In November 2024, while retail sales increased, industrial and services production, facilities and construction investments decreased.

Production declined in the industrial (-0.7% m-o-m, +0.1% y-o-y), services (-0.2% m-o-m, +1.0% y-o-y), and construction (-0.2% m-o-m, -12.9% y-o-y) sectors, leading to a drop in the entire industrial production (-0.4% m-o-m, -0.3% y-o-y).

Although retail sales went up (+0.4% m-o-m, -1.9% y-o-y), facilities investment (-1.6% m-o-m, +2.6% y-o-y) and construction investment (-0.2% m-o-m, -12.9% y-o-y) went down.  

Exports in December 2024 climbed up by 6.6% year-on-year, driven by growth in exports of IT products, including semiconductors.

The consumer sentiment index (CSI) in December fell by 12.3 points month-on-month to 88.4. The composite business sentiment index (CBSI) moved down by 4.5 points to 87.0 and the CBSI outlook for January also went down by 7.3 points to 82.4.

The cyclical indicator of the coincident composite index for November declined by 0.5 points, while the cyclical indicator of the leading composite index rose by 0.1 points.

In December, the number of employed persons has shifted to a decrease, while consumer price growth continued to show a stable trend.

The number of employed persons dropped by 52,000 compared to the same month last year, and the unemployment rate rose by 0.5%p from a year ago to 3.8%.

The year-on-year consumer price index (CPI) moved up to 1.9% while the CPI excluding the food and energy sectors grew by 1.8%, with the index excluding the agricultural and petroleum sectors up by 1.8%. The CPI for basic necessities grew by 2.2%.

In December, stock prices dropped while Korean Treasury Bond yields rose and the Korean won weakened.

In December, housing prices reversed to a decline (-0.07% m-o-m), while the growth in Jeonse[1] prices moderated (+0.01%, m-o-m).

Recently, the Korean economy has experienced a slowdown in employment and rising downward pressure on growth as the expansion of domestic and external uncertainties has dampened economic sentiment.

The global economy is showing an overall recovery, but amid ongoing geopolitical risks, factors such as potential changes in trade environments are increasing uncertainties.

With the Ministerial Meeting on Economic Affairs serving as the control tower, relevant government agencies would work in coordination to swiftly implement the 2025 Economic Policy Directions, aiming to manage the economy as stably as possible.

Key Statistics

Employment

Consumer Price Index

                                                                                         (%)

Retail Sales

(Percentage change from the previous period, %)

1. Preliminary

Facility Investment Index

(Percentage change from the previous period, %)

1. Preliminary

Construction Completed

 (Percentage change from the previous period, %)

1. Preliminary

Exports and Imports

 (US$ billion, y-o-y, %)

Industrial Production (Mining, Manufacturing, Electricity and Gas Production)

                (Percentage change from the previous period, %)

  1. Preliminary

  2. Mining, Manufacturing, Electricity and Gas Production

  3. End-point (month, quarter, and year)

  4. Average operation ratio for the month (or quarter)

Service Output

           (Percentage change from the previous period, %)

    1. Preliminary

Composite Indices of Coincident and Leading Indicators

                                                                                           (Points)

1. Preliminary

Please refer to the attached files.