韓國央行-國民總收入：2024年第二季度（初步）（英）

-1/8-

NationalAccounts

PRESS

RELEASE

EmbargoeduntilSeptember5,2024,at8a.m.

2024-09-05

NamYoungHa:+82-2-759-4450(Production)nyha@bok.or.kr

SeungHanLee:+82-2-759-4347(Expenditure)lsh@bok.or.kr

GrossNationalIncome:SecondQuarterof2024

(Preliminary)

Ⅰ.Overview

Realgrossdomesticproduct(realGDP,chainedvolumemeasureofGDP)

decreasedby0.2percentinthesecondquarterof2024comparedtothepreviousquarter,consistentwiththefiguregivenintheadvanceestimate.

Realgrossnationalincome(realGNI)decreasedby1.4percentinthesecondquarterof2024comparedtothepreviousquarter.

GDPandGNIGrowthRates1)

(atchained2020yearprices,S.A.series)

(percentagechangeoverpreviousquarter)

2022f

2023p

2024p

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

RealGDP

0.5

0.8

0.4

-0.5

0.4

0.6

0.8

0.5

1.3

-0.2

(3.5)

(3.0)

(3.4)

(1.1)

(1.1)

(1.0)

(1.4)

(2.1)

(3.3)

(2.3)

RealGNI

0.4

-0.9

-0.8

0.4

1.9

-0.9

2.1

0.6

2.4

-1.4

(0.6)

(-1.2)

(-0.4)

(-1.0)

(0.6)

(0.9)

(3.6)

(3.5)

(4.8)

(3.4)

Note:1)Figuresinparenthesesaretheyear-on-yearratesofgrowthoftheoriginalseries.

-2/8-

Ⅱ.RealGrossDomesticProduct

Quarter-on-Quarter

Ontheproductionside,manufacturingincreasedby0.8percent,mainlyduetoincreasesintransportationequipment.

Constructionfellby6.0percent,asbuildingconstructionandcivilengineeringbothdecreased.

Servicesremainedatthepreviousquarter’slevel,astransportation&storageandrealestateincresed,despiteadecreaseininformation&communicationandinwholesale&retailtrade,accommodation&foodservices.

GrowthRatesbyTypeofEconomicActivities

(atchained2020yearprices,S.A.series)

(percentagechangeoverpreviousquarter)

2022f

2023p

2024p

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

GrossDomesticProduct

0.5

0.8

0.4

-0.5

0.4

0.6

0.8

0.5

1.3

-0.2

Agriculture,forestry&fishing

-0.6

-2.2

1.2

1.1

-3.4

2.6

-0.1

-7.4

1.8

4.4

Manufacturing

3.2

-0.5

0.1

-4.0

1.6

3.0

1.5

1.2

0.9

0.8

Electricity,gas&watersupply

2.5

2.0

-1.1

-0.1

-6.8

3.1

3.1

1.8

-0.1

-1.0

Construction

-1.4

-0.4

2.2

2.7

1.2

-2.7

3.7

-3.5

5.5

-6.0

Services1)

-0.2

1.8

0.5

1.1

0.2

0.1

0.5

0.4

0.9

0.0

Note:1)Includeswholesale&retailtrade;accommodation&foodservices;transportation&storage;

finance&insurance;realestate;information&communication;businessactivities;

publicadministration,defense&socialsecurity;education;humanhealth&socialwork;andcultural&otherservices.

-3/8-

Ontheexpenditureside,privateconsumptionfellby0.2percent,asexpendituresongoods(e.g.,motorvehicles,clothing)declined.

Governmentconsumptionroseby0.6percent,mainlyduetoanincreaseinexpendituresongoods.

Constructioninvestmentcontractedby1.7percentasbuildingconstructionandcivilengineeringbothdecreased.

Facilitiesinvestmentfellby1.2percent,withadecreaseinmachinery(e.g.,semiconductormanufacturingequipment).

Exportsroseby1.2percent,asmotorvehiclesandchemicalproductsincreased.Importsgrewby1.6percent,owingtoincreasedenergy(e.g.,crudeoilandnaturalgas)andpetroleumproducts.

GrowthRatesbyExpendituresonGDP

(atchained2020yearprices,S.A.series)

(percentagechangeoverpreviousquarter)

GrossDomesticProduct

0.5

0.8

0.4

-0.5

0.4

0.6

0.8

0.5

1.3

-0.2

Finalconsumptionexpenditure

-0.7

2.4

1.0

0.6

0.5

-0.8

0.2

0.4

0.7

0.0

(Private)

-1.0

2.9

1.3

-0.1

0.5

-0.3

0.1

0.4

0.7

-0.2

(Government)

0.1

0.9

0.2

2.4

0.4

-2.1

0.3

0.5

0.8

0.6

Grossfixedcapitalformation

-1.5

0.4

2.8

-0.2

-0.2

0.5

0.5

-1.0

1.1

-1.4

(Construction)

-3.3

0.0

-0.2

1.1

0.6

0.2

1.9

-3.8

3.3

-1.7

(Facilities)

-1.5

1.4

5.7

-0.8

-1.4

0.4

-2.0

2.8

-2.0

-1.2

(Intellectualpropertyproducts)

2.6

-0.3

5.0

-2.2

-0.2

1.0

0.8

-0.2

0.8

-0.9

Exportsofgoods&services

3.0

-1.2

-0.3

-3.7

4.2

1.1

1.9

3.9

1.8

1.2

(Goods)

3.6

-1.1

-1.4

-4.1

4.9

0.3

2.0

3.9

1.6

1.1

(Services)

-0.4

-2.2

6.1

-1.7

0.5

5.5

1.6

4.0

3.0

1.8

Importsofgoods&services

-1.4

1.4

4.1

-2.5

3.9

-1.8

0.3

1.6

-0.4

1.6

(Goods)

-0.8

1.0

3.9

-3.5

3.5

-3.9

-1.0

1.3

-0.3

1.6

(Services)

-4.0

2.9

5.4

2.5

6.1

7.7

5.5

2.8

-0.7

1.5

GrossNationalIncome

0.4

-0.9

-0.8

0.4

1.9

-0.9

2.1

0.6

2.4

-1.4

-4/8-

Year-on-Year

RealGDPincreasedby2.3percentyear-on-yearinthesecondquarterof2024.

GrowthRatesbyTypeofEconomicActivitesandExpendituresonGDP

(atchained2020yearprices,originalseries)

(percentagechangeoverpreviousyear)

2022f

2023P

2024p

Q1

Q2

Q3

Q4

Ann.

Q1

Q2

Q3

Q4

Ann.

Q1

Q2

GrossDomesticProduct

3.5

3.0

3.4

1.1

2.7

1.1

1.0

1.4

2.1

1.4

3.3

2.3

Agriculture,forestry&fishing

0.4

3.1

0.1

0.0

0.8

-3.2

1.4

1.0

-8.0

-2.6

-3.2

-1.7

Manufacturing

4.4

3.7

4.2

-2.0

2.5

-3.0

0.8

1.7

7.0

1.7

6.5

4.6

Electricity,gas&watersupply

1.2

4.8

3.5

4.6

3.5

-6.9

-5.0

-0.6

1.7

-2.9

7.4

3.8

Construction

-1.2

-1.4

2.2

3.2

0.9

6.1

3.6

5.1

-1.1

3.1

3.0

-0.7

Services1)

4.0

4.2

3.9

3.2

3.8

3.7

1.7

1.9

1.0

2.1

1.9

1.7

Finalconsumptionexpenditure

4.9

4.3

4.5

3.1

4.2

4.5

1.3

0.5

0.3

1.6

0.6

1.3

(Private)

4.3

4.5

5.3

2.9

4.2

4.7

1.4

0.3

0.7

1.8

1.0

0.9

(Government)

6.3

3.8

2.2

3.7

4.0

4.0

0.9

0.9

-0.8

1.3

-0.5

2.3

Grossfixedcapitalformation

-2.3

-2.5

2.8

1.3

-0.2

2.7

2.8

0.8

-0.3

1.4

0.9

-0.9

(Construction)

-5.0

-4.5

-2.1

-2.6

-3.5

1.7

1.7

4.3

-1.2

1.5

1.6

-0.5

(Facilities)

-4.9

-5.5

4.8

4.8

-0.3

4.7

3.8

-3.9

-0.2

1.1

-1.0

-2.5

(Intellectualpropertyproducts)

8.5

7.2

10.8

5.1

7.8

2.3

3.5

-0.4

1.4

1.7

2.5

0.5

Exportsofgoods&services

7.8

5.6

5.4

-2.4

3.9

-1.1

0.9

3.2

11.4

3.6

9.1

9.0

(Goods)

7.9

6.5

5.3

-3.2

3.9

-1.7

-0.7

2.7

11.3

2.9

8.0

8.7

(Services)

7.3

0.4

6.1

1.9

3.8

2.5

10.2

5.8

12.0

7.7

14.8

10.6

Importsofgoods&services

5.2

2.0

8.2

1.5

4.2

7.1

3.4

-0.2

3.9

3.5

-0.4

3.1

(Goods)

7.2

3.0

8.7

0.4

4.7

5.0

-0.6

-5.1

-0.3

-0.3

-3.8

1.5

(Services)

-4.0

-2.7

6.1

6.6

1.5

17.7

23.6

23.6

23.9

22.3

16.0

9.5

GrossNationalIncome

0.6

-1.2

-0.4

-1.0

-0.5

0.6

0.9

3.6

3.5

2.2

4.8

3.4

Note:1)Includeswholesale&retailtrade;accommodation&foodservices;transportation&storage;

finance&insurance;realestate;information&communication;businessactivities;

publicadministration,defense&socialsecurity;education;humanhealth&socialwork;andcultural&otherservices.

-5/8-

Ⅲ.GrossNationalIncomeandGrossSaving&InvestmentRatios

NominalGNIroseby0.9percentinthesecondquarterof2024relativetothequarterbefore,fallingshortofthegrowthrateofnominalGDP(1.0percent)asnetfactorincomefromtherestoftheworlddecreased.

RealGNIfellby1.4percentcomparedtothepreviousquarter,decreasingmorethanrealGDP(-0.2percent),asrealtradinglossesincreasedduetodeterioratingtermsoftrade.

TheGDPdeflatorroseby4.8percentyearonyear.

GrowthRatesofNationalIncomeandGDPDeflator

(S.A.series)

(trillionwon,%)

2022f

2023p

2024p

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Nominal

GrossNationalIncome1)

582.3 (0.8)<7.6>

591.9 (1.7)<5.2>

588.3(-0.6)<4.4>

589.3 (0.2)<2.2>

605.8 (2.8)<4.0>

607.7 (0.3)<2.7>

611.1 (0.6)<3.9>

618.7 (1.2)<4.9>

639.8 (3.4)<5.8>

645.5 (0.9)<6.0>

NetFactorIncomefromtheRestoftheWorld

4.6

7.8

7.4

8.3

16.8

12.5

8.1

4.8

7.7

7.3

GrossDomesticProduct1)

577.7 (1.0)<7.5>

584.1 (1.1)<6.0>

581.0(-0.5)<3.6>

581.0 (0.0)<1.7>

589.1 (1.4)<2.1>

595.2 (1.0)<1.8>

603.1 (1.3)<3.8>

613.8 (1.8)<5.5>

632.1 (3.0)<7.3>

638.3 (1.0)<7.2>

Real

GrossNationalIncome1)

541.0 (0.4)<0.6>

536.1(-0.9)<-1.2>

531.9(-0.8)<-0.4>

534.1 (0.4)<-1.0>

544.4 (1.9)<0.6>

539.8(-0.9)<0.9>

551.3 (2.1)<3.6>

554.5 (0.6)<3.5>

567.5 (2.4)<4.8>

559.5(-1.4)<3.4>

NetFactorIncomefromtheRestoftheWorld

3.8

5.7

7.4

8.7

14.4

9.5

8.4

5.9

5.9

4.4

GrossDomesticProduct1)

549.3 (0.5)<3.5>

553.7 (0.8)<3.0>

555.8 (0.4)<3.4>

553.3(-0.5)<1.1>

555.8 (0.4)<1.1>

558.8 (0.6)<1.0>

563.0 (0.8)<1.4>

565.6 (0.5)<2.1>

573.0 (1.3)<3.3>

571.6(-0.2)<2.3>

GDPDeflator2)

3.9

2.9

0.1

0.6

0.9

0.8

2.4

3.4

3.9

4.8

Notes:1)Figuresinparenthesesarethepercentagechangesoverthepreviousquarters,whilethoseinanglebracketsarethepercentagechangesoverthepreviousyear.

2)Percentagechangesoverthepreviousyear,originalseries.

-6/8-

Thegrosssavingratio(grosssaving/grossnationaldisposableincome)stoodat35.2percent,0.1percentagepointshigherthaninthepreviousquarter,asnominalgrossnationaldisposableincome(0.9percent)increasedmorethanthefinalconsumptionexpenditure(0.7percent).

Thegrossdomesticinvestmentratio(grosscapitalformation/grossnationaldisposableincome)was30.7percent,1.0percentagepointshigherthaninthepreviousquarter,asnominalgrossnationaldisposableincome(0.9percent)fellshortofthegrosscapitalformation(4.3percent).

GrossSaving&InvestmentRatios

(atcurrentprices,S.A.series)

(trillionwon,%)

2022f

2023p

2024p

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Grossnational

581.7

590.5

587.8

589.2

604.9

606.6

609.5

617.2

638.6

644.1

disposableincome(A)

(0.9)

(1.5)

(-0.5)

(0.2)

(2.7)

(0.3)

(0.5)

(1.3)

(3.5)

(0.9)

Finalconsumptionexpenditure(B)

370.7

386.2

393.7

398.6

402.2

402.7

406.1

409.7

414.2

417.2

(0.6)

(4.2)

(1.9)

(1.3)

(0.9)

(0.1)

(0.8)

(0.9)

(1.1)

(0.7)

Grosscapitalformation(C)

181.9

191.8

203.4

197.4

197.5

198.1

190.7

188.3

189.6

197.8

(-5.1)

(5.4)

(6.1)

(-3.0)

(0.0)

(0.3)

(-3.8)

(-1.3)

(0.7)

(4.3)

Grossfixedcapitalformation(D)

178.9

182.8

189.7

190.6

190.6

192.0

194.8

193.2

197.5

195.1

(-0.2)

(2.2)

(3.8)

(0.5)

(0.0)

(0.7)

(1.5)

(-0.8)

(2.2)

(-1.2)

Grosssaving(E=A-B)

211.0

204.3

194.1

190.6

202.7

203.9

203.5

207.5

224.3

227.0

(1.5)

(-3.2)

(-5.0)

(-1.8)

(6.4)

(0.6)

(-0.2)

(2.0)

(8.1)

(1.2)

Grosssavingratio(E/A)

36.3

34.6

33.0

32.3

33.5

33.6

33.4

33.6

35.1

35.2

Grossdomestic

investmentratio(C/A)

31.3

32.5

34.6

33.5

32.6

32.7

31.3

30.5

29.7

30.7

Grossdomestic

fixedinvestmentratio(D/A)

30.8

31.0

32.3

32.4

31.5

31.7

32.0

31.3

30.9

30.3

Note:1)Figuresinparenthesesarethepercentagechangesoverthepreviousquarters.

※FurtherstatisticscanbefoundattheBankofKorea'sEconomicStatisticsSystemwebsite(

https://ecos.bok.or.kr

).

-7/8-

NationalIncomeStatistics

1.ScopeofMeasurement

ThenationalincomestatisticsestimatetotaleconomicactivityinKorea(e.g.,theproductionandexpendituresofalleconomicagents,includinghouseholds,enterprises,andthegovernment).

ProductionBoundary:Goodsarecountedasoutputevenwhentheyarenotmeantforsale(e.g.,whentheyareforself-consumption),whereasinthecaseofservices,non-paiddomesticworkandpersonalservices(e.g.,forself-consumption)areexcludedfromtheproductionboundary.

Illegaleconomicactivities,suchassmuggling,gambling,andprostitution,arelikewisecurrentlynotincludedinnationalincome,eventhoughtheyshouldbecapturedasproductionactivitiesforacomprehensivemeasurementofproductionandexpenditures.

2.MethodsofMeasurement

Estimationundertheoutputapproach(production-sidenationalincome)iscarriedoutasfollows.

Nominalvalue-addedisderivedbyfirstestimatingthevaluesofoutputandintermediateinputandthensubtractingthevalueofintermediateinputfromthatofoutput.Ifthevalueoftheintermediateinputcannotbedeterminedseparately,itiscalculatedusingthevalue-addedratioobtainedfromtheBankofKorea’squarterlyandannualfinancialstatementanalysisreports.

Statisticsundertheexpenditureapproach(expenditure-sidenationalincome)areestimateddirectlyusingavarietyofrawdataontheamountsofmoneyspentonfinalproducts.

Thetwosetsofnationalincomestatistics,oneestimatedviatheoutputapproachandtheotherviaexpenditures,shouldthereforebeidentical.Duetodifferencesinthedatausedandthemethodsofestimation,however,statisticaldiscrepanciesoccur,whichareidentifiedontheexpendituresside.

-8/8-

3.Dissemination

TheBankofKoreaofficiallyannouncesfivetypesofsequentialnationalincomestatistics.Theyare“advance”and“preliminary”quarterlyestimates,and“GrossNationalIncome(preliminary),”“NationalAccounts(preliminary),”and“NationalAccounts(final)”annualestimates.

The“advance”quarterlyestimatesarereleasedwithin28daysofthequarter’send,andgivethefirstlookatKorea’srealGDP,includingtheratesandamountsofgrowthbytypeofeconomicactivityandbycomponentofexpenditure.The“preliminary”quarterlyestimatesprovidemoredetailed