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Finance

Economy

Mon, October 18, 2021 | 00:17

Household lottery spending gains 7.2% in 2020

South Korean households' spending on lottery tickets rose more than 7 percent in 2020 despite a record fall in their overall consumption, government data showed Tuesday. Local households spent a monthly average of 590 won (US$0.52) on lottery tickets last year, up 7.2 percent from a year earlier, according to the data from the Korean Statistical Information Service (KOSIS).

2021-04-13 09:37

Concerns growing over deepening social divide amid pandemic

The COVID-19 pandemic has dealt a blow to the economy and businesses, causing a stark divide among individuals, companies and industries - the rich and poor, large and small companies, and IT and non-IT industries. The coronavirus crisis has hit the poor and smaller players harder than the rest of society, making the so-called “corona divide” more and more pronounced with the...

Yi Whan-woo | 2021-04-12 11:13

Exports grow 24.8% in first 10 days of April

South Korea's exports rose 24.8 percent on-year in the first 10 days of April as shipments of chips and autos remained robust amid an economic recovery from the pandemic, customs data showed Monday. The country's outbound shipments stood at US$15 billion in the April 1-10 period, compared with $12 billion a year earlier, according to the data from the Korea Customs Service.

2021-04-12 09:49

Korea needs preemptive anti-inflation steps: senior official

South Korea needs to take preemptive measures to cope with escalating concerns over inflation, a senior government official said Friday. The remark by First Vice Finance Minister Lee Eog-weon comes as Asia's fourth-largest economy faces growing inflationary pressure amid signs of an economic recovery.

2021-04-09 10:43

IMF revises up Korea's GDP growth forecast to 3.6% on robust exports

The International Monetary Fund (IMF) has revised up Korea's 2021 GDP growth forecast by 50 basis points to 3.6 percent, in a World Economic Outlook (WEO) report, reflecting on robust export growth and anti-coronavirus extra budget effects here.

Lee Min-hyung | 2021-04-07 16:35

Current account surplus widens in February

South Korea's current account surplus widened in February as exports showed signs of a gradual recovery from the COVID-19 pandemic, the central bank said Wednesday. The current account surplus reached US$8.03 billion last month, widening from a surplus of $7.06 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cro...

2021-04-07 10:41

Korea's national debt snowballing amid pandemic aftershock

Korea's government liabilities approached an all-time high of 2,000 trillion won ($1.78 trillion) in 2020 after authorities carried out an unprecedentedly strong level of anti-COVID-19 pump-priming measures, the Ministry of Economy and Finance said Tuesday. According to a year-end audit report, the nation's total liabilities surged by 241.6 trillion won to reach 1,985.3 trill...

Lee Min-hyung | 2021-04-06 17:02

$750 billion: National debt grows by largest-ever amount last year amid pandemic

South Korea's national debt grew by the largest-ever amount last year as the country implemented expansionary fiscal spending to tackle the fallout of the pandemic, the finance ministry said Tuesday. The national debt, which covers bond sales and financial borrowing by central and provincial governments, reached a record 846.9 trillion won (US$750.5 billion) as of end-Decembe...

2021-04-06 10:44

Department store sales spike on 'revenge spending'

Sales at the nation's department stores set a new 25-year high in February, in an apparent sign of so-called “revenge spending” in the wake of the COVID-19 economic doldrums experienced throughout 2020.

Lee Min-hyung | 2021-04-05 16:32

South Korea's household debt-to-GDP ratio nears 100 percent: report

South Korea's household debt has been rising faster than that in most major economies to reach nearly 100 percent of its gross domestic product (GDP), a report showed Monday. The country's household debt-to-GDP ratio stood at 98.6 percent as of the end of June last year, according to the report from the Korea Institute of Public Finance.

2021-04-05 09:28

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