AEIR 2019/2020

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 2.0 (Oct20)2.0 2.0
Broad Money Growth 2 8.5 (Aug20)8.5 9.9
Headline Inflation Rate 3 0.1 (Oct20)1.0 0.0
Industrial/ Manufacturing Production Growth Rate 3 3.4 (Sep20)-3.4 0.8
Merchandise Export Growth 3 7.6 (Sep20)7.6 -10.2
Exchange Rate Index 4 116.7 (Oct20)120.0 120.6
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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