Tag - economic

Korea's 2014 economic output grows on domestic production: report

South Korea’s economic output expanded from a year earlier in 2014, though output by the manufacturing sector continued to dwindle with the portion of trade in total supply also shrinking, a central bank report showed Wednesday. The country’s total supply, which equals total consumption, came to 4,237.8 trillion won ($3,598.1 billion) in 2014, up 0.7 percent from the previous year, according to the report from the Bank of Korea. The 2014 reading marked a turnaround from a 0.2 percent on-year drop [...]

Read more...

Tax revenue jumps 23% by April on increased consumption

South Korea’s tax revenue surged greatly from a year earlier in the first four months partly on an increase in corporate and income taxes that may reflect a rise in consumption, the government said Friday. In the January-April period, the government collected 96.9 trillion won ($83.2 billion) in taxes, up 23 percent, or 18.1 trillion won, from the same period last year, according to the Ministry of Strategy and Finance. The four-month tally represents 43.5 percent of the government’s annual target [...]

Read more...

Korea sees rise in self-employed 30-somethings

The number of self-employed South Koreans in their 30s has been on a steady rise since late last year as a prolonged economic slump forces more young people to set up one-man operations instead of finding jobs, a report showed Monday. According to the report by the Korea Labor Institute, thirtysomethings with one-man operations increased by 17,000 in March from a year earlier, compared with a rise of 14,000 in February. The number has been on the rise since October last [...]

Read more...

Korea to maintain expansionary fiscal policy through 2020

South Korea plans to maintain its expansionary fiscal policy mode for the next five years to prop up the economy with efforts to cut unnecessary outlays, the finance minister said Friday. In the 2016 national fiscal strategy meeting chaired by President Park Geun-hye, the Ministry of Strategy and Finance said it will raise the government’s spending growth rate next year, given that the country is facing daunting challenges at home and abroad. The ministry maintained the budget spending growth at 2.7 [...]

Read more...

Korea, China hold high-level economic talks

Korea and China held their high-level economic talks Wednesday as they seek to capitalize on their free trade agreement (FTA) that took effect last year, a key framework to boost bilateral economic cooperation. Second Vice Foreign Minister Cho Tae-yul and Chinese Vice Commerce Minister Gao Yan led the joint economic committee session to discuss the implementation of the bilateral open trade pact and recent trends in the global economy and the economies of the two countries. In their opening remarks, the [...]

Read more...