Economy

South Korea's Black Market Equivalent To 8 Percent Of GDP In 2015

A state-run think tank said Friday that South Korea's underground economy accounted for 8 percent of the country's gross domestic product in 2015 despite the measures by the government to clamp down on the black market.

February 17, 2017 at 6:09 am

South Korea's Intellectual Property Rights Sector Posts Lower Trade Deficit In 2016

South Korea saw its deficit in intellectual property rights trade decline in 2016 from the year earlier due to lower shortfalls from industrial property and other intellectual property rights, according to the Bank of Korea.

February 17, 2017 at 6:11 am

Middle Class Encouraged To Take Part In Politics For Economic Change

The middle- and low-income class in Korea are encouraged to participate in politics and policymaking in order to address economic problems.

February 17, 2017 at 6:07 am

South Korea Relaxes Import Rules To Address Supply Shortages Of Eggs

South Korea saw a surge in imports of foreign eggs and their processed products so far in 2017, as the government tries to address the supply shortage caused by the worst bird flu outbreak in the country.

February 16, 2017 at 6:14 am

Korea’s Unemployment Rate Drops To 1 Million In January

Korea's unemployment rate has dropped to 1 million this January as comapred to previous years and this has affected greatly the country's economic status.

February 16, 2017 at 6:15 am

South Korea's Auto Exports Slumped In January By 4.8 Percent

South Korea's auto exports fell nearly 5 percent in January due to weaker global auto demand and fewer working days due to Lunar New Year's holidays, according to the trade ministry.

February 16, 2017 at 6:15 am

Korea Employment Now Less Than A Million, Several Sectors Affected

Once again, 1 million are unemployed in South Korea in January while employment rate has shown the smallest gain in the last 11 months according to the most recent statistics. According to Statistics Korea, the unemployed number at 1,009,000 last month, which increased the unemployment rate to 3.8 percent. The rate is the highest since April which had a 3.9 percent of unemployment rate.

February 15, 2017 at 5:51 am

Convenience Stores Rise While Department Stores Struggle With Growing Trend Of Single Person Households

It has been reported that GS25 which is Korea's second largest convenience store chain had a successful 2016 with sales reaching up to 5.6 trillion won which is a 20.4 percent increase from a year ago. It was also the first local company to reach 5 trillion won in annual sales.

February 15, 2017 at 5:51 am

South Korea's Unemployment Rate In January Slightly Up At 3.8 Percent

South Korea's jobless rate recorded a slight increase of 0.1 percentage point to 3.8 percent in January, while the number of employed people reached 25.69 million, according to data from Statistics Korea.

February 15, 2017 at 5:54 am

Seoul's Mayor Shares Vision For A Sharing Economy, Will Help Foster Local Startups

Park Won-soon is the mayor of South Korea's capital Seoul and has a goal of making his city a global role model for sharing economy. The idea is to foster local startups that will lessen the economic reliance on big Korean companies such as Samsung and LG.

February 14, 2017 at 6:51 am

Korea Fund Of Funds To Be Increased By 21.5%, Make Room For More Investments

Expect the fund of funds to be increased significantly as the Small and Medium Business Administration of South Korea announced the raise. The fund of funds will be raised to 735 billion won this year which is a 21.5 percent growth from a year earlier.

February 14, 2017 at 6:52 am

South Korea Home Transactions Down 6 percent in January

Home transactions in South Korea declined 6 percent in-year in January, amid uncertainties and government measures to limit borrowing.

February 14, 2017 at 6:53 am

South Korea’s Chocolate Prices Grew For 9th Straight Year In 2016

Chocolate prices in South Korea climbed to ninth consecutive year 2016, according to data from Statistics Korea, boosted by growth of imported brands.

February 14, 2017 at 6:53 am

South Korea’s Import Prices Climbed In January As Oil Prices Rise

South Korea's import prices rose for the fifth consecutive month in January due to higher oil prices, according data from the Bank of Korea.

February 11, 2017 at 9:34 am

Analysts Predict South Korea To Experience Demographic Time Bomb

A demographic time bomb is a term economists have coined to refer to a phenomenon in countries with low fertility rates and poor economic growth. Japan is already experiencing the phenomenon and if analysts are correct, Korea may be next in line.

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