South Korea will raise second-quarter electricity rates and gas prices on high global energy costs and mounting losses of the state utility companies, the industry ministry said Monday. The government will jack up the electricity rates for consumer and industrial use by 8 won ($0.01) per kilowatt hour for the April-June period, compared with a 13.1 won increase per kWh in the first quarter of this year, according to the Ministry of Trade, Industry and Energy. The fee hike is estimated to cost a

The number of jobs for people in their 40s in South Korea decreased for the 10th consecutive month in April, data showed Sunday, amid the protracted slump in the country's manufacturing industry. Jobs for the age group have been falling on-year since July, with the positions decreasing 22,000 from a year earlier in April, according to the data compiled by Statistics Korea. South Korea added 816,000 jobs annually in 2022, with the addition maintaining growth through April on the back of the

South Korean Finance Minister Choo Kyung-ho emphasized the importance of multilateral development banks' role in tackling poverty in developing nations at a Group of Seven ministerial meeting, the ministry said Saturday. Choo made the remark during a session at the G-7 Finance Ministers and Central Bank Governors' Meeting in Niigata, northwest of Tokyo, which closed Saturday after a three-day run, according to the Ministry of Economy and Finance. Asia's No. 4 economy participate

South Korea's finance ministry said Friday the country's domestic consumption has been showing a steady recovery, but the economy has continued to slow due to sluggish exports and facility investment. "Recently, inflation has been slowing in South Korea, with the domestic consumption also posting a rebound," the Ministry of Economy and Finance said in a report. In April, the country's inflation grew 3.7 percent on-year, marking its slowest pace in over a year. The minist

South Korea's finance ministry said Friday the government will issue a set of coupons for local accommodations and tour packages in line with efforts to boost domestic consumption. The move came a day after President Yoon Suk Yeol declared an end to almost all COVID-19 restrictions in the latest step to return to pre-pandemic normalcy. Under the measure, the government plans to offer 30,000-won ($22.50) coupons that can be used at local accommodations, along with a 30 to 50 percent discount

The Korea Development Institute, a South Korean state-run think tank, lowered the nation’s growth rate for 2023 to 1.5 percent from 1.8 percent in its previous outlook due to weak exports. The KDI projected Korea's economy will grow by 0.9 percent in the first half of 2023. It is expected to see 2.1 percent growth in the latter half of the year provided that the Chinese economy picks up and the semiconductor industry recovers from its slump. In the previous projection given in Febru

South Korea's exports fell 10.1 percent on-year in the first 10 days of May, data showed Thursday, amid the prolonged downcycle of the global semiconductor industry. The country's outbound shipments stood at $14.5 billion in the May 1-10 period, compared with $16.1 billion a year earlier, according to the data from the Korea Customs Service. Imports shed 5.7 percent on-year to $18.7 billion during the cited period, resulting in a trade deficit of $4.2 billion. In April, South Korea

South Korea’s current account balance in the first three months of 2023 posted a deficit for the first time in 11 years due to sluggish exports, Bank of Korea data showed Wednesday. Though the country posted a current account surplus in March, the first quarter recorded a deficit of $4.46 billion due to a record-high deficit of $4.21 billion in January, followed by $520 million in February. It was the first time the quarterly figure went into the red since the first quarter of 2012. The sl

SEJONG -- South Korea's job additions slowed in April after a brief rebound a month earlier, data showed Wednesday, amid higher borrowing costs and an economic slowdown, with most new positions taken by seniors. The number of employed people came to 29.23 million in April, up around 354,000 from a year earlier, according to the data compiled by Statistics Korea. In April 2022, the country added 865,000 jobs on-year. South Korea's monthly job additions had been slowing for nine consecut

South Korea logged a current account surplus in March as a goods account deficit and dividend payments overseas narrowed amid an extended slump in exports, central bank data showed Wednesday. The country's current account surplus reached $270 million in March, swinging from a shortfall of $520 million, according to the preliminary data from the Bank of Korea. In January, the country also suffered a record deficit of $4.21 billion amid an extended decline in outbound shipments. Consequently, the

South Korea's finance minister said Monday the government will make efforts to utilize the outcome of President Yoon Suk Yeol's recent visit to the United States and build a stronger alliance in the chip sector. South Korea and the US agreed to cooperate in the fields of next-generation semiconductors, as well as global supply chains, during Yoon's state visit to Washington. "The recent state visit has built the ground for establishing a firm cutting-edge technology and cultu

The number of rail passengers in South Korea shot up 44 percent on-year in the first quarter, data showed Sunday, as the country returned to pre-pandemic normalcy. Around 39.2 million people traveled on railways in the January-March period, rising sharply from 27.2 million tallied a year earlier, according to the data compiled by the Ministry of Land, Infrastructure and Transport. The figure excludes passengers of subways or their equivalent. The figure represents a 0.7 percent rise from the fir

May is traditionally a month for a slew of family-oriented celebrations that involve gift-giving and outdoor dining. Regarding the holidays that are concentrated in early May, more than 80 percent of Koreans in their 20s said they feel pressured about having to spend money on holidays in "family month," according to a recent survey. The survey, conducted by job seeking site AlbaChunkuk on 615 Koreans in their 20s, showed that 85 percent of the respondents had replied they felt "st

South Korea's finance minister said Thursday taming inflation remains the top priority for the country's economic policy, noting a hasty transition may reignite inflationary pressure. Finance Minister Choo Kyung-ho made the remark during a press conference on the sidelines of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank in Incheon, 27 kilometers west of Seoul. "Unstable factors from home and abroad still linger here and there," Choo said.

The rate gap between South Korea and the United States has reached an all-time high, raising concerns over the local financial market due to higher volatility and uncertainty, Finance Minister Choo Kyung-ho said on Thursday. The US Federal Reserve lifted its base rate by 25 basis points on Thursday, widening the rate gap between Korea and the US up to an unprecedented figure of 1.75 percentage points. "In a situation where the interest rate gap is widened, there is a possibility of increasi