Asia Regional Integration Center
Tracking Asian Integration
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.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Composite Stock Price Index 1 | 3.0 (Jan21) | 2.0 | 2.0 |
Broad Money Growth 2 | 9.4 (Nov20) | 9.4 | 10.1 |
Headline Inflation Rate 3 | 0.6 (Jan21) | 0.5 | 1.5 |
Industrial/ Manufacturing Production Growth Rate 3 | -0.3 (Dec20) | -0.5 | 3.9 |
Merchandise Export Growth 3 | 11.4 (Jan21) | 11.4 | 12.6 |
Exchange Rate Index 4 | 111.9 (Jan21) | 111.5 | 118.8 |
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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