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Economic Statistics in Republic of Korea1 2 National Statistical Website: http://kostat.go.kr/ World Bank Economic Grouping: High-income Population (millions, 2014): 49.5 2 GDP Per Capita (2005 PPP, 2012): 28,563 Advocacy Coordination ▪ Agencies involved in economic statistics: ○ Statistics Korea ○ The Bank of Korea ○ Korea Customs Service ▪Statistical law protects confidentiality and independence of statistical information ▪ Decentralized statistical system ○ Responsibilities are clearly defined for agencies involved in the production of the Core Set ○ Plans are currently being implemented to improve coordination of production of economic statistics ▪ Publication policies in place and available to users/staff ▪Contact points publicized for each statistical subject area ▪ User consultations are organized by producers of economic statistics ▪ Awareness of relevance, among users, of official statistics to economic policy making is considered sufficient and there are activities in place to improve upon it International Collaboration ▪ Interested in participating in RPES as a provider but not as a recipient of technical assistance ▪ Involved in technical cooperation projects and programmes to build capacity for economic statistics ▪ Participant in International Comparison Programme for calculating purchasing power parities Statistical Infrastructure Key Collections/Compilations National Accounts Balance of Payments Labour Force Survey Household Income/Expenditure Survey Enterprise/Establishment Survey Population Census Economic Census Agricultural Census Frequency Timeliness Standards/Classifications Quarterly 1 month - SNA 1993 (2008 planned) Monthly 1 month - KSIC Rev. 9 for industrial Monthly 1 month and product classifications Quarterly 2 months - COICOP Annually 9 months - COFOG Every 5 years 6 months - Plans to make BoP Every 5 years 12 months coherent with BPM6 Every 5 years 8 months Quality assessment framework is available and used to monitor the quality of economic statistics outputs × Centralized national metadata repository is not available; No centralized business register is currently used Established methods for identifying ‘births’ and ‘deaths’ of businesses IT systems are considered adequate for producing the Core Set of Economic Statistics 1 This national summary was prepared by ESCAP Statistics Division in November, 2013. Results of the Capacity Screening questionnaire were received in November, 2013 from 50 of the 58 member countries who were contacted. Further information on RPES and the Core Set is available here: http://www.unescap.org/official-documents/committee-on-statistics/session/2 2 ESCAP Statistical Yearbook for Asia and the Pacific 2014: http://www.unescap.org/resources/statistical-yearbook-asia-and-pacific-2014 NSDS information for developed countries is not included in the national summary. Technical Skills Human resources are considered adequate for producing the Core Set Documentation of internal processes and staff manuals are available Reported frequencies for indicators in the Core Set compared to RPES recommendations Table Legend Meet or Exceed Recommendations ● Below Recommendations Core Indicator Price and Costs Demand and Output Income and Wealth × Unavailable or No Response Reported Freq. RPES recommendations Consumer price index (CPI) Monthly Quarterly Producer price index (PPI) Monthly Quarterly Commodity price index No Response Monthly × External merchandise trade price indices Monthly Monthly Wages / Earnings data Monthly Quarterly Labour costs index / Wage index Annually Quarterly ● GDP (production) nominal and real Quarterly Quarterly GDP (expenditure) nominal and real Quarterly Quarterly External trade – merchandise Monthly Monthly External trade – services Monthly Quarterly Short-term indicator (STI) - industry output Monthly Quarterly STI – services output Monthly Quarterly STI – consumer demand Monthly Quarterly STI – fixed investment Monthly Quarterly STI – inventories Monthly Quarterly Economy structure statistics Annually Every 5 years Productivity Unavailable Annually × Integrated national accounts Annually Annually Institutional sector accounts Annually Annually Balance of payments (BOP) Monthly Quarterly International investment position (IIP) Quarterly Annually External debt Quarterly Quarterly Income distribution No Response Every 5 years × Assets / liabilities of depository corporations Monthly Monthly Broad money and credit aggregates Monthly Monthly Interest rate statistics Monthly Monthly General government operations Annually Quarterly ● General government debt No Response Quarterly × Money and Banking Government Labour supply and demand Monthly Annually Labour Market Hours worked Monthly Quarterly Natural Resources and Environment Natural resources Unavailable Annually × Summary of Responses to all 31 Indicators in the Core Set (comparison of two columns in the table above) Meet or Exceed Recommendations 24 Below Recommendations Unavailable or No Response 2 5
