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[Economic Trends] July Economic Trends

Economic Trends

Here’s a look at Korea’s major economic indicators that provide an overview of the country’s recent economic developments.

Economic Trends
※ source : International Monetary Fund (IMF), Bank of Korea (BOK), Korea International Trade Association (KITA), Ministry of Trade, Industry and Energy (MOTIE)

July Economic Trends

The economy added 841,000 jobs year-on-year in June 2022, and the unemployment rate fell by 0.8%p from a year ago to 3.0%. Consumer prices grew by 4.8 % year-on-year due to the continued increase in oil prices, and the core inflation rose by 4.4%.

Stock prices decreased in June out of concerns for continued inflationary pressure caused by major economies making a swift transition of monetary policies including the US Fed’s big rate hike, and exchange rates and Korean treasury yields increased. In the housing market, housing prices and prices of Jeonse (lump-sum deposits with no monthly payments) both continued the downward trend.

While domestic consumption continues to gradually improve backed by the recovery of employment and face-to-face services, global economic downside risks are higher due to major economies’ rapid interest rate increases, China’s economic slowdowns and the prolonged Russia-Ukraine war, which may slow down the Korean economy by accelerating inflation and limiting the recovery of exports.

※ Source: Ministry of Economy and Finance(

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