AEIR 2018

GDP grew by 2.7% in 2018, down from 3.1% in 2017—the slowest expansion in 6 years. The economy benefitted from a 5.6% growth in expenditures, which propped up government consumption and was the largest contributor to growth. Private consumption rose by 2.8% as a 16.4% hike in the minimum wage outweighed the impact of a 3.8% increase in the unemployment rate. Export growth in real terms doubled from 1.9% in 2017 to 4.0%, backed by strong semiconductor sales, information technology products, and petrochemicals. Nonetheless, investment slumped due to the uncertain trade environment. Contracting investment and moderating export growth—despite significant fiscal stimulus to sustain domestic demand and consumption—will pare GDP growth to 2.5% in 2019 and 2020.
Source: Asian Development Outlook 2019, ADB.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 2.0 (Jul19)2.0 2.0
Broad Money Growth 2 6.3 (May19)6.3 6.8
Headline Inflation Rate 3 0.6 (Jul19)0.7 1.1
Industrial/ Manufacturing Production Growth Rate 3 -1.1 (Jun19)1.2 1.0
Merchandise Export Growth 3 -11.0 (Jul19)-11.0 -13.7
Exchange Rate Index 4 119.9 (Jul19)119.6 114.4
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.

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