South Korea's consumer prices rose 1.3 percent in December from a year earlier on gains in agricultural and industrial goods and the service sector, government data showed Monday.The reading represents a decline from the previous month's 2 percent on-year gain, according to the data compiled by Statistics Korea. From a month earlier, the index fell 0.3 percent.South Korea's consumer prices rose 1.5 percent for all of 2018, down from 1.9 percent in 2017.South Korea's central bank has said that it

The writer is director general of the Patent Examination Policy Bureau at the Korean Intellectual Property Office. The views reflected in the article are his own. --Ed.

The number of South Korean children inheriting more than 100 million won ($89,526) from their parents shot up in 2017 from a year earlier, data showed Sunday, as the government vowed to reduce tax deductions down the road.According to the data compiled by the National Tax Service, the agency imposed taxes on 146,337 cases of inheritance in 2017, up 17.2 percent from a year earlier. The combined amount of gift tax collected came to 24.5 trillion won, up 6.5 trillion won over the cited period.Inhe

The conflict between the government and business owners has intensified in South Korea ahead of the scheduled implementation of a new wage system that obligates employers to give paid leave to workers, industry watchers said Sunday.Under South Korean law, an employer must provide employees with paid leave depending on their weekly work hours. For example, if an employee works 40 hours a week, he or she must be granted extra pay worth eight hours of labor every week.It not only applies to re

South Korea's economy is expected to grow in the mid-2 percent range in 2019 as exports, private consumption and construction-related investment are expected to take a hit, a poll carried out on the heads of local think tanks showed Sunday.The survey conducted by Yonhap News Agency on seven leading economists, such as Choi Jeong-pyo, president of the Korea Development Institute (KDI), and Chang Ji-sang, head of the Korea Institute for Industrial Economics and Trade (KIET), showed growth predicti

The average daily wage of production workers at small and medium-sized enterprises stood at 88,503 won ($79.2) in the second half this year, up 1.5 percent from the previous six-month period, data showed Sunday.The latest findings that checked 1,200 companies with annual sales exceeding 3 billion won and having more than 10 workers also showed wages rising 13.4 percent on-year.The Korea Federation of Small and Medium Business (KBIZ) that compiled the data said that of the 118 types of occupation

South Korea's terms of trade plunged at the sharpest pace in more than seven years last month due to higher crude oil prices, central bank data showed Friday.The terms of trade index for products dropped for 12 straight months to reach a four-year low of 90.49, down 10.9 percent from a year earlier, according to the preliminary data from the Bank of Korea. It is the fastest on-year decline since October 2011, when the index lost 11 percent.The index measures the amount of imports a country can p

South Korea's industrial output fell 0.7 percent in November from a month earlier due in part to decreased exports of semiconductors and a decline in production in the service sector, government data showed Friday.The data compiled by Statistics Korea showed production in the mining, manufacturing, gas and electricity industries dropping 1.7 percent on-month in November.It said semiconductors output fell 5.2 percent in November from a month earlier as chip exports declined 18.9 percent during th

House prices next year are anticipated to drop in most regions except for Gyeonggi Province, Daejeon and Sejong, according to a survey of real estate experts conducted by the Bank of Korea. In its regional economy report published earlier this week, the central bank said house prices would drop in most areas, including Seoul and Busan.Of 172 surveyed experts -- including 86 officials in the construction and real estate sectors, 40 in banks and financial institutions, and 46 researchers and profe

South Korea's public sector debt rose slightly in 2017 from a year earlier, but the ratio of debt to the country's gross domestic product fell, the government said Thursday.The country's public sector debt -- which includes the debt of the central government and nonfinancial public firms -- reached 1,044.6 trillion won ($931 billion) as of end-2017, up 8 trillion won from 2016, according to the data compiled by the Ministry of Economy and Finance. The public sector debt amounted to 60.4 percent

South Korea's consumer sentiment rebounded slightly in December on hopes for a pay hike next year, a central bank poll showed Thursday.The composite consumer sentiment index for this month stood at 97.2, up 1.2 from a 21-month low of 96 a month earlier, according to the Bank of Korea. A reading below 100 means pessimists outnumber optimists. It marked the first turnaround in three months, as the index had slid since October.The BOK said many people expected their earnings to rise next year."

President Moon Jae-in again highlighted the importance of industrial innovation Wednesday, calling it the only way to ensure sustainable growth of the economy."Industrial innovation of the Republic of Korea is today's topic," the president said while meeting with the National Economic Advisory Council at his office Cheong Wa Dae. "I believe it is a very timely issue. It is also a very urgent issue as a way of revitalizing the country's economy," he added, according to Cheong

SEJONG - One month ago, President Moon Jae-in expressed his philosophy that indices for quality of life are more important than gross domestic product growth, during his meeting with Organization for Economic Cooperation and Development Secretary-General Angel Gurria at Cheong Wa Dae.His remarks have been interpreted among most people that more households should shift focus to leisure activities or shopping on the back of the government’s policy direction toward slashing statutory working

South Korea said Wednesday that it will raise the monthly benefits for paid parental leave from Jan. 1 onward as part of its efforts to boost the country's chronic low birthrate.The maximum amount of monthly payment for those who take paternity leave will be set at 2.5 million won ($2,200) from the current 2 million for three months.The move illustrates the country's ongoing effort to encourage couples to have more babies going forward as its total fertility rate -- the average number of childre

Real estate experts forecast a market downturn throughout the country next year, although some see a chance of an increase in prices in the capital area, a survey showed Wednesday.According to a report from KB Financial Group's research institute, 70.5 percent of 112 people specialized in the property market predicted a decline in home prices next year. The largest group of 31.3 percent expected a fall of between 1 and 3 percent, while 17 percent betted on a dip of 3 to 5 percent. An overwhelmin