Korea GDP Projected to Increase 3% in 2018

Seoul | 18th January 2018

Taking into account recent changes in global and domestic economic conditions, annual real GDP is projected to increase by 3.0 percent in 2018 and by 2.9 percent in 2019. The Korean economy is expected to continue to grow at a solid pace this year, as exports show buoyancy supported by the continuing global recovery and as private consumption also shows a higher rate of increase than last year. For 2019, the real GDP growth is expected to be close to potential rate, as exports and private consumption continue to show their trend of expansion.

” Korea GDP to Increase 3% in 2018 “

Headline consumer prices are expected to rise by 1.7 percent in 2018 and by 2.0 percent in 2019. It is forecast that headline inflation will show mid-1 percent range in the first half of this year, but gradually pick up in the second half. For 2019, headline inflation is projected to be close to 2 percent, as demand-side price pressures increase in line with the domestic economic recovery. The core inflation (CPI excluding groceries and energy) is forecast to be 1.8 percent in 2018, and then 2.0 percent in 2019.

It is projected that the current account surplus will be around 75 billion dollars in 2018, and about 74 billion dollars in 2019.

Official Press Release by The Bank of Korea

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