South Korea's current account surplus contracted to a six-year low in April due to a decrease in the goods account and a sharp rise in dividend payouts, but a turnaround in Chinese visitors helped narrow the deficit in the service sector, central bank data showed Tuesday.The country's current account surplus came to $1.77 billion in April, down from a surplus of $3.67 billion a year ago, according to the preliminary data from the Bank of Korea.From a month earlier, the April figure also lost gro

KDI report reflects ministry’s concerns on Cheong Wa Dae’s drastic minimum wage hike initiative

SEJONG -- South Korea and Russia will hold a joint committee meeting to discuss ways to further expand cooperation in such areas as the economy and sciences, Seoul's finance ministry said Monday.During the 17th South Korea-Russia Joint Committee on Economic, Scientific and Technological Cooperation meeting slated for Thursday in Seoul, the two countries will discuss a variety of issues, such as developing infrastructure in the Russian Far Eastern region, as well as a potential trilateral project

SEJONG -- South Korea and the Philippines agreed on Monday to further expand their economic cooperation and work together for an early conclusion of a regional economic trade deal, Seoul's finance ministry said.In a meeting with the Philippines' Finance Secretary Carlos Dominguez, South Korea's chief economic policymaker Kim Dong-yeon gave high marks to the Asian country's massive infrastructure development project and said Seoul will actively support such projects through extended financial hel

Income growth rates for 90 percent of South Koreans improved this year, a presidential aide said Sunday, in a move to rebut criticism over recent comments by President Moon Jae-in.Last week, Moon said 90 percent of the effects of the minimum wage hike have been positive, sparking some criticism that the drastic hike in the minimum wage is to blame for a decline in income of low-income bracket. The government raised the minimum wage by 16.4 percent to 7,530 won ($7) on Jan. 1 this year, the

Key economic offices defend macroeconomic indicators, advocate ‘J-nomics’

Driven by a slowdown in the growth of apartment prices in Gangnam-gu, the weekly increase rate in apartment prices in 11 districts in southern Seoul declined from the previous week for the first time in eight months in the last week of May, data from the Korea Appraisal Board showed.The rise in apartment prices in metropolitan areas also weakened for the first time in 70 weeks.As of the survey conducted on May 28, apartment prices in Seoul rose 0.03 percent, smaller than 0.04 percent recorded th

South Korea's consumer price growth continued to hover above 1 percent in May on a rise in prices of agricultural goods and services, government data showed Friday.The country's consumer price index climbed 1.5 percent last month from a year earlier, slightly decelerating from the previous month's 1.6 percent on-year gain, according to the data compiled by Statistics Korea.From a month earlier, the index rose 0.1 percent.Core inflation, which excludes volatile oil and food prices, grew 1.3 perce

South Korea's exports spiked 13.5 percent in May from a year earlier, rebounding from a brief dip in the previous month, due to a rise in prices of key products and a global boom in the IT sector, government data showed Friday.Outbound shipments reached $50.98 billion last month, compared with $44.92 billion a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy.Imports surged 12.6 percent on-year to $44.25 billion.South Korea's trade surplus came to $6.73 billi

South Korea's economy grew at a slower-than-expected pace in the first quarter from three months earlier on sluggish construction and facilities investment, central bank data showed Friday.The country's gross domestic product expanded 1 percent in the January-March period, rebounding from a 0.2 percent on-quarter contraction three month earlier, according to preliminary data from the Bank of Korea.The latest reading marks a slight decrease from an earlier estimate of a 1.1 percent expansion rele

President continues to push ahead with welfare-driven state initiative

The Ministry of Land, Infrastructure and Transport said Thursday that as of Jan. 1 this year, the appraised individual land price has been officially released, showing an average 6.28 percent increase. It is the fifth consecutive yearly rise of the land value. By city and province, Jeju showed the highest surge at 17.51 percent, the ministry said. (khnews@heraldcorp.com)

Concerns are growing over the long-term prospects for Korea’s exports, which have supported its economic growth in recent years amid sluggish domestic demand and industrial activity.Mainly on the back of a rise in global trade, Asia’s fourth-largest economy had extended the streak of on-year monthly increases in exports to 18 months before its outbound shipments fell 1.5 percent from a year earlier in April.Trade officials attributed the decline partly to a base effect from an unusua

Ever since the first-ever convenience store 7-Eleven was opened by then-copy printer manufacturer Dong-Hwa Industrial in May, 1989, in Bangi-dong, southern Seoul, the convenience store industry has greatly expanded.With some 30 years of history, the industry continues to expand in light of a rise in one-person households and double-income families seeking quick, easy consumption of daily necessities 24-7.According to a report by the Korea Association of Convenience Store Industry, the combined r

According to the business analysis report for 2017 released by the Bank of Korea, the amount of revenue made by South Korea’s entire industries last year posted a 9.9 percent increase on-year.The on-year increase rate in revenue for large businesses turned from a minus 0.3 percent in 2016 to 9.5 percent, while the corresponding ratio for small and mid-sized companies expanded from 7.4 percent to 11.3 percent.Revenues made by manufacturing and non-manufacturing companies each surged by 9.8