South Korea

Nominal GDP for South Korea was ₩2,072tn in 2021, down from ₩1,933tn in 2020. The South Korean population was estimated at 51.8m in 2021 according to the IMF, while China is South Korea’s biggest trading partner.

Variables Surveyed for South Korea

Variables covered in our monthly analysis of South Korea include:

  • Gross Domestic Product
  • Household Consumption
  • Gross Fixed Investment
  • Industrial Production
  • Consumer Prices
  • Average Monthly Earnings
  • Money Supply
  • Unemployment Rate
  • Merchandise Exports
  • Merchandise Imports
  • Trade Balance
  • Current Account Balance
  • Interest Rates
  • Won Currency Forecasts

Consensus Forecasts for South Korea

Individual panellist forecasts are shown for each of the variables surveyed, along with the consensus (mean) forecast. The rows of forecasts are ranked by the GDP growth estimate for the current year, highest to lowest. In the hard copy and pdf version of the publication, we also show selected “comparison forecasters” including the Asian Development Bank, Bank of Korea, IMF and OECD. The table below shows a small example set of forecasts for GDP growth and Consumer Prices (CPI), taken from our survey of September 2022.

Source: Asia Pacific Conensus Forecasts, September 2022

 

Special Surveys

In addition to the regular surveys for the variables listed above we also undertake a number of Special Surveys for South Korea on topics such as:

Main Data Sources for South Korea

  • Statistics Korea: Statistics Korea is responsible for statistics in South Korea, and is part of Ministry of Economy and Finance. Statistics Korea generates population and household census yearly. It also gathers analytic and administrative statistics.
  • Bank of Korea: As Korea’s central bank, the Bank of Korea is doing its utmost to contribute to the sound development of the national economy by pursuing price and financial stability.

Comprehensive Forecasts Coverage

Consensus Economics has collected forecasts for more than 30 years, building up a comprehensive catalogue of historical forecasts data. Please enquire at editors@consensuseconomics.com should you wish to find out more about these data offerings, pricing and the different platforms by which you can access them.
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