SEJONG -- South Korean households spent an average of 2.45 million won ($2,003) per month in 2019, data showed Thursday. In 2018, South Korean households spent an average 2.53 million won, but an annual comparison may be inappropriate because Statistics Korea changed its method of compiling the data last year, the statistics agency said. Expenditures on food and nonalcoholic beverages came to 333,000 won last year, accounting for 13.5 percent of the total, according to the data. The data a

Over 40 percent of workers in South Korea have suffered a wage cut due to changes in their working conditions sparked by the coronavirus pandemic, a survey showed Wednesday.  According to the survey conducted by Incruit, a job search website, some 42 percent of respondents said their paychecks were reduced after January when the novel coronavirus started to hit the country. Reasons for pay cuts varied, with some saying they were forced to take unpaid leave and others suffering wage freeze

SEJONG -- South Korea will provide 1.5 trillion won ($1.2 billion) in subsidies to temporary workers who lost their jobs due to the coronavirus pandemic, Finance Minister Hong Nam-ki said Thursday. The move is the government's latest measure to protect the nation's job market as the pandemic is expected to force an economic contraction this year. Temporary or freelance workers who lost their jobs will be eligible for the subsidies, and they will receive a total of 1.5 million won each, Hong s

South Korea's current account surplus widened from a year earlier in March as a sharp increase in primary income helped offset a slight drop in its goods account surplus, central bank data showed Thursday. The country's current account surplus came to $6.23 billion in the month, compared with a $5.04 billion surplus the same month last year, according to preliminary data from the Bank of Korea (BOK). South Korea has posted a current account surplus for 11 consecutive months. Its goods accoun

The Ministry of Economy and Finance on Wednesday asked all government ministries to cut discretionary spending by 10 percent in their requests for next year’s budget. The government aims to use the money saved to invest in new projects that could reinvigorate the economy amid signs of an economic downturn brought on by the latest coronavirus pandemic, according to the Finance Ministry. A task force formed of vice ministers and ranking officials will be launched to map out a strategic b

The Bank of Korea (BOK) said Wednesday it will deliver an additional $1.33 billion to local banks under its bilateral currency swap arrangement with the US Fed that is designed to help stabilize the local foreign exchange market. The BOK held its sixth online auction to provide FX liquidity earlier in the day, but bids undershot the target amount of $4 billion. The central bank said it will temporarily suspend its online bids, noting the shortfall in bids may indicate abundant liquidity in th

South Korea's exports of agricultural and meat products increased 3.8 percent in the first four months of 2020 from a year earlier, data showed Wednesday, on the back of rising demand for processed foodstuffs around the globe amid the new coronavirus pandemic. Outbound shipments of such goods reached $2.38 billion during the January-April period, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. "Amid the lockdowns around the globe, shipments of snac

Gold funds in South Korea have shined over the past three months on investors' flight to safety amid the coronavirus pandemic, but oil funds have fared dismally on tumbling crude prices, a market tracker said Wednesday. The three-month average return of 12 local gold funds with assets of 1 billion won ($816,000) or more came to 10.22 percent as of last Wednesday, according to FnGuide. The figure far outperformed the median return rate of minus 12.16 percent for domestic stock funds over the t

SEJONG -- President Moon Jae-in, who will complete 60 percent of his term this weekend, has continued to unveil his strong commitment to active job creation since taking office in 2017. But, as of March 2020, the data held by the Organization for Economic Cooperation and Development showed that South Korea’s employment still falls behind the average of the 36 members. The country remained in the lower ranks for both the working-age population and young generation. The OECD has compared

‘Real impact of COVID-19 has only just begun’

South Korea's labor productivity growth has sharply slowed over the past decade due partly to a lack of investment and innovation, a study suggested Monday. According to You Hye-mi, a professor from Seoul's Hanyang University, the country's labor productivity rose at an annual average of 2.67 percent between the 2010-2018 period, nearly half of the average 4.6 percent posted between the 2001-2008 period. In a research paper, the economics professor partly attributed the drop to the lack of in

SEJONG -- South Korea's inflation slowed to its lowest level in six months in April as consumers refrained from spending over the coronavirus pandemic, data showed Monday. Consumer prices rose 0.1 percent on-year in April, which was below market expectations. A recent survey by Yonhap Infomax, the financial news arm of Yonhap News Agency, expected consumer prices to have gained 0.34 percent in April. The April tally compares with a 1 percent on-year gain in March, according to the data releas

South Korean major oil refiners suffered one of their worst quarters in the January-March period, data showed Sunday, as global oil output has far outpaced demand amid the new coronavirus pandemic. S-Oil Corp., the no. 3 oil refiner in South Korea, swung to a record loss of 1 trillion won ($816 million) in the first quarter due to inventory losses and falling refining margins. The loss was roughly 50 percent higher than earlier expectations. Another refiner, Hyundai Oilbank Co., reported an

South Korean public firms' debt rose by the largest amount ever last year amid an economic slowdown, with their debt-to-capital ratio rebounding for the first time in seven years, the finance ministry said Wednesday. The combined debt of 337 public institutions reached 525.1 trillion won ($430.9 billion) at the end of last year, up 21.4 trillion won from the previous year, according to the Ministry of Economy and Finance. The tally did not include data by three state-run banks, including Kor

South Korea’s trade balance in April could swing to its first deficit in 99 months due to an exports slump amid the global coronavirus pandemic, according to officials on Wednesday. “It is a bit early to predict, but the chances are high that April’s trade balance will see a deficit, (which marks the first time) in 99 months since January 2012,” said Vice Finance Minister Kim Yong-beom during a press briefing. “A drop in exports was much bigger than that of imp