South Korea Economy News - Latest Updates & Headlines
Foreign currency deposits fall for 1st time in 3 months in South Korea
Seoul, March 31: Foreign currency deposits fell for the first time in three months in February amid the strengthening of the US dollar, the central bank here said on Monday.
South Korea proposes $6.8 billion extra budget to support economy
Seoul, March 30: The government here on Sunday proposed a supplementary budget worth at least 10 trillion won (US$6.8 billion) to support the economy hit by political uncertainties and destructive wildfires.
BOK warns against market volatility amid uncertainty, rising household debts
Seoul, March 27: The South Korean central bank warned on Thursday of the possibility of increased volatility in the financial market and its potential impact on the country's financial stability amid weak economic growth and high uncertainties at home and abroad.
Electronic payments in Korea hit new high in 2024
Seoul, March 22: The amount of payments made electronically in the Republic of Korea reached a record high last year, central bank data showed Thursday, as a growing number of people engaged in contact-free commerce.
South Korea: Producer prices up for 4th month amid oil price hikes
Seoul, March 21: South Korea's producer prices rose slightly from a month earlier in February on a recent hike in global oil prices, central bank data showed on Friday.
South Korea's total debt hits record high of over $4.27 trillion
Seoul, March 20: The combined debt of the government, companies and households in South Korea has reached an all-time high amid weak domestic demand and falling revenue, data showed on Thursday.
OECD sharply cuts South Korea's 2025 growth outlook to 1.5 pc
Seoul, March 17: The Organisation for Economic Cooperation and Development (OECD) has sharply lowered its growth forecast for the South Korean economy this year to 1.5 per cent, the finance ministry said on Monday.
Money supply inches up in Jan amid market volatility: BOK
Seoul, March 17: South Korea's money supply rose for the 20th consecutive month in January, led by an increase in short-term funds amid high market volatility and lower deposit interest rates, central bank data showed on Monday.
S. Korea's import prices fall for first time in 5 months in February: BOK
Seoul, March 14: South Korea's import prices fell for the first time in five months in February due mainly to falling global oil prices, central bank data showed on Friday.
S. Korea warns of household debt growth, calls for additional regulations
Seoul, March 13: Recent deregulatory moves in the property market and easing of banks' lending rules could stoke household debts, making it necessary for authorities to consider additional measures to ensure financial stability, the central bank said on Thursday.
Trump tariffs to drag down S. Korean economic growth, inflation: BOK
Seoul, March 13: US President Donald Trump's sweeping tariff scheme is expected to increase downside pressure on South Korea's economic growth and inflation, though its impact on the local financial market would be limited, the central bank said on Thursday.
S. Korean economy faces 'increasing' downside risks amid construction slump, trade tariffs
Seoul, March 10: South Korea's economy is facing "increasing" downside risks due to a prolonged slump in the construction sector and worsening export conditions amid concerns over a global trade war, a state-run economic think tank said on Monday.
South Korea's manufacturing output posts biggest drop in 18 months
Seoul, March 9: South Korea's manufacturing production fell more than 4 percent from a year earlier in January, marking the sharpest drop in 18 months, data showed on Sunday.
Consumer inflation in S. Korea projected to hover around 2 pc
Seoul, March 7: South Korea's inflation is expected to continue hovering around 2 per cent for a while, the finance ministry here said on Friday, reaffirming efforts to keep consumer prices at a stable level.
Majority of South Korean firms expect significant economic difficulties in 2025
Seoul, March 6: A majority of South Korean companies expect the country to undergo significant economic difficulties this year due to deteriorating business conditions, a poll showed on Thursday.
BOK warns of high uncertainty regarding inflationary pressure
Seoul, March 6: Uncertainties remain high regarding prices, given geopolitical issues and trade conflicts among major nations, the central bank here said on Thursday.
South Korean economy grows 2 pc in 2024, per capita income rises 1.2 pc
Seoul, March 5: South Korea's economy grew 2 percent last year, matching an earlier estimate, amid slowing export growth, sagging domestic demand and a political crisis, central bank data showed on Wednesday.
Seoul shares drop over 3 pc on looming tariff war
Seoul, Feb 28: South Korean stocks tumbled over 3 per cent on Friday, dragged down by a possible tariff war threat by US President Donald Trump and a slump in artificial intelligence (AI) chip giant Nvidia. The local currency fell sharply to a three-week low against the US dollar.
South Korea's net overseas financial assets surpass $1 trillion for 1st time
Seoul, Feb 27: South Korea's net overseas financial assets hit a record high to surpass $1 trillion for the first time ever last year, central bank data showed on Thursday.
BOK cuts key rate by 25 basis points amid bleaker growth outlook
Seoul, Feb 25: South Korea's central bank slashed its benchmark interest rate by a quarter percentage point on Tuesday in an effort to shore up economic growth amid weak domestic demand and uncertainties at home and abroad.
Foreign currency deposits rise for 2nd month in South Korea amid uncertainty
Seoul, Feb 24: Foreign currency deposits rose for a second consecutive month in January as companies secured more dollar holdings amid heightened uncertainties, the central bank here said on Monday.
Manufacturing jobs at lowest level in 12 years in South Korea amid weak growth
Seoul, Feb 16: The number of jobs in the South Korean manufacturing sector fell to the lowest level in 12 years in January amid weak economic growth, data showed on Sunday.
Foreigners maintain net selling mode in South Korean stock, bond markets in Jan
Seoul, Feb 14: Foreign investors remained net sellers of South Korean stocks and bonds for the fifth month in a row in January amid concerns about weak economic growth momentum and uncertainties stemming from U.S. President Donald Trump's new tariff policies, the central bank said on Friday.
Bank customers rush to buy gold amid woes over rates, Trump policies
Seoul, Feb 12: Bank customers are rushing to buy gold on dashed hopes for early rate cuts by the Federal Reserve (Fed) and woes over the policies of US President Donald Trump's administration, industry data showed on Wednesday.
Household borrowing falls further in January amid regulations in South Korea
Seoul, Feb 12: Household loans extended by South Korean banks fell for the second consecutive month in January on tightening loan regulations and a slowing real estate market, data showed on Wednesday.
South Korean economy faces growing downside risks from global tariff war
Seoul, Feb 10: South Korea's economy is faced with increased downside risks due to an anticipated global trade war centred around the United States, while production remains modest amid a prolonged slump in the construction sector, a state-run economic think tank said on Monday.
South Korea reviews measures amid new Trump tariff plan
Seoul, Feb 10: Acting President Choi Sang-mok on Monday discussed measures to address the impact on South Korea's steel and related industries following US President Donald Trump's announcement of new tariffs, his office said.
South Korea's current account surplus more than triples in 2024: BOK
Seoul, Feb 6: South Korea's current account surplus for 2024 more than tripled from a year earlier, led by strong exports and increased dividend income, central bank data showed on Thursday.
South Korea's foreign reserves hit 5-year low in January amid weak won
Seoul, Feb 5: South Korea's foreign reserves fell from a month earlier to reach the lowest level in nearly five years amid the weak local currency, central bank data showed on Wednesday.
Biz outlook for manufacturing sector remains pessimistic in South Korea in Q1
Seoul, Jan 12: South Korea's manufacturing sector, including semiconductors and the auto industry, is expected to suffer a decrease in sales in the first quarter amid heightened economic uncertainties, data showed on Sunday.