Greenbook overview
Private consumption registered an unwavering growth trend with household debt restructuring nearing the end and household incomes improving helped by employment growth. In terms of investment, facility investment is gradually improving fueled by rebounding domestic demand, whilst construction investment is still sluggish. Exports (customs clearance basis) maintained double-digit growth on the back of the global economy taking favorable turns, despite adverse conditions such as the appreciation of the won. Increase in imports exceeded that of exports due to rebounding domestic demand and rising oil prices. Meantime, the current account balance posted a temporary deficit led by seasonal factors such as dividend payments during the period by companies with year-end fiscal years.
In terms of production activity, both manufacturing production and services output continued growth trend reflecting recovering domestic demand and brisk exports. Employment also improved with the increasing number of newly employed centered in the service industry and the upkeep of relatively low unemployment. Prices sustained stability growing a mere 2.0 percent level from the same month of previous year, what with stable prices of fresh produce and what with the un-materialized pressure on aggregate demand, albeit rising oil prices.
Considering the said economic trends, the Korean economy is forecast to realize GDP growth hovering around the 5 percent range and to achieve the target job creation of 35,000-40,000, as projected early this year. However, given that persistent external uncertainties such as high oil prices and volatile foreign exchange in a longer term may trigger economic difficulties, monitoring downside risks against the economic growth and soundness shall be enhanced, along with strengthened efforts to improve the constitution of the Korean economy in a mid and long term.
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2008년 10월 6일 16:30
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2008년 8월 6일 17:21