The South Korean economy grew by a six-year low of 2.7 percent last year due to sluggish corporate investment, but its per capita income surpassed US$30,000 for the first time, preliminary data by the central bank showed Tuesday.The revised 2018 reading by the Bank of Korea (BOK) is on par with its earlier estimate of 2.7 percent growth released in January.But it is the slowest on-year gain since 2012, when the country pulled off 2.3 percent annual growth.For the fourth quarter of 2018, the econ

South Korea's consumer prices gained 0.5 percent in February from a year earlier on a rise in prices for utility and service charges, government data showed Tuesday.The reading marks the lowest since August 2016, when the comparable figure was 0.5 percent, Statistics Korea said.From a month earlier, the index rose 0.4 percent. "The biggest reason behind lower consumer prices is a decline in petrochemical products," said Kim Yun-sung, director of Statistics Korea's price statistics divi

South Korea logged a record-high balance of payments surplus for Hallyu-related products and services last year, owing to the global success of Korea-made video games and K-pop, statistics from the Bank of Korea showed Sunday.　Hallyu, or the Korean Wave, refers to the proliferation of Korean cultural content overseas, including K-pop, food, TV programs and movies as well as PC and mobile games produced by Korean firms.　According to the Bank of Korea Economic Statistics System, Korea’s BOP

South Korean shares are expected to trade in a limited range next week, with investors set to take a wait-and-see stance on key economic indexes, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,195.44 on Friday, down 1.57 percent from last week’s close. Earlier this week, South Korean shares were nearly flat ahead of the historic summit between U.S. President Donald Trump and North Korean leader Kim Jong-un, which took place in Hanoi on Wednesday and Thur

SEJONG -- South Korea’s export performance has remained sluggish since November, the last month that it posted a positive on-year growth figure.In November, exports recorded 4.1 percent growth compared with a year earlier. But exports fell 1.3 percent in December and 5.8 percent in January, according to the Korea Customs Service.Further, the nation saw exports plunge 11.7 percent on-year for the first 20 days of February, posting $23.33 billion for a difference of $3.09 billion (3.45 trill

South Korea's industrial output edged up 0.8 percent in January from a month earlier due in part to increased production of cars and the service sector, government data showed Thursday.The data compiled by Statistics Korea showed the output of cars rose 3.5 percent in January from a month earlier as vehicle sales at home and abroad increased 4.2 percent and 9.8 percent, respectively, during the same period.Semiconductor output rose 7.5 percent in January from a year earlier, but its exports fell

It is now nine years since the South Korea-India Comprehensive Economic Partnership Agreement -- a de facto free trade agreement -- went into effect. However, while much progress has been made, there is still a long way to go for economic ties to reach their potential.It was widely anticipated that the CEPA, which came into effect in January 2010, would lead to more bilateral trade and investments. South Korea abolished tariffs on 93 percent of Indian imports and India has done the same on 75 pe

Senior citizens with 50,000 won ($44.70) or less in monthly income will be eligible for increased basic pension from April, the welfare ministry said Wednesday.People aged 65 or older whose monthly earnings are in the lowest 20 percent range can receive 300,000 won in pension benefits per month, according to the ministry. The eligibility and the amount of the benefits are adjustments to the existing payouts of 250,000 won for those with monthly income in the lowest 70 percent, which began in Sep

Talks rekindled over relocating Korea’s key policy financing institutions from Seoul

Hyundai Motor Co. is expanding its partnership with BTS by providing sponsorship to the South Korean boy band's global campaign in Britain, the company said Sunday. On Friday, BTS began to air a teaser of the K-pop band's global campaign in London's Piccadilly Circus aimed at informing its fans worldwide of its plan to launch the site www.armypedia.net. Hyundai Motor provided sponsorship for the campaign, Hyundai said in a statement.  The same teaser video will also be released in six other

South Korea on Thursday unveiled a wide range of incentives for companies if they create jobs in deals with municipal governments and other relevant parties.The incentives include an investment subsidy and tax cuts, as well as discounts in rental fees in industrial complexes, according to the Ministry of Trade, Industry and Energy. The ministry said a company can receive 9 billion won ($7.9 million) back from a municipal government if it invests 90 billion won.The move is part of South Korea's e

South Korea's household income inequality hit a record high in the fourth quarter of 2018, government data showed Thursday, prompting officials to step up efforts to carry out a series of measures to support low-income people.An average household earned 4.6 million won ($4,000) per month in the October-December period, up 3.6 percent from the previous year, according to the data compiled by Statistics Korea.The monthly average income of the bottom 20 percent income bracket dropped 17.7 percent o

South Korea's industry ministry on Wednesday announced its first batch of locations to establish what it calls smart industrial zones, which will utilize high-end information and communication technologies to improve companies' productivity.The Ministry of Trade, Industry and Energy said it decided to apply smart factory technologies in the industrial complex of Changwon, 398 kilometers south of Seoul, along with the Banwol-Sihwa complex southwest of the capital city.The announcement comes in li

A gasoline-burning automobile consumed an average 1,159 liters last year, down 2.4 percent from a year earlier, as drivers cut back on spending probably to cope with high prices, industry data showed Wednesday.According to the Korea Petroleum Association, the figure marks the lowest since 2006, when the comparable figure was 1,153 liters of gasoline.The owners of gasoline-burning autos spent some 1.83 million won ($1,620) on average last year to run their vehicles and an average 153,000 won per

South Koreans traveling overseas spent a record amount last year, but spending per person declined, central bank data showed Wednesday.The current account for last year showed travel expenditures of $31.97 billion, the highest since recordkeeping began in 2006. Past figures show increases from $15 billion in 2009 to $20 billion in 2012, $25 billion in 2015 and $31.69 billion won in 2017.The increase, however, was the smallest since the global financial crisis of 2009 at 0.9 percent, compared wit