[Economic Outlook] This Week's Major Macroeconomic Indicators: Growth Rate, Inflation Rate, and Exports Announcements

BOK, Q3 National Income · Statistics Korea, November Consumer Price Trends
October Industrial Activity Trends · November Export-Import Trends to be Announced

(Photo) [Image source=Yonhap News]

[Asia Economy Reporter Joo Sang-don] This week, major macroeconomic indicators such as growth rate, consumer price inflation rate, exports, and industrial activity trends will be announced consecutively.

First, the Bank of Korea will release the "Q3 National Income (preliminary)" including the real Gross Domestic Product (GDP) growth rate on the 2nd of next month. Quarterly growth rates (compared to the previous quarter) recorded negative figures in Q1 (-1.3%) and Q2 (-3.2%) of last year due to the outbreak of COVID-19, then continued positive growth for four consecutive quarters: Q3 (2.2%), Q4 (1.1%), Q1 this year (1.7%), and Q2 (0.8%).

However, the preliminary Q3 growth rate announced on the 26th of last month was only 0.3%, affected by the 4th wave of COVID-19 and supply bottlenecks.

On the same day, Statistics Korea will announce the November consumer price trends. There is great interest in whether the consumer price inflation rate, which exceeded 3% for the first time in about 10 years in October, will continue.

On the 1st of next month, the Ministry of Trade, Industry and Energy will announce the export-import performance for November. Exports have maintained a strong trend through October this year. The export amount in October was $55.55 billion, a 24% increase compared to the same period last year. This is the second largest monthly figure since trade statistics began in 1956 and the highest ever for October.

Statistics Korea will announce the October industrial activity trends on the 30th. Attention is focused on whether sluggish manufacturing production due to global supply chain disruptions will continue. Although domestic demand was strong with increased service sector production and consumption due to expanded COVID-19 vaccinations, mining and manufacturing production had decreased for two consecutive months.