AEIR 2021

GDP grew by 2.0% in 2019, the lowest in a decade, down from 2.7% in 2018. By sector, industry decelerated sharply to 0.9% in 2019 from 2.1% in 2018, as the government cut back on coal use and fuel reliance. Growth in services also slowed to 2.7% in 2019 from 3.2% in 2018. On the demand side, investment contracted by 2.5% in 2019 after a 1.8% contraction in 2018. Private consumption slowed to 1.9% due to declining wages and worsening consumer confidence. Trade tensions between the United States and People’s Republic of China cut into exports, which moderated to 1.7% in 2019 from 3.5 in 2018.  As growth in major trading partners deteriorates, COVID-19 spreads globally, and access to export markets tightens, growth is expected to slow markedly to 1.3% in 2020, picking up to 2.3% in 2021.

Source: Asian Development Outlook 2020, ADB
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 3.0 (Feb21)3.0 2.0
Broad Money Growth 2 9.8 (Dec20)9.8 9.4
Headline Inflation Rate 3 0.6 (Jan21)0.5 1.5
Industrial/ Manufacturing Production Growth Rate 3 1.4 (Jan21)-0.7 -0.8
Merchandise Export Growth 3 9.5 (Feb21)9.5 11.4
Exchange Rate Index 4 113.3 (Feb21)113.3 111.9
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database; National Statistical Office; Korea Customs Service.

Initiatives / FTAs

News