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PUBLIC INFORMATION Economic Bulletin
Economic Bulletin

Economic Bulletin, June 2020

  • DateJune 29, 2020
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Economic Bulletin  June 2020

 

The Green Book: Current Economic Trends

 

Overview

 

Service output and retail sales improved from the previous month in April, as well as
facilities investment. Manufacturing production and completed construction works fell.

 

Industrial production fell 2.5 percent from the previous month in April. Service output
rose somewhat (up 0.5%, m-o-m and down 6.1%, y-o-y), while mining and manufacturing
production fell (down 6.0%, m-o-m and down 4.5%, y-o-y). Industrial production decreased
5.0 percent year on year.

 

Retail sales rose in April (up 5.3%, m-o-m and down 2.2%, y-o-y), as well as facilities investment
(up 5.0%, m-o-m and up 1.4%, y-o-y). Completed construction works went down (down 2.4%,
m-o-m and down 2.7%, y-o-y).

 

Exports fell 23.7 percent year-on-year in May due to weak demand and fewer days worked
(1.5 days). Average daily exports, an indicator calculated according to the days worked, fell
(US $1.99 billion (May 2019) → US $1.62 billion (May 2020))..

 

The consumer sentiment index (CSI) improved 6.8 points in May to 77.6. The business
sentiment index (BSI) for the manufacturing sector fell 3 points to 49, and the BSI outlook for
June went down 1 point to 49.  

 

The cyclical indicator of the coincident composite index for April fell 1.3 points to 97.3, and the
cyclical indicator of the leading composite index dropped 0.5 points to 99.1.  

 

The economy lost 392,000 jobs year-on-year in May, jobs declining at a slower rate compared
with the previous month backed by services. The unemployment rate rose 0.5 percentage
points from a year ago to 4.5 percent.

 

Consumer prices fell 0.3 percent year-on-year in May due to low oil prices. Core inflation rose
0.5 percent.

 

KOSPI rose in May on expectations of major economies’ reopening. The won weakened amid
growing worries over US-China conflicts. Korea treasury yields fell.  

 

Housing prices rose slowly in May (up 0.27% → up 0.14%, m-o-m), as well as Jeonse (lump-sum
deposits with no monthly payments) prices (up 0.11% → up 0.09%, m-o-m).

 

The economy has seen domestic demand improving and job losses slowing although
there are uncertainties about the COVID-19 pandemic.

 

Volatility in global financial markets has eased and some indicators improved due to the
reopening of major economies, but there are worries over global recession amid lingering
uncertainties surrounding the spread of COVID-19 and emerging economies.

 

The government will implement the Korean New Deal and other measures of the second-half
economic policies as planned, which focus on economic stimulus to create jobs, boost
consumption and promote investment, and will also be fully prepared for the spending of
the 3rd supplementary budget on its passage at the National Assembly.

 

 

 

  

Policy Issue 

 

- Economic Policies, H2 2020

 

Economic News Briefing

 

- GDP fell 1.3% in Q1 2020

- Government opens up its financial big data

Government proposes 3rd extra budget to support job security and Korean New Deal

 

 

 

 

 

 

Statistical Appendices

 

* For full text, please open the attached PDF file.

Ministry of Economy and Finance
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