GDP per capita in Korea
Korea - GDP per capita (U.S. Dollars)
Second GDP release confirms sharp slowdown in Q1
According to a second GDP release, the economy grew 1.7% in the first quarter compared to the same quarter a year earlier, down from the 1.8% previously reported and the 2.9% growth logged in the fourth quarter of last year. In seasonally-adjusted terms, the economy shrank 0.4% in Q1 compared to the previous quarter, down from the 0.3% decrease previously reported and contrasting the 0.5% expansion in Q4.
A further deterioration in fixed investment (Q1: -8.6% year-on-year; Q4: -4.2% yoy) was confirmed to be primarily responsible for the economic slowdown in Q1, partly due to the struggling semiconductor sector. Alongside the downbeat investment reading, private consumption growth (Q1: +1.9% yoy; Q4: +2.8% yoy) and government consumption growth (Q1: +5.5% yoy; Q4:+7.1% yoy) both slowed.
Exports of goods and services decreased 0.2% in Q1, contrasting the 6.7% growth in Q4. Imports, meanwhile, plunged 5.1%, contrasting the 2.4% increase in Q4. Consequently, the external sector contributed 2.8 percentage points to economic growth in Q1 (Q4: +2.5 percentage points), the largest contribution since Q1 2013.
Looking ahead, growth will likely be moderate, as external pressures—chiefly a synchronized global slowdown in demand for technology and the escalating U.S.-Sino trade spat—weigh on exports. The government plans to boost the economy with a KRW 6.7 trillion (USD 5.9 billion) supplementary budget, which it unveiled on 23 April and is awaiting parliamentary approval. However, the bill is only making its way through Parliament very slowly and may not prove as impactful as the government would wish. This skepticism is summarized by Robert Carnell, chief economist at ING, who noted: “The government has a KRW 6.7tr stimulus package ready for implementation. They say it could be worth 0.1pp of GDP. That seems about twice as much as is likely”.
The Central Bank expects the economy to grow 2.5% in 2019. The analysts surveyed by Met the why particular this month expect an expansion of 2.3% in 2019, which is unchanged from last month’s estimate. For 2020, our panel sees an expansion of 2.4%.
Korea - GDP per capita (USD) Data
|GDP per capita (USD)||25,896||27,815||27,096||27,608||29,745|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||1.59||1.55 %||Jun 14|
|Exchange Rate||1,185||0.21 %||Jun 14|
|Stock Market||2,095||-0.11 %||Jun 14|
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June 4, 2019
Consumer prices rose 0.2% in month-on-month terms in May, down from the 0.4% increase recorded in April.
June 3, 2019
The Nikkei and IHS Markit manufacturing Purchasing Managers’ Index (PMI) fell to 48.4 in May from 50.2 in April, dashing hopes of a revival in the manufacturing sector—April’s 50.2 reading had marked the first time in four months that the PMI had landed above the 50-point threshold that separates contraction from expansion in the manufacturing sector.
June 3, 2019
According to a second GDP release, the economy grew 1.7% in the first quarter compared to the same quarter a year earlier, down from the 1.8% previously reported and the 2.9% growth logged in the fourth quarter of last year.
June 1, 2019
Merchandise exports fell 9.4% over the same month a year earlier in May to total USD 45.9 billion, worsening from the 2.0% contraction in April.
May 31, 2019
Industrial production in the mining, manufacturing, and gas and electricity sectors fell 0.1% in annual terms in April, following the 2.3% decrease logged in March.