[사회·정치·경제]

kipid 2012. 1. 20. 00:08

Gross domestic product, constant prices [National currency, Billions]
Expressed in billions of national currency units; the base year is country-specific. Expenditure-based GDP is total final expenditures at purchasers' prices (including the f.o.b. value of exports of goods and services), less the f.o.b. value of imports of goods and services. [SNA 1993]

Source: CEIC Latest actual data: 2010 National accounts manual used: SNA 1993 GDP valuation: Market prices Start/end months of reporting year: January/December Base year: 2005 Chain-weighted: Yes, from before 1980 Primary domestic currency: Korean won Data last updated: 09/2011


Gross domestic product, constant prices [Percent change]
Annual percentages of constant price GDP are year-on-year changes; the base year is country-specific. Expenditure-based GDP is total final expenditures at purchasers' prices (including the f.o.b. value of exports of goods and services), less the f.o.b. value of imports of goods and services. [SNA 1993]

See notes for: Gross domestic product, constant prices (National currency).


Gross domestic product, current prices [National currency, Billions]
Expressed in billions of national currency units. Expenditure-based GDP is total final expenditures at purchasers' prices (including the f.o.b. value of exports of goods and services), less the f.o.b. value of imports of goods and services. [SNA 1993]

Source: CEIC Latest actual data: 2010 National accounts manual used: SNA 1993 GDP valuation: Market prices Start/end months of reporting year: January/December Base year: 2005 Chain-weighted: Yes, from before 1980 Primary domestic currency: Korean won Data last updated: 09/2011


Gross domestic product, current prices [U.S. dollars, Billions]
Values are based upon GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). Exchange rate projections are provided by country economists for the group of other emerging market and developing countries. Exchanges rates for advanced economies are established in the WEO assumptions for each WEO exercise. Expenditure-based GDP is total final expenditures at purchasers' prices (including the f.o.b. value of exports of goods and services), less the f.o.b. value of imports of goods and services. [SNA 1993]

See notes for: Gross domestic product, current prices (National currency).


Gross domestic product, deflator [Index]
The GDP deflator is derived by dividing current price GDP by constant price GDP and is considered to be an alternate measure of inflation. Data are expressed in the base year of each country's national accounts.

See notes for: Gross domestic product, constant prices (National currency) Gross domestic product, current prices (National currency).


Gross domestic product per capita, constant prices [National currency, Units]
GDP is expressed in constant national currency per person. Data are derived by dividing constant price GDP by total population.

See notes for: Gross domestic product, constant prices (National currency) Population (Persons).


Gross domestic product per capita, current prices [National currency, Units]
GDP is expressed in current national currency per person. Data are derived by dividing current price GDP by total population.

See notes for: Gross domestic product, current prices (National currency) Population (Persons).


Gross domestic product per capita, current prices [U.S. dollars, Units]
GDP is expressed in current U.S. dollars per person. Data are derived by first converting GDP in national currency to U.S. dollars and then dividing it by total population.

See notes for: Gross domestic product, current prices (National currency) Population (Persons).


Output gap in percent of potential GDP [Percent of potential GDP]
Output gaps for advanced economies are calculated as actual GDP less potential GDP as a percent of potential GDP. Estimates of output gaps are subject to a significant margin of uncertainty. For a discussion of approaches to calculating potential output, see Paula R. De Masi, IMF Estimates of Potential Output: Theory and Practice, in Staff Studies for the World Economic Outlook (Washington: IMF, December 1997), pp. 40-46.


Gross domestic product based on purchasing-power-parity (PPP) valuation of country GDP [Current international dollar, Billions]
These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurement of global growth and Box A.1 in the May 2000 World Economic Outlook for a summary of the revised PPP-based weights, and Annex IV of the May 1993 World Economic Outlook. See also Anne Marie Gulde and Marianne Schulze-Ghattas, Purchasing Power Parity Based Weights for the World Economic Outlook, in Staff Studies for the World Economic Outlook (Washington: IMF, December 1993), pp. 106-23.

See notes for: Gross domestic product, current prices (National currency).


Gross domestic product based on purchasing-power-parity (PPP) per capita GDP [Current international dollar, Units]
Expressed in GDP in PPP dollars per person. Data are derived by dividing GDP in PPP dollars by total population. These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurement of global growth and Box A.1 in the May 2000 World Economic Outlook for a summary of the revised PPP-based weights, and Annex IV of the May 1993 World Economic Outlook. See also Anne Marie Gulde and Marianne Schulze-Ghattas, Purchasing Power Parity Based Weights for the World Economic Outlook, in Staff Studies for the World Economic Outlook (Washington: IMF, December 1993), pp. 106-23.

See notes for: Gross domestic product, current prices (National currency) Population (Persons).


Gross domestic product based on purchasing-power-parity (PPP) share of world total [Percent]
Expressed in percent of world GDP in PPP dollars. These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurement of global growth and Box A.1 in the May 2000 World Economic Outlook for a summary of the revised PPP-based weights, and Annex IV of the May 1993 World Economic Outlook. See also Anne Marie Gulde and Marianne Schulze-Ghattas, Purchasing Power Parity Based Weights for the World Economic Outlook, in Staff Studies for the World Economic Outlook (Washington: IMF, December 1993), pp. 106-23.

See notes for: Gross domestic product, current prices (National currency).


Implied PPP conversion rate [National currency per current international dollar]
Expressed in national currency per current international dollar. These data form the basis for the country weights used to generate the World Economic Outlook country group composites for the domestic economy. The IMF is not a primary source for purchasing power parity (PPP) data. WEO weights have been created from primary sources and are used solely for purposes of generating country group composites. For primary source information, please refer to one of the following sources: the Organization for Economic Cooperation and Development, the World Bank, or the Penn World Tables. For further information see Box A2 in the April 2004 World Economic Outlook, Box 1.2 in the September 2003 World Economic Outlook for a discussion on the measurement of global growth and Box A.1 in the May 2000 World Economic Outlook for a summary of the revised PPP-based weights, and Annex IV of the May 1993 World Economic Outlook. See also Anne Marie Gulde and Marianne Schulze-Ghattas, Purchasing Power Parity Based Weights for the World Economic Outlook, in Staff Studies for the World Economic Outlook (Washington: IMF, December 1993), pp. 106-23.

See notes for: Gross domestic product, current prices (National currency).


Total investment [Percent of GDP]
Expressed as a ratio of total investment in current local currency and GDP in current local currency. Investment or gross capital formation is measured by the total value of the gross fixed capital formation and changes in inventories and acquisitions less disposals of valuables for a unit or sector. [SNA 1993]

Source: CEIC Latest actual data: 2010 National accounts manual used: SNA 1993 GDP valuation: Market prices Start/end months of reporting year: January/December Base year: 2005 Chain-weighted: Yes, from before 1980 Primary domestic currency: Korean won Data last updated: 09/2011


Gross national savings [Percent of GDP]
Expressed as a ratio of gross national savings in current local currency and GDP in current local currency. Gross national saving is gross disposable income less final consumption expenditure after taking account of an adjustment for pension funds. [SNA 1993] For many countries, the estimates of national saving are built up from national accounts data on gross domestic investment and from balance of payments-based data on net foreign investment.

Source: CEIC Latest actual data: 2010 National accounts manual used: SNA 1993 GDP valuation: Market prices Start/end months of reporting year: January/December Base year: 2005 Chain-weighted: Yes, from before 1980 Primary domestic currency: Korean won Data last updated: 09/2011


Inflation, average consumer prices [Index]
Expressed in averages for the year, not end-of-period data. A consumer price index (CPI) measures changes in the prices of goods and services that households consume. Such changes affect the real purchasing power of consumers' incomes and their welfare. As the prices of different goods and services do not all change at the same rate, a price index can only reflect their average movement. A price index is typically assigned a value of unity, or 100, in some reference period and the values of the index for other periods of time are intended to indicate the average proportionate, or percentage, change in prices from this price reference period. Price indices can also be used to measure differences in price levels between different cities, regions or countries at the same point in time. [CPI Manual 2004, Introduction] For euro countries, consumer prices are calculated based on harmonized prices. For more information see http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-BE-04-001/EN/KS-BE-04-001-EN.PDF.]

Source: CEIC Latest actual data: 2010 Harmonized prices: No Frequency of source data: Monthly Base year: 2005 Primary domestic currency: Korean won Data last updated: 09/2011


Inflation, average consumer prices [Percent change]
Annual percentages of average consumer prices are year-on-year changes.

See notes for: Inflation, average consumer prices (Index).


Inflation, end of period consumer prices [Index]
Expressed in end of the period, not annual average data. A consumer price index (CPI) measures changes in the prices of goods and services that households consume. Such changes affect the real purchasing power of consumers' incomes and their welfare. As the prices of different goods and services do not all change at the same rate, a price index can only reflect their average movement. A price index is typically assigned a value of unity, or 100, in some reference period and the values of the index for other periods of time are intended to indicate the average proportionate, or percentage, change in prices from this price reference period. Price indices can also be used to measure differences in price levels between different cities, regions or countries at the same point in time. [CPI Manual 2004, Introduction] For euro countries, consumer prices are calculated based on harmonized prices. For more information see http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-BE-04-001/EN/KS-BE-04-001-EN.PDF.

Source: CEIC Latest actual data: 2010 Harmonized prices: No Frequency of source data: Monthly Base year: 2005 Primary domestic currency: Korean won Data last updated: 09/2011


Inflation, end of period consumer prices [Percent change]
Annual percentages of end of period consumer prices are year-on-year changes.

See notes for: Inflation, end of period consumer prices (Index).


Six-month London interbank offered rate (LIBOR) [Percent]


Volume of imports of goods and services [Percent change]
Percent change of volume of imports refers to the aggregate change in the quantities of total imports whose characteristics are unchanged. The goods and services and their prices are held constant, therefore changes are due to changes in quantities only. [Export and Import Price Index Manual: Theory and Practice, Glossary]

Source: CEIC Latest actual data: 2010 Base year: 2005 Methodology used to derive volumes: Weighted average of volume changes Formula used to derive volumes: Chain-weighted: No Trade System: General trade Excluded items in trade: Re-imports;In transit;Other;. For other, the following goods are excluded from trade statistics: o - Goods sold where duration of storage has expired according to the provision of Article 208 of Customs Act o - Goods reserved to national treasury according to the provision of Article 126 of Customs Act o - Goods destructed or scrapped according to the provision of Article 127 of Customs Act o - Goods forfeited or additionally collected according to the provision of Article 128 of Customs Act o - Goods lost, stolen, depriciated or destroyed in bonded area o - Goods in bonded sales shop o - Goods in transit through Korea o - Goods retured prior to import clearance o - Monetary gold and silver, negotiable securities, and monetary coins and paper money in current circulation o - Goods of A.T.A Carnet o - Goods consigned to diplomatic missions o - Goods for improvement or repair o - Goods temporarily imported or exported for international events, athletic meeting, exhibition, and etc o - Goods leased less than one year or goods on operational lease o - Goods considered to be samples for sales promotions o - Vessels constructed in bonded factory under the condition of acquiring Korean nationality o - Goods considered not relating to merchandise trade Excluded items in manufactures: Cannot verify. Oil coverage: Cannot verify. Valuation of exports: Free on board (FOB) Valuation of imports:


Volume of Imports of goods [Percent change]
Percent change of volume of imports of goods refers to the aggregate change in the quantities of imports of goods whose characteristics are unchanged. The goods and their prices are held constant, therefore changes are due to changes in quantities only. [Export and Import Price Index Manual: Theory and Practice, Glossary]

Source: CEIC Latest actual data: 2010 Base year: 2005 Methodology used to derive volumes: Weighted average of volume changes Formula used to derive volumes: Chain-weighted: No Trade System: General trade Excluded items in trade: Re-imports;In transit;Other;. For other, the following goods are excluded from trade statistics: o - Goods sold where duration of storage has expired according to the provision of Article 208 of Customs Act o - Goods reserved to national treasury according to the provision of Article 126 of Customs Act o - Goods destructed or scrapped according to the provision of Article 127 of Customs Act o - Goods forfeited or additionally collected according to the provision of Article 128 of Customs Act o - Goods lost, stolen, depriciated or destroyed in bonded area o - Goods in bonded sales shop o - Goods in transit through Korea o - Goods retured prior to import clearance o - Monetary gold and silver, negotiable securities, and monetary coins and paper money in current circulation o - Goods of A.T.A Carnet o - Goods consigned to diplomatic missions o - Goods for improvement or repair o - Goods temporarily imported or exported for international events, athletic meeting, exhibition, and etc o - Goods leased less than one year or goods on operational lease o - Goods considered to be samples for sales promotions o - Vessels constructed in bonded factory under the condition of acquiring Korean nationality o - Goods considered not relating to merchandise trade Excluded items in manufactures: Cannot verify. Oil coverage: Cannot verify. Valuation of exports: Free on board (FOB) Valuation of imports:


Volume of exports of goods and services [Percent change]
Percent change of volume of exports refers to the aggregate change in the quantities of total exports whose characteristics are unchanged. The goods and services and their prices are held constant, therefore changes are due to changes in quantities only. [Export and Import Price Index Manual: Theory and Practice, Glossary]

Source: CEIC Latest actual data: 2010 Base year: 2005 Methodology used to derive volumes: Weighted average of volume changes Formula used to derive volumes: Chain-weighted: No Trade System: General trade Excluded items in trade: Re-imports;In transit;Other;. For other, the following goods are excluded from trade statistics: o - Goods sold where duration of storage has expired according to the provision of Article 208 of Customs Act o - Goods reserved to national treasury according to the provision of Article 126 of Customs Act o - Goods destructed or scrapped according to the provision of Article 127 of Customs Act o - Goods forfeited or additionally collected according to the provision of Article 128 of Customs Act o - Goods lost, stolen, depriciated or destroyed in bonded area o - Goods in bonded sales shop o - Goods in transit through Korea o - Goods retured prior to import clearance o - Monetary gold and silver, negotiable securities, and monetary coins and paper money in current circulation o - Goods of A.T.A Carnet o - Goods consigned to diplomatic missions o - Goods for improvement or repair o - Goods temporarily imported or exported for international events, athletic meeting, exhibition, and etc o - Goods leased less than one year or goods on operational lease o - Goods considered to be samples for sales promotions o - Vessels constructed in bonded factory under the condition of acquiring Korean nationality o - Goods considered not relating to merchandise trade Excluded items in manufactures: Cannot verify. Oil coverage: Cannot verify. Valuation of exports: Free on board (FOB) Valuation of imports:


Volume of exports of goods [Percent change]
Percent change of volume of exports of goods refers to the aggregate change in the quantities of exports of goods whose characteristics are unchanged. The goods and their prices are held constant, therefore changes are due to changes in quantities only. [Export and Import Price Index Manual: Theory and Practice, Glossary]

Source: CEIC Latest actual data: 2010 Base year: 2005 Methodology used to derive volumes: Weighted average of volume changes Formula used to derive volumes: Chain-weighted: No Trade System: General trade Excluded items in trade: Re-imports;In transit;Other;. For other, the following goods are excluded from trade statistics: o - Goods sold where duration of storage has expired according to the provision of Article 208 of Customs Act o - Goods reserved to national treasury according to the provision of Article 126 of Customs Act o - Goods destructed or scrapped according to the provision of Article 127 of Customs Act o - Goods forfeited or additionally collected according to the provision of Article 128 of Customs Act o - Goods lost, stolen, depriciated or destroyed in bonded area o - Goods in bonded sales shop o - Goods in transit through Korea o - Goods retured prior to import clearance o - Monetary gold and silver, negotiable securities, and monetary coins and paper money in current circulation o - Goods of A.T.A Carnet o - Goods consigned to diplomatic missions o - Goods for improvement or repair o - Goods temporarily imported or exported for international events, athletic meeting, exhibition, and etc o - Goods leased less than one year or goods on operational lease o - Goods considered to be samples for sales promotions o - Vessels constructed in bonded factory under the condition of acquiring Korean nationality o - Goods considered not relating to merchandise trade Excluded items in manufactures: Cannot verify. Oil coverage: Cannot verify. Valuation of exports: Free on board (FOB) Valuation of imports:


Value of oil imports [U.S. dollars, Billions]
Value is equal to the price per unit of quantity of oil imports multiplied by the number of quantity units.

Source: CEIC Latest actual data: 2010 Base year: 2005 Methodology used to derive volumes: Weighted average of volume changes Formula used to derive volumes: Chain-weighted: No Trade System: General trade Excluded items in trade: Re-imports;In transit;Other;. For other, the following goods are excluded from trade statistics: o - Goods sold where duration of storage has expired according to the provision of Article 208 of Customs Act o - Goods reserved to national treasury according to the provision of Article 126 of Customs Act o - Goods destructed or scrapped according to the provision of Article 127 of Customs Act o - Goods forfeited or additionally collected according to the provision of Article 128 of Customs Act o - Goods lost, stolen, depriciated or destroyed in bonded area o - Goods in bonded sales shop o - Goods in transit through Korea o - Goods retured prior to import clearance o - Monetary gold and silver, negotiable securities, and monetary coins and paper money in current circulation o - Goods of A.T.A Carnet o - Goods consigned to diplomatic missions o - Goods for improvement or repair o - Goods temporarily imported or exported for international events, athletic meeting, exhibition, and etc o - Goods leased less than one year or goods on operational lease o - Goods considered to be samples for sales promotions o - Vessels constructed in bonded factory under the condition of acquiring Korean nationality o - Goods considered not relating to merchandise trade Excluded items in manufactures: Cannot verify. Oil coverage: Cannot verify. Valuation of exports: Free on board (FOB) Valuation of imports:


Value of oil exports [U.S. dollars, Billions]
Value is equal to the price per unit of quantity of oil exports multiplied by the number of quantity units.

Source: CEIC Latest actual data: 2010 Base year: 2005 Methodology used to derive volumes: Weighted average of volume changes Formula used to derive volumes: Chain-weighted: No Trade System: General trade Excluded items in trade: Re-imports;In transit;Other;. For other, the following goods are excluded from trade statistics: o - Goods sold where duration of storage has expired according to the provision of Article 208 of Customs Act o - Goods reserved to national treasury according to the provision of Article 126 of Customs Act o - Goods destructed or scrapped according to the provision of Article 127 of Customs Act o - Goods forfeited or additionally collected according to the provision of Article 128 of Customs Act o - Goods lost, stolen, depriciated or destroyed in bonded area o - Goods in bonded sales shop o - Goods in transit through Korea o - Goods retured prior to import clearance o - Monetary gold and silver, negotiable securities, and monetary coins and paper money in current circulation o - Goods of A.T.A Carnet o - Goods consigned to diplomatic missions o - Goods for improvement or repair o - Goods temporarily imported or exported for international events, athletic meeting, exhibition, and etc o - Goods leased less than one year or goods on operational lease o - Goods considered to be samples for sales promotions o - Vessels constructed in bonded factory under the condition of acquiring Korean nationality o - Goods considered not relating to merchandise trade Excluded items in manufactures: Cannot verify. Oil coverage: Cannot verify. Valuation of exports: Free on board (FOB) Valuation of imports:


Unemployment rate [Percent of total labor force]
Unemployment rate can be defined by either the national definition, the ILO harmonized definition, or the OECD harmonized definition. The OECD harmonized unemployment rate gives the number of unemployed persons as a percentage of the labor force (the total number of people employed plus unemployed). [OECD Main Economic Indicators, OECD, monthly] As defined by the International Labour Organization, unemployed workers are those who are currently not working but are willing and able to work for pay, currently available to work, and have actively searched for work. [ILO, http://www.ilo.org/public/english/bureau/stat/res/index.htm]

Source: CEIC Latest actual data: 2010 Employment type: National definition Primary domestic currency: Korean won Data last updated: 09/2011


Employment [Persons, Millions]
Employment can be defined by either the national definition, the ILO harmonized definition, or the OECD harmonized definition. Persons who during a specified brief period such as one week or one day, (a) performed some work for wage or salary in cash or in kind, (b) had a formal attachment to their job but were temporarily not at work during the reference period, (c) performed some work for profit or family gain in cash or in kind, (d) were with an enterprise such as a business, farm or service but who were temporarily not at work during the reference period for any specific reason. [Current International Recommendations on Labour Statistics, 1988 Edition, ILO, Geneva, page 47]

Source: CEIC Latest actual data: 2010 Employment type: National definition Primary domestic currency: Korean won Data last updated: 09/2011


Population [Persons, Millions]
For census purposes, the total population of the country consists of all persons falling within the scope of the census. In the broadest sense, the total may comprise either all usual residents of the country or all persons present in the country at the time of the census. [Principles and Recommendations for Population and Housing Censuses, Revision 1, paragraph 2.42]

Source: CEIC Latest actual data: 2010 Primary domestic currency: Korean won Data last updated: 09/2011


General government revenue [National currency, Billions]
Revenue consists of taxes, social contributions, grants receivable, and other revenue. Revenue increases government's net worth, which is the difference between its assets and liabilities (GFSM 2001, paragraph 4.20). Note: Transactions that merely change the composition of the balance sheet do not change the net worth position, for example, proceeds from sales of nonfinancial and financial assets or incurrence of liabilities.

Source: Ministry of Finance Latest actual data: 2010 Fiscal assumptions: The fiscal projections assume that fiscal policies will be implemented in 2011 as announced by the government. Projections of expenditure for 2011 are about 3 percent lower than the budget, taking into account the authorities' historically conservative budget assumptions. Revenue projections reflect the IMF staff's macroeconomic assumptions, adjusted for discretionary revenue-raising measures included in the 2009 and 2010 tax revision plans. The medium-term projections assume that the government will continue with its consolidation plans and balance the budget (excluding social security funds) by 2013, while the government's medium term goal is to achieve balanced finance by 2013-2014. Monetary policy assumptions incorporate further monetary tightening of 25 basis points for the remainder of 2011. This is in line with market expectations derived from interest rate forwards and swaps. For 2012, the policy rate is forecast to converge to 4 percent, the neutral rate for Korea estimated from a structural model, by the end of the year. This will require two rate hikes of 25bps each during the year. Start/end months of reporting year: January/December GFS Manual used: 2001 Basis of recording: Cash General government includes: Central Government;. For government gross/net debt only, general government includes central government and local government, starting from 2001. Valuation of public debt: Nominal value Primary domestic currency: Korean won Data last updated: 09/2011


General government revenue [Percent of GDP]
Revenue consists of taxes, social contributions, grants receivable, and other revenue. Revenue increases government's net worth, which is the difference between its assets and liabilities (GFSM 2001, paragraph 4.20). Note: Transactions that merely change the composition of the balance sheet do not change the net worth position, for example, proceeds from sales of nonfinancial and financial assets or incurrence of liabilities.

See notes for: General government revenue (National currency).


General government total expenditure [National currency, Billions]
Total expenditure consists of total expense and the net acquisition of nonfinancial assets. Note: Apart from being on an accrual basis, total expenditure differs from the GFSM 1986 definition of total expenditure in the sense that it also takes the disposals of nonfinancial assets into account.

Source: Ministry of Finance Latest actual data: 2010 Fiscal assumptions: The fiscal projections assume that fiscal policies will be implemented in 2011 as announced by the government. Projections of expenditure for 2011 are about 3 percent lower than the budget, taking into account the authorities' historically conservative budget assumptions. Revenue projections reflect the IMF staff's macroeconomic assumptions, adjusted for discretionary revenue-raising measures included in the 2009 and 2010 tax revision plans. The medium-term projections assume that the government will continue with its consolidation plans and balance the budget (excluding social security funds) by 2013, while the government's medium term goal is to achieve balanced finance by 2013-2014. Monetary policy assumptions incorporate further monetary tightening of 25 basis points for the remainder of 2011. This is in line with market expectations derived from interest rate forwards and swaps. For 2012, the policy rate is forecast to converge to 4 percent, the neutral rate for Korea estimated from a structural model, by the end of the year. This will require two rate hikes of 25bps each during the year. Start/end months of reporting year: January/December GFS Manual used: 2001 Basis of recording: Cash General government includes: Central Government;. For government gross/net debt only, general government includes central government and local government, starting from 2001. Valuation of public debt: Nominal value Primary domestic currency: Korean won Data last updated: 09/2011


General government total expenditure [Percent of GDP]
Total expenditure consists of total expense and the net acquisition of nonfinancial assets. Note: Apart from being on an accrual basis, total expenditure differs from the GFSM 1986 definition of total expenditure in the sense that it also takes the disposals of nonfinancial assets into account.

See notes for: General government total expenditure (National currency).


General government net lending/borrowing [National currency, Billions]
Net lending (+)/ borrowing (-) is calculated as revenue minus total expenditure. This is a core GFS balance that measures the extent to which general government is either putting financial resources at the disposal of other sectors in the economy and nonresidents (net lending), or utilizing the financial resources generated by other sectors and nonresidents (net borrowing). This balance may be viewed as an indicator of the financial impact of general government activity on the rest of the economy and nonresidents (GFSM 2001, paragraph 4.17). Note: Net lending (+)/borrowing (-) is also equal to net acquisition of financial assets minus net incurrence of liabilities.

Source: Ministry of Finance Latest actual data: 2010 Fiscal assumptions: The fiscal projections assume that fiscal policies will be implemented in 2011 as announced by the government. Projections of expenditure for 2011 are about 3 percent lower than the budget, taking into account the authorities' historically conservative budget assumptions. Revenue projections reflect the IMF staff's macroeconomic assumptions, adjusted for discretionary revenue-raising measures included in the 2009 and 2010 tax revision plans. The medium-term projections assume that the government will continue with its consolidation plans and balance the budget (excluding social security funds) by 2013, while the government's medium term goal is to achieve balanced finance by 2013-2014. Monetary policy assumptions incorporate further monetary tightening of 25 basis points for the remainder of 2011. This is in line with market expectations derived from interest rate forwards and swaps. For 2012, the policy rate is forecast to converge to 4 percent, the neutral rate for Korea estimated from a structural model, by the end of the year. This will require two rate hikes of 25bps each during the year. Start/end months of reporting year: January/December GFS Manual used: 2001 Basis of recording: Cash General government includes: Central Government;. For government gross/net debt only, general government includes central government and local government, starting from 2001. Valuation of public debt: Nominal value Primary domestic currency: Korean won Data last updated: 09/2011


General government net lending/borrowing [Percent of GDP]
Net lending (+)/ borrowing (-) is calculated as revenue minus total expenditure. This is a core GFS balance that measures the extent to which general government is either putting financial resources at the disposal of other sectors in the economy and nonresidents (net lending), or utilizing the financial resources generated by other sectors and nonresidents (net borrowing). This balance may be viewed as an indicator of the financial impact of general government activity on the rest of the economy and nonresidents (GFSM 2001, paragraph 4.17). Note: Net lending (+)/borrowing (-) is also equal to net acquisition of financial assets minus net incurrence of liabilities.

See notes for: General government net lending/borrowing (National currency).


General government structural balance [National currency, Billions]
The structural budget balance refers to the general government cyclically adjusted balance adjusted for nonstructural elements beyond the economic cycle. These include temporary financial sector and asset price movements as well as one-off, or temporary, revenue or expenditure items. The cyclically adjusted balance is the fiscal balance adjusted for the effects of the economic cycle; see, for example, A. Fedelino. A. Ivanova and M. Horton Computing Cyclically Adjusted Balances and Automatic Stabilizers' IMF Technical Guidance Note No. 5, http://www.imf.org/external/pubs/ft/tnm/2009/tnm0905.pdf.

Source: Ministry of Finance Latest actual data: 2010 Fiscal assumptions: The fiscal projections assume that fiscal policies will be implemented in 2011 as announced by the government. Projections of expenditure for 2011 are about 3 percent lower than the budget, taking into account the authorities' historically conservative budget assumptions. Revenue projections reflect the IMF staff's macroeconomic assumptions, adjusted for discretionary revenue-raising measures included in the 2009 and 2010 tax revision plans. The medium-term projections assume that the government will continue with its consolidation plans and balance the budget (excluding social security funds) by 2013, while the government's medium term goal is to achieve balanced finance by 2013-2014. Monetary policy assumptions incorporate further monetary tightening of 25 basis points for the remainder of 2011. This is in line with market expectations derived from interest rate forwards and swaps. For 2012, the policy rate is forecast to converge to 4 percent, the neutral rate for Korea estimated from a structural model, by the end of the year. This will require two rate hikes of 25bps each during the year. Start/end months of reporting year: January/December GFS Manual used: 2001 Basis of recording: Cash General government includes: Central Government;. For government gross/net debt only, general government includes central government and local government, starting from 2001. Valuation of public debt: Nominal value Primary domestic currency: Korean won Data last updated: 09/2011


General government structural balance [Percent of potential GDP]
The structural budget balance refers to the general government cyclically adjusted balance adjusted for nonstructural elements beyond the economic cycle. These include temporary financial sector and asset price movements as well as one-off, or temporary, revenue or expenditure items. The cyclically adjusted balance is the fiscal balance adjusted for the effects of the economic cycle; see, for example, A. Fedelino. A. Ivanova and M. Horton 'Computing Cyclically Adjusted Balances and Automatic Stabilizers' IMF Technical Guidance Note No. 5, http://www.imf.org/external/pubs/ft/tnm/2009/tnm0905.pdf.

See notes for: General government structural balance (National currency).


General government primary net lending/borrowing [National currency, Billions]
Primary net lending/borrowing is net lending (+)/borrowing (-) plus net interest payable/paid (interest expense minus interest revenue).


General government primary net lending/borrowing [Percent of GDP]
Primary net lending/borrowing is net lending (+)/borrowing (-) plus net interest payable/paid (interest expense minus interest revenue).


General government net debt [National currency, Billions]
Net debt is calculated as gross debt minus financial assets corresponding to debt instruments. These financial assets are: monetary gold and SDRs, currency and deposits, debt securities, loans, insurance, pension, and standardized guarantee schemes, and other accounts receivable.

Source: Ministry of Finance Latest actual data: 2010 Fiscal assumptions: The fiscal projections assume that fiscal policies will be implemented in 2011 as announced by the government. Projections of expenditure for 2011 are about 3 percent lower than the budget, taking into account the authorities' historically conservative budget assumptions. Revenue projections reflect the IMF staff's macroeconomic assumptions, adjusted for discretionary revenue-raising measures included in the 2009 and 2010 tax revision plans. The medium-term projections assume that the government will continue with its consolidation plans and balance the budget (excluding social security funds) by 2013, while the government's medium term goal is to achieve balanced finance by 2013-2014. Monetary policy assumptions incorporate further monetary tightening of 25 basis points for the remainder of 2011. This is in line with market expectations derived from interest rate forwards and swaps. For 2012, the policy rate is forecast to converge to 4 percent, the neutral rate for Korea estimated from a structural model, by the end of the year. This will require two rate hikes of 25bps each during the year. Start/end months of reporting year: January/December GFS Manual used: 2001 Basis of recording: Cash General government includes: Central Government;. For government gross/net debt only, general government includes central government and local government, starting from 2001. Valuation of public debt: Nominal value Primary domestic currency: Korean won Data last updated: 09/2011


General government net debt [Percent of GDP]
Net debt is calculated as gross debt minus financial assets corresponding to debt instruments. These financial assets are: monetary gold and SDRs, currency and deposits, debt securities, loans, insurance, pension, and standardized guarantee schemes, and other accounts receivable.

See notes for: General government net debt (National currency).


General government gross debt [National currency, Billions]
Gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. This includes debt liabilities in the form of SDRs, currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable. Thus, all liabilities in the GFSM 2001 system are debt, except for equity and investment fund shares and financial derivatives and employee stock options. Debt can be valued at current market, nominal, or face values (GFSM 2001, paragraph 7.110).

Source: Ministry of Finance Latest actual data: 2010 Fiscal assumptions: The fiscal projections assume that fiscal policies will be implemented in 2011 as announced by the government. Projections of expenditure for 2011 are about 3 percent lower than the budget, taking into account the authorities' historically conservative budget assumptions. Revenue projections reflect the IMF staff's macroeconomic assumptions, adjusted for discretionary revenue-raising measures included in the 2009 and 2010 tax revision plans. The medium-term projections assume that the government will continue with its consolidation plans and balance the budget (excluding social security funds) by 2013, while the government's medium term goal is to achieve balanced finance by 2013-2014. Monetary policy assumptions incorporate further monetary tightening of 25 basis points for the remainder of 2011. This is in line with market expectations derived from interest rate forwards and swaps. For 2012, the policy rate is forecast to converge to 4 percent, the neutral rate for Korea estimated from a structural model, by the end of the year. This will require two rate hikes of 25bps each during the year. Start/end months of reporting year: January/December GFS Manual used: 2001 Basis of recording: Cash General government includes: Central Government;. For government gross/net debt only, general government includes central government and local government, starting from 2001. Valuation of public debt: Nominal value Primary domestic currency: Korean won Data last updated: 09/2011


General government gross debt [Percent of GDP]
Gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. This includes debt liabilities in the form of SDRs, currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable. Thus, all liabilities in the GFSM 2001 system are debt, except for equity and investment fund shares and financial derivatives and employee stock options. Debt can be valued at current market, nominal, or face values (GFSM 2001, paragraph 7.110).

See notes for: General government gross debt (National currency).


Gross domestic product corresponding to fiscal year, current prices [National currency, Billions]
Gross domestic product corresponding to fiscal year is the country's GDP based on the same period during the year as their fiscal data. In the case of countries whose fiscal data are based on a fiscal calendar (e.g., July to June), this series would be the country's GDP over that same period. For countries whose fiscal data are based on a calendar year (i.e., January to December), this series will be the same as their GDP in current prices.

Source: Ministry of Finance Latest actual data: 2010 Fiscal assumptions: The fiscal projections assume that fiscal policies will be implemented in 2011 as announced by the government. Projections of expenditure for 2011 are about 3 percent lower than the budget, taking into account the authorities' historically conservative budget assumptions. Revenue projections reflect the IMF staff's macroeconomic assumptions, adjusted for discretionary revenue-raising measures included in the 2009 and 2010 tax revision plans. The medium-term projections assume that the government will continue with its consolidation plans and balance the budget (excluding social security funds) by 2013, while the government's medium term goal is to achieve balanced finance by 2013-2014. Monetary policy assumptions incorporate further monetary tightening of 25 basis points for the remainder of 2011. This is in line with market expectations derived from interest rate forwards and swaps. For 2012, the policy rate is forecast to converge to 4 percent, the neutral rate for Korea estimated from a structural model, by the end of the year. This will require two rate hikes of 25bps each during the year. Start/end months of reporting year: January/December GFS Manual used: 2001 Basis of recording: Cash General government includes: Central Government;. For government gross/net debt only, general government includes central government and local government, starting from 2001. Valuation of public debt: Nominal value Primary domestic currency: Korean won Data last updated: 09/2011


Current account balance [U.S. dollars, Billions]
Current account is all transactions other than those in financial and capital items. The major classifications are goods and services, income and current transfers. The focus of the BOP is on transactions (between an economy and the rest of the world) in goods, services, and income.

Source: CEIC Latest actual data: 2010 BOP Manual used: BPM 6 Primary domestic currency: Korean won Data last updated: 09/2011


Current account balance [Percent of GDP]
Current account is all transactions other than those in financial and capital items. The major classifications are goods and services, income and current transfers. The focus of the BOP is on transactions (between an economy and the rest of the world) in goods, services, and income.

See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).