
m-o-m) fell.
<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
-0.1
-2.1
0.2
-0.1
0.0
0.2
0.0
0.0
-0.09
-0.17
0.06
0.00
0.00
0.02
0.00
0.00
Year-on-Year (%)
1.0
-2.3
0.4
-5.1
5.6
2.6
0.7
1.3
Contribution (%p)
1.04
-0.19
0.12
-0.30
0.28
0.24
0.09
0.42
Contribution (%p)

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)
36 | 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
Manufactured products
Housing rents
Personal services
Public utilities
2011
2012
Public services
11.2 International oil and commodity prices

International oil prices stayed unchanged in June, although it fluctuated due to
some geopolitical risks and concerns over the US reducing quantitative easing.
Meanwhile, domestic oil product prices inched up due to rising exchange rates.
The prices of Dubai crude rose to US$103 per barrel in mid-June due to geopolitical
risks in the Middle East such as the Syrian civil war, but fell to US$98 per barrel,
resulting from concerns over a reduction of quantitative easing in the US and a
credit crunch in China.
Dubai crude ($/barrel)
99.4 (1st week June) [ 100.6 (2nd week) [ 101.9 (3rd week) [ 98.8 (4th week, down 0.2% from
May average)
International oil prices

Source: Korea National Oil Corporation
160
($/B)
140
120
100
80
60
40
20
0
2001. 1
2002. 1
Dubai crude
2003. 1
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
WTI crude
The Green Book | 37
(US$/barrel, period average)
2010
2011
2012
2013
Annual
Annual
Annual
Dec
Jan
Feb
Mar
Apr
May
Jun
Dubai crude
78.1
105.9
109.0
106.4
107.9
111.1
105.6
101.7
100.3
100.2
Brent crude
79.7
111.0
111.7
109.2
112.7
116.2
109.0
102.8
102.8
103.1
WTI crude
79.5
95.1
93.8
88.2
94.8
95.3
92.9
92.0
94.7
95.8
Domestic oil product prices continued to increase due to rising exchange rates,
staying over 1,900 won per liter.
Gasoline prices (won/liter)
1,896.5 (1st week June) [ 1,898.0 (2nd week) [ 1,901.7 (3rd week) [ 1,908.4 (4th week)
Exchange rate (won/$)
1,123.9 (1st week June) [ 1,126.9 (2nd week) [ 1,132.7 (3rd week) [ 1,155.0 (4th week)
(won/liter, period average)
2010
2011
2012
2013
Annual
Annual
Annual
Dec
Jan
Feb
Mar
Apr
May
Jun
Gasoline prices
1,710.4
1,929.3
1,985.8
1,935.6
1,924.6
1,952.5
1,986.5
1,949.4
1,899.9
1,902.0
Diesel prices
1,502.8
1,745.7
1,806.3
1,760.0
1,749.6
1,766.7
1,786.0
1,745.2
1,699.4
1,701.0
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
20
2005. 1
2006. 1
Dubai crude (import prices, won, left)
38 | The Green Book
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
Dubai international prices (dollar, right)
The prices of international grain rose in June as the total stock of grain harvested in
2012 dropped, while nonferrous metal prices fell, due to concerns over economic
slowdown in China.
International grain prices were high as the planting of soybean was delayed in
the US and inventories of 2012 harvests dropped, but the price increase slowed
towards the end of June due to favorable weather conditions and concerns over a
reduction of quantitative easing in the US.
World grain supply outlook for 2013-14 (US Department of Agriculture, June, m-o-m)
Production (-0.4%), demand (-0.1%), stocks-to-use ratio (-0.3%p)
International grain prices in June (m-o-m, %)

Corn (1.7), soybean (6.0), wheat (-2.1)
The prices of most nonferrous metal prices fell due to concerns over a credit crunch
and economic slowdown in China, the largest market.
Nonferrous metal prices in June (m-o-m, %)
Tin (-2.4), lead (3.3), nickel (-5.0), copper (-3.5), zinc (-1.2), aluminum (-2.4)
<Reuters index*>

(Period average)
2010
2011
2012
2013
Annual
Annual
Annual
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2,553
3,062
3,006
3,067
3,037
2,996
2,990
2,947
2,880
2,828
2,756
* 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.
470
4,000
430
390
3,000
350
310
2,000
270
230
1,000
190
150
1997. 1
0
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
2013. 1
Reuters index (right)
The Green Book | 39
12.
12.1 Housing market
Real estate
market
Nationwide apartment sales prices rose 0.1 percent month-on-month in June.

Apartment sales price growth turned negative in the Seoul metropolitan area
(down 0.1%, m-o-m), including Seoul (down 0.2%, m-o-m).
Apartment sales price growth slowed in areas excluding the Seoul metropolitan
area (up 0.2%, m-o-m), in particular Busan (unchanged) and Sejong (up 0.2%,
m-o-m). Apartment prices in the five metropolitan cities and the eight provinces
excluding Gyeonggi Province rose 0.3 percent and 0.1 percent, respectively.
<Nationwide apartment sales prices>

2010 2011
2012
Annual Annual Annual Q2
2013
Q3
Q4
Jan-Jun
Q1
Q2
Apr
May
Jun
Jun 31 Jun 101 Jun 171 Jun 241

0.02 0.02 0.01 0.02
Nationwide
1.9
8.2
-2.1
-0.5
-1.2
-0.8
-0.1
-0.7
0.5
0.2
0.3
0.1
Seoul
-2.9
0.3
-5.8
-1.4
-2.1
-0.7
-1.1
-1.3
0.2
0.1
0.2
-0.1 -0.01 -0.02 -0.04 -0.05
Gangnam
-2.1
-0.4
-6.7
-1.9
-2.2
-1.8
-1.0
-1.1
0.2
0.1
0.2
-0.2 -0.08 -0.08 -0.10 -0.12
Gangbuk3
-1.7
-0.5
-8.0
-2.2
-3.0
-1.9
-0.5
-1.0
0.5
0.5
0.4
-0.3 -0.08 -0.10 -0.14 -0.14
-2.6
-0.2
-5.0
-1.5
-1.3
-1.6
-1.6
-1.2
-0.3
-0.3
0.0
-0.1 -0.07 -0.06 -0.05 -0.10
7.9 18.3
1.7
0.3
-0.2
0.2
0.9
0.1
0.8
0.8
0.3
0.2
Seoul metropolitan area

5 metropolitan cities
0.05 0.06 0.07 0.09
1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
Source: Korea Appraisal Board
Apartment sales prices by region

Source: Kookmin Bank
5
(m-o-m, %)
4
3
2
1
0
-1
-2
2009. 1
7
Nationwide
40 | The Green Book
2010. 1
2011. 1
2012. 1
2013. 1
Areas excluding the Seoul metropolitan area
Nationwide apartment rental prices continued to rise in June (up 0.3%, m-o-m).
Rental prices in the Seoul metropolitan area and regions excluding the Seoul
metropolitan area rose 0.3 percent and 0.4 percent each.
Apartment rental price increase in major districts in Seoul (m-o-m, %)
Gangnam (-0.3), Seocho (-0.2), Songpa (-0.1), Gangdong (-0.3), Gwangjin (0.6)
<Nationwide apartment rental prices>

2010 2011
2012
2013
Q3
Q4
Jan-Jun
Q1
Q2
Apr
May
Jun
Jun 31 Jun 101 Jun 171 Jun 241
Nationwide
8.5 15.4
1.9
0.1
0.0
1.1
2.5
1.0
1.4
0.7
0.4
0.3 0.07 0.08 0.08 0.09
Seoul
7.1 13.3
0.3
-0.7
-0.2
1.1
2.4
1.1
1.3
0.7
0.3
0.3 0.06 0.07 0.07 0.08
Gangnam
7.3 13.0
0.0
-1.2
-0.2
1.7
2.4
1.7
0.7
0.4
0.2
0.1 0.01 0.02 0.08 0.08
Gangbuk
8.8 11.7
0.2
-1.4
-0.2
2.2
2.1
1.6
1.1
0.2
0.1
0.1 0.01 0.00 0.10 0.10
5.5 14.6
-0.2
-1.1
-0.2
1.2
2.7
1.7
0.3
0.6
0.4
0.2 0.01 0.04 0.06 0.07
10.2 17.9
3.6
0.8
0.2
1.1
2.6
1.0
1.5
0.7
0.5
0.4 0.08 0.09 0.09 0.09
5 metropolitan cities
1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
Apartment rental prices by region

Source: Kookmin Bank
5
(m-o-m, %)
4
3
2
1
0
-1
-2
2009. 1
7
Nationwide
2010. 1
2011. 1
2012. 1
2013. 1
Apartment sales transactions in May increased 16.4 percent from the previous
months 55,442 to 64,538, and were up 41.1 percent from a year earlier (45,641).
The Green Book | 41
<Apartment sales transactions>
(thousand)
2009 2010 2011

1
2012
Annual Annual Annual Annual Mar Apr May Jun

Nationwide
53
48
59
42
47
45
46
Jul
37
38
2013
Aug Sep Oct Nov Dec Jan Feb Mar Apr May
31
26
45
50
81
17
2012. 1
34
47
55
65
1. Monthly average
Source: Ministry of Land, Transport and Maritime Affairs
Monthly transaction volume

Source: Ministry of Land, Infrastructure and Transport
140
(thousand)
120
100
80
60
40
20
0
2006. 1
2007. 1
Nationwide
2008. 1
2009. 1
2010. 1
2011. 1
2013. 1
12.2 Land market

Nationwide land prices in May rose 0.13 percent month-on-month, which is about
the same pace as in the previous month.
Land prices in the Seoul metropolitan area (up 0.14%, m-o-m) continued to rise,
led by Seoul (up 0.15%, m-o-m) and Gyeonggi Province (up 0.13%, m-o-m).
Land price increases in Seoul metropolitan area (m-o-m, %)
-0.02 (Sep 2012) [ 0.03 (Oct) [ 0.04 (Nov) [ 0.06 (Dec) [ -0.01 (Jan 2013) [ 0.05 (Feb) [
0.10 (Mar) [ 0.13 (Apr) [ 0.14 (May)
Land prices continued to rise in areas excluding the Seoul metropolitan area (up
0.11%, m-o-m), with Sejong (up 0.50%, m-o-m) posting the highest growth rate in
the nation for the 15th straight month in May.
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.10 (Sep 2012) [ 0.11 (Oct) [ 0.12 (Nov) [ 0.12 (Dec) [ 0.11 (Jan 2013) [ 0.11 (Feb) [ 0.12
(Mar) [ 0.13 (Apr) [ 0.11 (May)
42 | The Green Book
<Land prices by region>

2009 2010
2011
2012
Q3
Q4
Annual
Q1
Q2
2013
Q3
Q4 Jan-May Q1
Feb
Mar
Apr
May
Nationwide
0.96 1.05 1.17 0.30 0.29 0.29 0.87 0.30 0.33 0.12 0.21 0.47 0.21 0.07 0.11 0.13 0.13
Seoul
1.40 0.53 0.97 0.28 0.17 0.12 0.33 0.17 0.26 -0.14 0.09 0.41 0.10 0.06 0.11 0.16 0.15
Gyeonggi
1.22 1.49 1.47 0.38 0.43 0.39 0.97 0.34 0.34 0.17 1.32 0.41 0.17 0.03 0.10 0.11 0.13
Incheon
1.99 1.43 0.66 0.18 0.15 0.15 0.36 0.21 0.16 -0.03 0.13 0.46 0.21 0.08 0.12 0.14 0.12
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
2005
2006
2007
City
2008
2009
2010
2011
2012
County
Nationwide land transactions in May were 216,000 land lots, up 5.1 percent from
the previous month and 16.6 percent from 185,000 a year earlier.
Monthly land transactions rose in Seoul (up 11.1%, m-o-m), Daejeon (up 10.9%,
m-o-m), Ulsan (up 88.3%, m-o-m) and Jeju Province (up 18.5%, m-o-m).
Transactions of vacant land decreased 2.8 percent month-on-month to 84,000 lots,
making up 38.6 percent of the total amount of transactions, and were down 0.7
percent from a year earlier.
The Green Book | 43
<Land sales transactions>

(Land lot, thousand)
2009 2010 2011

1
2012
Annual Annual Annual Annual Apr May

Nationwide
203
187
208
170
182
186
2013
Jun
Jul
Aug Sep
Oct
Nov Dec
Jan
Feb
Mar
Apr May
163
167
150
172
185
141
142
181
206
133
224
216
Seoul
22
16
18
13
15
15
13
12
10
15
16
20
10
10
15
18
20
Gyeonggi
46
41
43
33
36
35
32
34
30
27
35
36
45
29
28
33
39
43
Incheon
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
44 | The Green Book
2004. 1
2005. 1
2006. 1
2007. 1
2008. 1
2009. 1
2010. 1
2011. 1
2012. 1
2013. 1
13.
Composite
indices of
business cycle
indicators
Industrial output in May decreased 0.7 percent month-on-month but increased

1.1 percent year-on-year. Output in service (up 0.2%, m-o-m) rose, while output in
mining & manufacturing (down 0.4%, m-o-m), construction (down 4.3%, m-o-m)
and public administration (down 5.0%, m-o-m) fell.
The cyclical indicator of the coincident composite index fell 0.2 points in May.
Mining & manufacturing production, domestic shipment and service activity
decreased while four components, such as the value of construction completed
and imports, increased.
Components of the coincident composite index in May (m-o-m)
value of construction completed (0.8%), imports (0.4%), nonfarm payroll employment (0.3%),
retail sales (0.3%), mining & manufacturing production (-0.8%), domestic shipment (-0.8%),
service activity (-0.2%)
The cyclical indicator of the leading composite index increased 0.3 points from the
previous month.
Four components, including the ratio of job openings to job seekers and ratio of
export to import prices, were higher compared to the previous month while four
other components, such the value of construction orders received and international
commodity prices, were lower.
Components of the leading composite index in May (m-o-m)
ratio of job openings to job seekers (0.5%p), indicator of inventory cycle (0.2%p), ratio of export
to import prices (0.9%), consumer expectations index (1.0p), value of construction orders
received (-4.1%), domestic shipment of machinery (-0.2%), international commodity prices
(-0.5%), KOSPI (-0.1%), spreads between long & short term interest rates (0.0%p)
2012
Oct
2013
Nov
Dec
Jan
Feb
Mar1
Apr1
May1
Industrial output (m-o-m, %)
-0.4
1.1
1.0
-0.9
1.1
-2.0
1.7
-0.7
(y-o-y, %)
-1.0
1.4
-0.2
3.2
-1.9
-0.8
3.6
1.1
Coincident composite index (m-o-m, %)
-0.1
0.6
0.5
0.4
0.4
0.0
0.6
0.2
Cyclical indicator of coincident composite index
98.9
99.1
99.2
99.2
99.3
98.9
99.0
98.8
(m-o-m, p)
-0.4
0.2
0.1
0.0
0.1
-0.4
0.1
-0.2
Leading composite index (m-o-m, %)
0.3
0.7
0.7
0.2
0.3
0.3
0.5
0.7
Cyclical indicator of leading composite index
99.3
99.6
100.0
99.8
99.6
99.5
99.6
99.9
(m-o-m, p)
-0.1
0.3
0.4
-0.2
-0.2
-0.1
0.1
0.3
1. Preliminary
The Green Book | 45
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
Cyclical indicator of leading composite index

110
(points)
105
100
95
90
2001. 1
2002. 1
46 | 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
Featured Issue
Pursuing Realistic Visions for the Financial Industry
(Interview with Financial Services Commission Chairman Shin Je-Yoon)
How do you see the current state of the global financial sector?
The tapering of quantitative easing in the US and slowing growth in China have emerged
as the main destabilizing factors in the global economy and financial sector. However,
the situation in the US is actually part of the normalization process of the nations
monetary policy. In other words, the exit strategy reflects the fact that the US economy
is recovering. Likewise, Chinas economic slowdown is a transitional phenomenon that
comes as the Chinese economy is shifting from export- and investment-led growth to
qualitative growth. A slowdown in Chinas economy is expected to have direct effects on
Koreas real economy, since China accounts for 25 percent of Koreas total exports.
How is the Korean government coping with the recent developments in the US and China?
The government is closely monitoring the risks that may arise as the two nations undergo
changes. Despite the fact that a gradual withdrawal from the quantitative easing program
in the US and economic slowdown in China are part of a normalization process, the huge
size of the two economies requires us to pay close attention to the effect they may have on
Koreas real economy and its financial markets. Also, taking into consideration the fact
that the emerging markets may be affected as well, we will prepare for the possibility that
any economic instability in emerging markets spread to Korea.
Featured Issue | 47
Corporate governance problems have emerged as risk factors in the financial system.
Since the 2008 subprime crisis, financial firm corporate governance has become a globally
important issue. In Korea, problems related to corporate governance include difficulties
in selecting new CEOs and clashes between executive and nonexecutive directors, and
these have posed new risks in the financial system. Such problems can only be solved
by improving both related policies and actual practices at the same time. Corporate
governance of financial firms should be able to not only help optimize shareholder
profit but also protect public interest. One of the governments priorities is to enact the
Financial Firm Corporate Governance Act to streamline rules, which have been applied
differently in different business areas.
Why are you pursuing the controversial privatization of Woori Finance Holdings, and what are
your plans?
Since its establishment in 2001, Woori Finance has been involved with various interest
groups, and in the process has lost its competitive edge. Had Woori Finance been
privatized earlier, it would have helped boost the competitiveness of the entire financial
sector, as well as the company itself. The privatization of Woori Finance will be our last
chance to shake off the aftereffects of the 1998 financial crisis and bring our financial
industry up to a higher level.
The Financial Services Commission (FSC) focuses on reflecting realities in the
privatization plan, and speed up the sales process. Instead of being put up for sale as a
single entity, the 14 affiliates of Woori Finance will be divided into three groups (regional
banks, brokerage division, Woori Bank) and will be sold separately. The units in the three
groups will be sold individually or in bundles, depending on demand. In addition, the
units may be split or merged in order to make them more palatable to the market. The
regional banks and the brokerage division will be put up for sale first, and then Woori
Bank, because it will take time for the FSC to work on the sales of Koreas biggest bank.
Some have pointed out that the role of policy financing should be reestablished to reflect recent
changes in the economic environment.
I agree. The traditional method of debt financing has reached its limit as policy financing
demand is rising in high-risk fields such as startups, technology firms and overseas
projects. This is the time to reform the role and method of policy financing, such as by
expanding equity financing. We plan to reestablish the role of policy financing based on
48 | Featured Issue
four basic rules. To begin with, we will boost policy financing in market failure areas,
where the active participation of commercial financial firms is impossible. Secondly, we
will reduce overlaps among policy financing institutions in order to efficiently utilize
limited financial resources. Thirdly, we plan to cut back policy financing in areas that can
be managed by private financial institutions, and we will require policy financing firms
to focus on their distinct roles. Lastly, we aim to reinforce arbitration mechanisms among
policy financing firms in order to eliminate unnecessary competition and conflict. It will
not be easy to carry out such tasks, but we will boldly and decisively pursue our goals in
order to build a new policy financing system.
The Korea New Exchange (KONEX) was launched on July 1, opening a new era for the nations
capital market.
The KONEX has started out more smoothly than we had expected. Despite the fact that
individual investors participation is limited and the Korean stock market is performing
poorly, the KONEX has gotten off to a better start than the KOSDAQ or the UKs
Alternative Investment Market (AIM), which does not limit market participation. We will
continue to provide tax incentives and other forms of support to help the KONEX-listed
firms raise funds and create their own success stories. Meanwhile, the KONEX requires
efforts from both the government and market participants to succeed. We expect that the
market will successfully get under way if the number of KONEX-listed firms increases to
50 by the end of the year and to 100 by next year.
The FSC faces pending issues such as reforming financial corporate governance and privatizing
Woori Finance. However, presenting a vision for the mid- to long-term development of Koreas
financial industry seems to be an equally important task.
It is important to present a vision, but not like the flashy, catchphrase-centered visions that
were popular in the past. One such example was making a Korean version of Goldman
Sachs, which is something we definitely should pursue in the long term but cannot be
realized in the short term. Such catchphrases sound good but are rarely realistic. I aim for
plans that we can actually achieve. Financial visions should have substance and should
be palpable.
The Korean society is aging at a fast pace and the economy has entered a low-growth era.
Considering such changes, it is now imperative that the financial industry breathe life
to the real economy and boost added value and employment as the key industry of the
future. Therefore, our vision for the future is to boost the contribution of the financial
Featured Issue | 49
sector in terms of added value to 10 percent over the next ten years. We will provide
realistic plans by the end of this year and put them into practice starting next year.
What are your aspirations as the first FSC chairman in the Park Geun-hye administration?
My first goal is to build a nation that is free from financial crises. I will make sure that the
Korean economy and people would never again suffer from weaknesses in the financial
sector. To make this possible, we will require financial firms to boost fiscal soundness and
reserve enough foreign currency liquidity, as well as aggressively cope with risk factors.
The FSC will continue pursuing those goals, so that the financial sector will lead the
Korean economy to stable and sustainable growth.
The original version of this interview appears in the August issue of Narakyungje, a monthly magazine on
economic policies published by KDI.
50 | Featured Issue
Policy Issues
Economic Policies for the Second Half of 2013
Basic directions
The government will pursue eight key initiatives to ensure that the economic
recovery takes hold and national priorities are successfully implemented.
To ensure that the economic recovery takes hold, the government will work to
accelerate the recovery process by implementing proactive macroeconomic
policies, and by improving domestic demand and export conditions. The
government will also establish a response system to guard against uncertainties,
such as the possibility of quantitative easing tapering, and manage risk factors.
Basic living conditions of the working class will be improved as the government
controls inflationary pressures and adopts tailored welfare systems.
To implement national tasks, the government will carry out its 70 percent
Employment Roadmap Initiatives, which cover creating quality part-time jobs and
an employee-friendly workplace culture, while boosting support for the service
industry and developing an institutional infrastructure to help build a creative
economy. The government will also work on the issues regarding economic
democratization.
Meanwhile, review systems will be improved to more efficiently manage fiscal
resources.
Policy Issues | 51
Action plans
1. Ensuring that the economic recovery takes hold
To help restore the economic growth rate to the 3 percent range, the government
will adopt aggressive and flexible macroeconomic policies
1) Fiscal policies
The government will make the most of its fiscal resources, including the
supplementary budget, and increase its financial capacity through public
institutions and public-private partnerships. The government will front-load the
budget in the third quarter of the year, and increase spending in public institution
projects, mostly in energy and SOC, by 500 billion won. The government will
develop measures to boost private sector investment, including measures to
improve financing conditions and remove business barriers.
2) Monetary policies
The Bank of Korea (BOK) will flexibly manage monetary policies by taking into
account overall economic conditions, such as domestic economic trends and
inflationary pressures. The BOK will also flexibly manage its aggregate credit
ceiling loans, a support fund for small- and medium-sized enterprises (SMEs).
3) Financial policies
The government will expand financial support to SMEs and venture startups, and
redefine the role of policy-based financing.
4) Exchange rate policies
The government will ensure that the exchange rate is determined by supply and
demand and economic fundamentals. However, it will adopt market stability
measures when market volatility increases due to external factors.
The government will help boost domestic demand and exports by promoting
investment and SME support
The government will promote investment by easing regulations regarding business
location and industrial convergence, and set up a joint public-private investment
promotion task force.
Another round of SME support measures will come out in July, and a system to
provide SMEs with various services at one location from designing to legal &
accounting consultation will be set up by December. The government will increase
the facility investment funds for SMEs from 3 trillion won to 5 trillion won, and
52 | Policy Issues
allocate more of the fund to export SMEs, which are suffering from the volatile
yen. SMEs in the parts and materials industry will enjoy increased support when
they try to merge or acquire foreign companies. Funds to support M&As of foreign
companies, worth 100 billion won, will be created, which will be available for both
SMEs and larger leading businesses.
The government will announce financing programs in July to support overseas
plant construction by local companies, along with measures to help eco-friendly
businesses enter overseas markets.
The government will work to normalize the housing market and announce
medium- to long-term directions
To help increase home transactions, the government will adjust housing supply by
realigning public housing projects, and ease mortgage loan requirements for firsttime home buyers.
The government will also revise housing market regulations. Heavy transfer taxes
on multi-home ownership will be removed, high capital gains tax rates for less than
two years of homeownership will be lowered, and the new home price ceiling will
be made flexible.
In addition, the government will develop a long-term housing market plan which
covers medium- to long-term supply, regulations, mortgages and taxes, taking
into consideration changes in demographics, families and attitudes towards
homeownership.
2. Reinforcing risk management

The government will prepare for the possibility of an early tapering of quantitative
easing
The government will continue to monitor markets while running an early warning
system. The government will regularly hold the Macroeconomy and Finance
Meeting to share information on the flow of global funds, liquidity conditions and
key policy trends in major countries.
The government will prepare for contingency plans to quickly respond to market
volatility, while flexibly adopting macro-prudential policies.
The government will manage risks to prevent them from developing into a crisis
In order to manage risk in a comprehensive manner, the government will itemize
risk factors by July.
The government will help ease household debt and control its growth, while
increasing support for the economically vulnerable to improve their debt
repayment ability.
Policy Issues | 53
The government will also strictly control the soundness of nonbank financial
institutions and increase consumer protection in the finance sector.
Meanwhile, the 2nd Basic Plan for Energy will be announced in December, which
will cover using sustainable energy and adjusting prices according to different
energy sources.
3. Easing the burdens on the working class

The government will help stabilize prices by streamlining distribution systems
Plans to improve distribution systems will come out in July for fishery products,
in September for manufactured goods, and in November to promote competition
among retailers. The government will implement measures to lower entry barriers
to energy and liquor industries in October and December, respectively.
The government will provide tailored welfare
The government will continue to work on stabilizing agricultural product prices
by adjusting supply and demand. To provide rental homes at affordable prices, the
government will launch a pilot public rental home program, encourage the private
sector to provide rental housing, and introduce housing vouchers.
The government will continue to help the restructuring of household debt through
the National Happiness Fund, phase in a universal high school education program,
and provide a college tuition system tailored to each student. Tax benefits to
encourage childbirth will be announced in August.
A basic pension fund scheme for the elderly will be prepared in July, and a revision
of the National Health Care will be announced in December, which will increase
the health care coverage and lower the burden for the working class.
The government will also develop plans to implement a basic social security system
tailored to each recipient by October, and increase emergency welfare support to
help families faced with difficulties, such as unemployment.
4. Implementing the roadmap to achieve 70 percent employment

The government will lay the foundation for steady job creation
The government will enact laws related to part-time jobs, provide temporary tax
breaks and social insurance support to increase quality part-time jobs, and will
gradually introduce work-study programs to boost youth employment.
Also, the government will encourage women to continue pursuing their career
by promoting childcare leave and employer-sponsored childcare centers, while
reinforcing public career counseling programs.
Plans to address mismatches in the labor market will be unveiled in September.
54 | Policy Issues
The government will shift its focus to job creation

The government will offer incentives to foreign companies that create jobs in
Korea, and cut overlapping or similar SME support in order to increase support
for job-creating SMEs.
More emphasis will be placed on job creation when evaluating fiscal projects.
5. Laying a solid foundation for building a creative economy

The government will establish strong institutional infrastructure to help build a
creative economy
Plans to increase R&D financial support for promising startup businesses will be
announced in December.
Tax incentives designed to support the forming of a virtuous venture-startup
funding cycle will be implemented as planned, while a funding system to support
a creative economy will be set up, through which innovative enterprises and
convergence industries will be made eligible for increased financing*.
* Growth Ladder Fund of 2 trillion won to be launched in the third quarter and Smart Guarantee
System to be introduced in October
The government will prepare by October measures to utilize industrial complexes

as a hub for creative economy, and will work on the establishment of a national
statistics development plan, which is aimed at building the infrastructure for
creative economy statistics.
The government will facilitate the building of a creative economy by increasing
support for the service sector
Regulatory reforms to remove discriminatory regulations against service industries
will be unveiled in July, which also include rules to help found a solid basis for the
development of the service sector.
The government will lay the foundation for developing the service sector through
increased support for human resources and technology development: human
resources development support includes education programs designed according
to the stages of ones life, such as Meister high schools in service areas, colleges
specializing in services, enterprise-run colleges and e-learning. Promising SMEs
that deal with new technologies will receive tax incentives, and the government will
provide increased R&D support. The government will also introduce a certification
system specified for the service sector.
The government will facilitate the service industrys involvement in the
procurement of government projects, while quickly easing business-related service
sector difficulties through various measures, such as flexible financial support for
foreign educational and research institutions in the Free Economic Zones.
Policy Issues | 55
Measures to increase service sector competitiveness will be unveiled in July,

including measures to develop tourism and information protection industries.
6. Making economic democratization a priority

The government will pursue mutually beneficial economic democratization
through increased ministerial cooperation and by encouraging communication
between corporations and the market
The government will renew its efforts to pursue economic democratization without
burdening the economy.
The government will also work on minimizing uncertainties regarding economic
democratization by promoting communication between corporations and the
market.
7. Financing national priorities

The government will prepare action plans to achieve and finance national priorities
The tax revision bills and budget proposals, scheduled to be unveiled in August
and October, respectively, will serve as tools to achieve national priorities and local
government-related campaign pledges.
The government will adjust fiscal support and obligatory private sector expenses
taking into consideration overlapping purposes to minimize the areas that may not
receive support
The government will redefine the role of fiscal support and obligatory expenses to
increase the efficiency of government expenditures. In the case that fiscal projects
and tax expenditures have similar purposes, the government will start making
adjustments from 2014 by modifying budgets, tax reductions and exemptions.
The government will boost the vitality of the private sector economy by improving
regulations and promoting private investment in order to compensate for public
sector spending cuts.
The government will efficiently manage fiscal risks in order to ensure that future
generations are not burdened
The long-term fiscal outlook for 2011-2060, which reflects changes in demography,
will be announced in September. According to the findings of the report, the
government will lay out directions to improve areas with high fiscal risks.
The public debt calculation method will be prepared in September, and the
comprehensive fiscal risk management system will be established in November,
which will examine major fiscal risks by area and provide indices for those risks.
56 | Policy Issues
8. Policy evaluation system based on performance

The government will improve and carry out performance-based policy evaluations,
in which the Korean people as well as all ministries will participate
1) Evaluators
The Government Economic Policy Performance Evaluation Task Force will be
formed in July, and will conduct a government-wide evaluation of major policies.
The Citizen Evaluation Group will be launched in July and will be composed
of experts from the private sector, workers participating in the project being
evaluated, and recipients of policies. Each related ministry will form a joint publicprivate performance evaluation team in July, and the team will regularly report its
evaluation results to the government evaluation task force.
2) Evaluation targets
The government will create a database of monthly plans and performance outcomes
by project and continuously evaluate the performance of major projects. Inputs,
expected performance and actual performance, will all be evaluated.
3) Feedback
Evaluation outcomes will be discussed at the Ministerial Meeting on the Economy
and will be made accessible to the people. The government will prepare follow-up
measures for underperforming projects.
Policy Issues | 57
Economic News Briefing
KONEX begins trading on July 1

The Korea New Exchange (KONEX), a stock market for small- and medium-sized
enterprises (SMEs), opened on July 1. The KONEX, which is modeled after the UKs
Alternative Investment Market (AIM), serves as a market for startups that have
huge growth potential but are too small to be listed on the KOSPI or KOSDAQ.
According to the Financial Services Commission (FSC), the KONEX is expected to
function as an important financing window for SMEs and venture businesses, and
will give investors more opportunities to invest in promising enterprises.
Korea-China currency swap to be extended

President Park Geun-hye and Chinese leader Xi Jinping agreed at a summit held
on June 27 to extend the Korea-China currency swap arrangement by three years,
recognizing the positive effect that the currency swap scheme has on bilateral trade
relations as well as the economic development of both nations. The existing currency
swap agreement, which was signed on October 26, 2011 and was originally due to
expire on October 25, 2014, will be extended to 2017. At the summit, the leaders
also agreed to consider further extending the currency swap duration after 2017
and to expand the size of the currency swap if necessary. The existing won-yuan
currency swap is worth 64 trillion won, or 360 billion yuan.
58 | Economic News Briefing
Government to boost surveillance on illegal forex transactions

The Ministry of Strategy and Finance (MOSF) will work on improving the foreign
exchange system in order to strengthen surveillance on illegal foreign exchange
transactions. The enactment of the Foreign Exchange Transaction Act in 1999 has
liberalized most foreign exchange transactions, making foreign transactions easier
for individuals and corporations. However, foreign exchange liberalization has also
caused illegal capital outflows, such as offshore tax evasion, to increase, which lead
authorities to seek means to monitor such illegal practices while guaranteeing the
free flow of normal foreign exchange transactions.
The plan to improve the foreign exchange system covers granting joint inspection
authority to the Korea Customs Service (KCS) and the Financial Supervisory
Service (FSS). Under the current system, the KCS has authority over transactions
related to imports and exports, while the FSS inspects transactions related to capital
and services. Considering the fact that this arrangement has caused problems in
cases where capital transactions and import-export transactions are mixed, both
the KCS and FSS will be given inspection authority in such cases in the future.
The plan also includes follow-up management of overseas direct investment.
Although investors are currently required to submit reports on overseas direct
investment related activities, many cases go unreported, raising concerns over
illegal capital outflows. In order to increase the effectiveness of obligatory reporting,
fines will be imposed in cases that follow-up reports are not submitted after the
investments are made.
Korea-ASEAN FTA certification requirements to be eased

Country of origin certification procedures regarding the Korea-ASEAN free trade
agreement (FTA) will be simplified starting next year. The Korea-ASEAN FTA
implementation committee approved on June 30 the revised version of the KoreaASEAN FTA operational certification procedures (OCP), and announced that the
revisions will take effect on January 1, 2014.
Trade between Korea and the ASEAN member nations has grown by an average
of 12.8 percent each year since the trade pact entered into force in 2007. Despite
the increase in trade, however, Korean firms have experienced difficulties in taking
advantage of the Korea-ASEAN FTA due to complex certification procedures.
According to the revised rules, the duration of validity for the certificate of origin,
which is currently only six months, will be extended to twelve months, and
export companies will no longer be required to reveal sensitive information in the
certificates.
Economic News Briefing | 59
Korea-EU FTA tariffs further cut

Korea and EU has further cut tariffs on each others goods as of July 1, which marks
the day the Korea-EU FTA entered into force. Korea reduced tariffs on 2,000 items
imported from EU nations. Tariffs on midsized cars were cut to 1.6 percent from
the current 3.2 percent. Tariffs on pork were lowered to 18.1 percent from 20.4
percent, handbags to 2.0 percent from 4.0 percent, and whiskey to 5.0 percent
from 10.0 percent. The EU also cut tariffs on 551 Korean goods. Tariff on midsized
cars were cut to 2.0 percent from 4.0 percent, while tariffs on televisions and tires
were reduced to 7.0 percent from 9.3 percent and to 1.1 percent from 2.2 percent,
respectively.
Korea and Kenya ink deal to avoid double taxation

Korea and Kenya held a tax treaty negotiation meeting in Seoul on June 19-21,
where they initiated a deal to help their companies avoid double taxation. The
double tax avoidance agreement is expected to reduce the tax burden for Korean
companies in Kenya, and help prevent tax evasion by facilitating the exchange of
information. Meanwhile, the government is working on expanding the tax treaty
network to regions such as Latin America, the Middle East and Africa, in order to
help Korean firms enter and invest in those markets.
60 | Economic News Briefing
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 | 61
1.
National accounts
Real GDP
Manufacturing
Final
consumption
expenditure
Construction
Facilities
4.0
5.2
5.1
2.3
0.3
6.3
3.7
2.0
Agri., fores.
& fisheries
1.3
1.5
4.0
5.6
3.2
-4.4
-2.1
-0.6
6.2
8.1
7.2
2.8
-1.5
14.7
7.3
2.2
4.6
5.1
5.1
2.0
1.2
4.1
2.3
2.2
1.9
3.4
4.2
-1.9
-1.0
5.8
-1.0
-1.7
-0.4
0.5
1.4
-2.8
3.4
-3.7
-4.7
-2.2
5.3
8.2
9.3
-1.0
-9.8
25.7
3.6
-1.9
Period
2005
2006
2007
2008
2009
2010
2011
2012P
(year-on-year change, %, chained 2005 year prices)

Gross fixed capital formation
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
4.3
3.5
3.6
3.4
-9.7
-2.6
-5.8
7.1
10.3
7.4
6.4
5.5
2.8
2.8
2.4
1.3
-1.4
0.4
-1.4
-1.8
-10.0
-4.7
-3.6
-1.7
10.5
7.7
1.1
-3.6
2012P
2.8
2.4
1.6
1.5
-0.4
-1.8
0.3
-0.5
4.1
2.7
0.9
1.3
2.1
1.6
2.1
2.8
3.7
-2.6
-2.5
-4.2
-0.4
-3.1
-0.3
-4.2
8.8
-3.5
-6.9
-5.2
2013P
1.5
0.3
1.0
1.4
-3.8
2.4
-11.9
P: Preliminary
62 | Statistical Appendices
2.
Production, shipment and inventory
(constant prices, 2010=100)
Production index
Period
2011
2012
Shipment index
Y-o-Y change
(%)
Inventory index
Y-o-Y change
(%)
Service production index
Y-o-Y change
(%)
Y-o-Y change
(%)
105.9
106.8
5.9
0.8
105.6
106.4
5.6
0.8
120.2
124.1
14.9
3.2
103.2
104.8
3.2
1.6
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
108.4
2.9
1.4
-0.5
-0.7
117.8
115.2
114.6
124.1
12.5
4.7
1.7
3.2
102.1
104.9
104.7
107.6
2.6
1.5
1.5
0.8
2013
104.5
-1.7
104.1
-2.1
122.4
3.9
102.9
0.8
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
12
101.9
105.8
111.2
106.4
110.4
108.9
105.6
99.4
103.6
107.6
111.6
109.7
-3.2
15.3
0.5
-0.4
3.1
0.6
-0.3
-2.1
-0.8
-1.9
2.1
-0.4
102.6
105.8
110.6
105.9
109.6
108.9
104.8
98.5
104.6
106.6
109.5
109.0
-3.0
13.4
-0.2
-0.8
3.4
1.8
0.8
-2.7
0.4
-2.3
1.2
-1.2
119.4
117.5
117.8
116.6
118.4
115.2
115.8
119.5
114.6
115.5
120.4
124.1
14.1
14.3
12.5
10.2
9.0
4.7
3.6
6.5
1.7
-0.1
2.1
3.2
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
1
2
3
4P
5P
109.7
95.8
108.0
108.1
108.8
7.7
-9.5
-2.9
1.6
-1.4
107.9
96.4
108.1
107.4
107.8
5.2
-8.9
-2.3
1.4
-1.6
127.8
124.1
122.4
120.1
121.8
7.0
5.6
3.9
3.0
2.9
101.8
100.3
106.6
105.3
107.6
1.3
0.3
0.7
2.5
1.6
P: Preliminary
3.
Production capacity and operation ratio
Period
Production capacity index (2010=100)
2011
2012
Operation ratio index (2010=100)
Y-o-Y change (%)
Y-o-Y change (%)
Average operation
ratio (%)
104.9
107.2
4.9
2.2
99.8
97.0
-0.2
-2.8
80.2
78.1
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
2013
108.0
1.1
92.7
-4.3
77.1
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
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
1
2
3
4P
5P
107.9
108.0
108.1
108.1
108.2
1.1
1.1
1.1
1.0
1.0
97.9
84.1
96.2
97.0
98.3
6.6
-12.8
-6.0
-1.2
-3.6
78.6
77.2
75.4
75.5
75.4
P: Preliminary
4.
Consumer goods sales index
(constant prices, 2010=100)
Consumer goods sales index
Durable goods
Period
2011
2012
104.5
106.9
Y-o-Y change
(%)
4.5
2.3
Semi-durable goods
110.6
116.5
Y-o-Y change
(%)
10.6
5.3
103.7
102.6
Y-o-Y change
(%)
3.7
-1.1
Non-durable goods
102.1
104.4
Y-o-Y change
(%)
2.1
2.3
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
2013
103.7
0.2
111.3
1.2
99.8
1.8
101.9
-1.0
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
12
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
1
2
3
4P
5P
104.6
99.5
106.9
105.1
110.5
-2.7
1.6
1.8
2.1
0.5
112.0
106.6
115.2
114.0
119.9
4.0
-1.2
0.7
5.8
1.5
101.4
91.1
106.9
104.8
111.3
-2.1
0.1
7.7
1.1
0.8
102.6
99.9
103.1
101.1
105.8
-6.0
3.7
0.0
0.9
-0.2
P: Preliminary
5.
Consumer goods shipment index and consumer sentiment index
Domestic consumer goods shipment index (2010=100)
Durable goods
Period
2011
2012
109.2
101.1
Y-o-Y
change (%)
0.9
0.2
Non-durable goods
100.2
98.5
Y-o-Y
change (%)
0.2
-1.7
101.2
102.3
Y-o-Y
change (%)
1.2
1.1
Consumer
sentiment
index
-
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
103.9
-0.8
1.8
-0.3
0.1
97.4
98.9
96.0
101.7
-2.1
-1.8
-4.8
1.8
101.2
100.1
103.0
104.8
-0.2
3.5
1.6
-0.6
2013
98.4
-1.6
95.3
-2.2
99.7
-1.5
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
12
100.2
97.9
101.9
98.7
101.9
98.6
101.6
98.5
102.7
103.7
104.2
103.7
-7.7
10.4
-3.1
0.5
6.0
-0.7
1.9
-3.5
0.9
-1.2
2.1
-0.5
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
102.8
-7.3
12.4
-3.1
2.3
8.4
0.0
2.4
-0.7
3.1
-1.0
1.9
-2.7
98
102
102
106
106
101
100
101
99
100
100
99
2013
1
2
3
4P
5P
6
104.0
92.3
98.8
98.2
96.9
-
3.8
-5.7
-3.0
-0.5
-4.9
-
96.8
92.7
96.4
95.6
95.2
-
5.0
-5.4
-5.6
2.1
-5.0
-
107.0
92.2
99.8
99.4
97.7
-
3.2
-5.8
-2.1
-1.5
-4.9
-
102
102
104
102
104
105

6.
Machinery orders received, domestic machinery shipment and estimated
facility investment index
Domestic machinery orders received excluding ship
(billion won, constant value)
Period
2012
Private
Total
Public
21,789
2,142
19,647
Manufacturing
10,482
Estimated
facility investment
index
(2005=100)
Domestic
machinery shipment
excluding ship
(2010=100)
136.4
98.8
2012
6,310
5,391
5,079
5,004
810
285
579
468
5,500
5,106
4,500
4,536
3,055
2,765
2,320
2,339
144.5
145.7
128.1
127.4
103.4
104.6
90.9
96.4
2013
5,621
429
5,192
2,928
122.3
83.5
2012
1
2
3
4
5
6
7
8
9
10
11
12
1,933
2,541
1,836
1,845
1,830
1,716
1,835
1,516
1,729
1,545
1,689
1,771
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
1,516
1,158
1,036
860
927
988
850
779
689
852
733
833
773
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
102.6
2013
1
2
3
4P
5P
1,864
1,675
2,083
1,839
2,140
139
168
121
92
254
991
858
1,078
956
1,094
117.5
113.8
135.7
125.8
129.0
81.1
76.6
92.7
88.5
92.6
-13.4
-11.0
-25.9
-2.0
-5.3
2012
1,724
1,506
1,961
1,747
1,886
Y-o-Y change (%)
-13.6
2012
-1.1
-19.8
-10.4
-21.5
126.1
-59.7
86.7
-54.6
-8.7
-15.1
-16.0
-15.1
-19.0
-27.3
-26.6
-31.4
10.7
-2.7
-8.2
-6.9
4.4
-5.0
-10.7
-9.4
2013
-10.9
-47.0
-5.6
-4.2
-15.4
-19.2
2012
1
2
3
4
5
6
7
8
9
10
11
12
-0.8
25.1
-23.6
-4.4
-14.4
-35.4
-9.4
-13.8
-8.1
-20.8
-26.4
-17.0
-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
-21.8
3.9
-12.3
-41.7
-22.4
-19.1
-38.7
-25.1
-32.7
-22.4
-24.3
-25.0
-42.0
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
-11.2
2013
1
2
3
4P
5P
-3.6
-34.1
13.4
-0.3
16.9
169.8
-75.8
92.2
63.8
553.5
-8.3
-18.4
10.6
-2.3
5.3
-14.4
-17.2
25.3
3.2
10.6
-15.7
-22.5
-7.9
-12.1
-11.6
-14.6
-27.7
-15.0
-15.0
-10.8
P: Preliminary
7.
Value of construction completed and domestic construction orders received
(current prices, billion won)
Period
2012
Value of
construction
completion
(total)
88,031
Type of order
Public
Private
33,578
50,260
Domestic
construction
orders received
(total)
86,821
Type of order
Public
Private
26,103
57,202
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
2013
20,113
6,984
12,364
12,805
4,279
8,255
2012
1
2
3
4
5
6
7
8
9
10
11
12
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
1
2
3
4P
5P
6,258
6,217
7,638
8,062
8,080
2,065
2,341
2,579
2,820
2,766
3,424
4,304
5,077
4,910
5,838
1,306
1,280
1,694
1,551
1,503
1,970
2,955
3,329
2,944
4,216
-4.0
-4.4
3,948
3,650
4,766
4,948
5,052
Y-o-Y change (%)
-2.7
-8.9
-8.8
-7.5
2012
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
2013
5.3
-5.4
14.5
-41.2
-22.6
-46.9
2012
1
2
3
4
5
6
7
8
9
10
11
12
-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
1
2
3
4P
5P
9.0
4.0
3.4
18.7
11.8
-2.0
-0.7
-11.7
7.4
-2.6
18.3
8.3
16.6
27.7
24.3
-52.7
-47.0
-20.7
-18.6
-19.1
-33.9
-40.9
21.8
7.1
40.2
-61.4
-49.2
-28.2
-28.1
-30.1
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
4
5
6
7
110.1
110.4
110.7
111.2
112.0
-
111.8
112.3
112.3
113.0
113.2
-
99.2
99.3
98.9
99.0
98.8
-
85.0
83.0
101.3
94.1
97.6
95.0
-
85.7
86.7
104.4
101.5
99.8
97.2
90.7
Source: Statistics Korea & The Bank of Korea

9.
Balance of payments (I)
(million US$)
Current balance
Goods trade balance
Period
2011
2012
Exports
Imports
Services trade
balance
Income trade
Balance
Current transfers
26,068.2
43,138.5
31,660.0
38,337.7
551,765.4
552,565.3
520,105.4
514,227.6
-5,849.5
2,676.2
2,890.9
4,885.5
-2,633.2
-2,760.9
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
2012
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
2013P
9,971.8
9,339.8
137,293.0
127,953.2
-483.0
1,375.0
-260.0
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
2012
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
1
2
3
4
5
2,331.7
2,712.9
4,927.2
3,926.9
8,638.8
2,617.7
2,562.9
4,159.2
3,543.3
7,270.0
47,163.0
42,218.6
47,911.4
47,482.1
49,593.9
44,545.3
39,655.7
43,752.2
43,938.8
42,323.9
-927.1
-461.0
905.1
1,447.6
1,130.5
968.4
628.9
-222.3
-1,088.6
193.6
-327.3
-17.9
85.2
24.6
44.7
P: Preliminary
10.
Balance of payments (II)
(million US$)
Capital & financial account
Period
2011
2012
Direct
investment
Portfolio
investment
Financial
derivative
Other
investment
-26,778.0
-43,619.1
-16,410.0
-18,628.1
13,109.3
10,114.8
-1,031.3
3,075.2
-8,468.6
-26,897.7
Capital transfers Changes in

& acquisition of reserve assets
non-financial
assets
-24.7
-13,952.8
602.1
-11,885.4
Errors and
omissions
709.8
480.6
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
2012
-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
2013P
-10,901.4
-4,065.9
-5,769.9
1,418.9
1,294.3
152.0
-3,930.8
929.6
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
2012
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
1
2
3
4
5
-910.3
-3,269.1
-6,722.0
-2,606.4
-11,596.0
-1,417.7
-777.8
-1,870.4
303.3
-1,482.2
-4,374.3
1,993.5
-3,389.1
-1,917.5
-1,171.9
586.9
686.9
145.1
-313.2
649.2
4,643.9
-3,218.3
-131.3
-1,584.7
-8,534.9
48.5
37.8
65.7
-36.8
-16.8
-397.6
-1,991.2
-1,542.0
942.5
-1,039.4
-1,421.4
556.2
1,794.8
-1,320.5
2,957.2
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
3
4
5
6
107.3
107.6
107.4
107.3
107.3
107.2
109.8
110.2
110.3
109.8
109.6
109.3
105.2
105.5
105.1
105.3
105.4
105.4
106.0
106.7
106.3
105.9
105.6
105.5
106.8
107.8
107.1
106.6
106.1
106.0
92.2
94.4
94.7
95.3
94.4
96.9
102.3
105.1
104.3
104.4
102.5
104.7
4.0
2.2
5.7
3.0
105.9
106.1
105.9
105.9
106.3
106.4
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
3
4
5
6
1.5
1.4
1.3
1.2
1.0
1.0
1.8
1.6
1.0
0.8
0.4
0.5
1.3
1.2
1.5
1.5
1.4
1.3
1.2
1.3
1.5
1.4
1.6
1.4
-1.6
-1.6
-2.4
-2.8
-2.6
-1.4
-2.5
-2.5
-3.7
-4.1
-3.8
-2.2
-8.1
-5.6
-5.9
-5.7
-5.8
-2.0
-10.6
-8.6
-10.8
-9.7
-9.7
-4.3

12.
Employment
Economically active persons (thous.)
Period
2011
2012
Wage workers
Employed persons (thous.)
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
3
4
5
6
24,901
24,973
25,397
25,928
26,195
26,291
24,054
23,984
24,514
25,103
25,398
25,478
4,189
4,139
4,141
4,192
4,175
4,180
17,581
17,493
17,743
18,145
18,388
18,429
11,292
11,336
11,510
11,616
11,726
11,750
4,791
4,725
4,769
4,892
4,964
4,980
1,498
1,431
1,465
1,636
1,699
1,699
1.4
1.6
1.7
1.8
1.6
0.3
18,810
3.4
18,736
4.0
18,989
3.5
19,303
3.2
19,492
3.0
19,531
3.1
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
3
4
5
6
1.3
0.6
0.7
1.1
1.0
1.4
1.4
0.8
1.0
1.4
1.1
1.4
3.9
1.9
3.1
4.1
2.6
2.3
1.0
0.7
0.6
1.0
1.0
1.5
2.3
1.6
1.8
2.6
2.5
2.8
4.9
4.9
5.6
6.0
6.0
5.3
-1.6
-3.1
-4.6
-4.0
-3.7
-2.2
-3.1
-7.1
-4.0
0.6
-1.1
1.0

13.
Financial indicators
(period average)
Yields(%)
Period
Stock
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
Corporate bonds
(3 years, AA-)
7.3
7.1
6.1
5.7
5.2
5.2
5.5
5.7
5.6
5.6
5.4
5.4
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
3
4
5
6
2.8
2.8
2.7
2.8
2.6
2.5
2.9
2.8
2.8
2.8
2.7
2.7
3.2
3.1
3.0
2.9
3.0
3.2
2.8
2.7
2.6
2.6
2.6
2.9
2.9
2.8
2.7
2.6
2.7
3.1
1,961.94
2,026.49
2,004.89
1,963.95
2,001.05
1,863.32
Call rate (1 day)
CD (91 days)

Treasury bonds
(3 years)
3.4
3.8
3.7
3.8
3.8
4.1
4.1
4.4
4.4
4.5
4.3
4.2
Treasury bonds
(5 years)
4.0
4.6
4.5
4.4
4.5
4.7
4.6
4.9
4.9
4.9
4.8
4.8
KOSPI
(end-period)
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
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
1
2
3
4
5
85,839.3
88,855.7
89,523.5
87,729.0
89,654.8
464,914.5
472,239.6
472,430.1
475,330.0
475,526.7
Y-o-Y change (%)
6.6
3.8
1,841,128.1
1,857,135.0
1,862,405.5
1,867,726.3
1,870,289.7
2,469,789.3
2,488,539.0
2,499,718.1
2,512,459.7
2,518,239.1
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
1
2
3
4
5
5.1
8.8
13.2
8.8
11.3
5.8
8.0
7.4
8.7
8.4
4.8
5.3
5.0
5.1
4.8
7.7
8.1
6.8
6.9
6.8

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
3
4
5
6
1,082.7
1,085.4
1,112.1
1,108.1
1,128.3
1,149.7
1,065.4
1,086.7
1,102.2
1,121.8
1,110.7
1,135.2
1,196.8
1,166.4
1,161.1
1,148.4
1,100.3
1,165.7
1,469.3
1,425.8
1,425.2
1,451.3
1,471.4
1,498.2
1,415.7
1,452.3
1,427.5
1,459.6
1,441.5
1,498.7
1.3
-7.1
-4.2
1.7
1,188.5
1,176.2
1,180.1
1,132.0
1,116.6
1,167.2
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
4
5
6
-3.8
-3.6
-2.3
-2.3
-4.2
-0.4
-7.0
-3.3
-2.1
-1.2
-3.8
-2.6
-19.3
-15.9
-14.5
-19.8
-25.0
-19.7
-19.6
-18.6
-14.9
-17.6
-24.0
-20.7
-0.6
-6.0
-5.8
-3.4
1.0
4.4
-4.2
-2.3
-4.0
-2.4
-2.5
2.5

Editor-in-Chief
Cho Byung-Koo (KDI)
Kim Yong-Jin (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 Trade, Industry and Energy
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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
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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:
47 Featured Issue
Pursuing Realizable Visions for the Financial Industry

(Interview with FSC Chairman Shin Je-Yoon)
51 Policy Issues
Economic Policy Directions for the Second Half of 2013
58 Economic News Briefing
KONEX Begins Trading on July 1

Korea-China Currency Swap to be Extended
Government to Boost Surveillance on Illegal Forex Transactions
Korea-EU FTA Tariffs Further Cut
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61 Statistical Appendices
Vol.35 No.7 July 2013
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July 2013

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Pursuing Realistic Visions for the Financial Industry

Economic Policy Directions for the Second Half of 2013

58 Economic News Briefing

KONEX Begins Trading on July 1

For free subscriptions and enquiries, please contact:

Economic Information and Education Center

Foreign Press Spokespersons Office

| Economic Information and Education Center

Economic News Briefing .......................................................................... 58

The Green Book

Numerous potential risk factors remain, including political instability in Egypt

World GDP growth

4 | The Green Book

Factors that contribute to GDP, including private sector spending, corporate

US GDP growth and industrial production

GDP (q-o-q, annualized rate)

Industrial production (q-o-q)

The housing market continued to recover, as home sales indicators improved

Case-Shiller Home Price Index (q-o-q, %)

New home sales (m-o-m, %)

US nonfarm payroll growth and unemployment rate

US nonfarm payroll growth (m-o-m, left)

Unemployment rate (right)

(Percentage change from previous period)

- Personal consumption expenditure

- Corporate fixed investment

- Housing construction investment

Existing home sales

6 | The Green Book

50.5 (Q1 2013), 50.6 (Apr) [ 50.8 (May) [ 50.1 (Jun)

55.4 (Q1 2013), 54.5 (Apr) [ 54.3 (May) [ 53.9 (Jun)

Fixed asset investment (accumulated)

Chinas GDP growth and fixed asset investment

GDP (y-o-y, left)

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

The Green Book | 7

Signs of a Japanese recovery continue to manifest as indicators, such as industrial

Consumer prices (y-o-y)

Japans GDP growth and industrial production

GDP (q-o-q, left)

Industrial production (q-o-q, right)

The recession in the eurozone continues as unemployment in May broke records,

8 | The Green Book

(Percentage change from previous period)

Consumer prices (y-o-y)

Eurozones GDP growth and industrial production

GDP (q-o-q, left)

Industrial production (q-o-q, right)

(Percentage change from previous period)

The Green Book | 9

Department store sales

Large discount store sales

Domestic sales of gasoline

Credit card sales

Domestic sales of cars

10 | The Green Book

Private consumption (y-o-y)

Private consumption (q-o-q)

Consumer goods sales (m-o-m)

Consumer goods sales (y-o-y)

Retail sales by type

The Green Book | 11

Facility investment (preliminary GDP) increased 2.6 percent quarter-on-quarter