Due to the expansion of the corona money supply, the inflation rate was greater than the economic growth rate, the income growth rate decreased, and the import growth rate exceeded exports.
Compared to the economic growth rate of 0.8% in the second quarter, the CPI rose more than 2% for five consecutive months from April (2.3%), and in August, it increased by 2.6% compared to the previous year.
The cost of living for 141 items, which is a perceived price, rose 3.4% in August from the same period of the previous year, and continued to rise in May (3.3%), June (3.0%), and July (3.4%).
The real gross national income (GNI) growth rate in the second quarter was 0.1% (QoQ), but nominal GNI increased by 2.4% and increased by 9.0% from the previous year, making the gap between nominal GDP and real GDP the largest.
According to Statistics Korea, the price increase for August was 7.8% for livestock and fishery products, and 12.5% for livestock products and 3.2% for industrial products.
The price of public services, where finances are concentrated, fell 0.7%, but the price of personal services rose 2.7%.
The National Statistical Office announced on the 2nd that Jeonse rent rose 2.2% in August, the largest since January 2018 (2.2%), and the monthly rent increase rate of 0.9% was the largest increase since July 2014.
The Ministry of Trade, Industry and Energy announced on the 1st that August's exports rose 34.9% year-on-year to $53.23 billion, and imports rose 44.0% to $51.56 billion.
In July, exports increased by 29.6% year-on-year to USD 55.44 billion. Imports increased by 38.2% to $53.67 billion, increasing the rate of import growth.
The Bank of Korea announced on the 2nd that the provisional estimate for the second quarter of the manufacturing industry growth rate from the previous quarter was lowered by 0.2 percentage points from the previous estimate, and the service industry growth rate was raised by 0.3 percentage points.
Regarding the growth rate announced by the Bank of Korea on the 2nd, Deputy Prime Minister Hong Nam-ki said on his Facebook, "It shows that the power of economic recovery in the second quarter was stronger than initially, centered on private investment and facility investment." The recovery rate was the fastest among the eight developed countries in the top 10 economy.”