Economic Bulletin June 2014 from South Korea.
The Green Book: Current Economic Trends from Ministry of strategy and finance.
http://english.mosf.go.kr/publ/view.do?bcd=P0002&seq=1218&bPage=1
Overview
The Korean economy suffered from a fall in retail sales and service output in April. However, employment and inflation remained stable, and manufacturing production, facility investment and construction improved.
The economy added less jobs in April, adding 581,000 jobs year-on-year compared to 649,000 jobs in March. Inflation in May remained stable in the 1 percent range, increasing 1.7 percent year-on-year, up from 1.5 percent in the previous month.
Mining and manufacturing production continued to increase for the second consecutive month in April (up 0.1%), despite the sales ban on mobile carriers, helped by strong mobile phone exports and automobile production.
Service output, which increased 0.5 percent in March, fell 0.1 percent in April as the Sewol ferry disaster had a negative effect on wholesale & retail, entertainment, cultural & sports services, and hotels & restaurants. Retail sales, which increased 1.8 percent in the previous month, fell 1.7 percent due to weak durable and semi-durable goods sales in the wake of the Sewol ferry disaster.
Facility investment, which increased 1.2 percent in March, continued to improve in April, rising 2.6 percent, as investment in both transportation equipment and machinery increased. Construction completed also increased 6.9 percent month-onmonth after declining 3.8 percent in March.
The composite index of coincident indicators fell 0.3 points month-on-month in April due to a fall in retail sales and service output, but the composite index of leading indicators rose 0.1 points. Exports in May fell 0.9 percent year-on-year due in part to 1.5 fewer days worked, but average daily exports increased and a trade surplus continued at US$5.35 billion. The stock market had plummeted in the beginning of May, but rebounded and remained stable as foreign investors bought more Korean shares than they sold. The value of the won rose.
In
May, housing prices across the country rose at a slower pace from 0.1 percent
to 0.0 percent month-on- month, and the fall in prices in the Seoul
metropolitan area accelerated from 0.02 percent to 0.1 percent. Jeonse
(lump-sum deposits with no monthly payments) prices continued to increase at
the same pace as the previous month, rising 0.1 percent owing to the ending of
the spring moving
season.
The economy continues to recover, but the recovery in the private sector has yet to fully take hold, and consumption and service industry indicators appear to be slowing down in the wake of the April Sewol ferry disaster.
The Korean government will continue to closely monitor internal and external economic trends as external risks remain, including US quantitativeeasing tapering, uncertainties in emerging economies, and the weakening of the yen, and at the same time will work to help the economic recovery take hold and protect domestic markets from external shocks.
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