Inflation-Economic Growth, Fifth Among OECD Countries

Korea’s inflation and economic growth for last year was summed up to be the fifth highest among OECD members.

As the ranking for inflation has climbed up six steps from 11th place, and economic growth has fallen three spots from second compared to the year before last, the overall economic situation has deteriorated.

However, worthy of Korea’s strong IT reputation, the number of internet users has surpassed that of Sweden’s and advanced to second place from third in 2002, and shipbuilding has maintained its first-place spot for two consecutive years.

According to the “Statistics of Korea in Worldwide Society” that the Korea National Statistical Office announced on August 26, last year’s consumer prices have climbed 3.6 percent, which is fifth among the 30 OECD countries, coming in after Turkey (24.3 percent), Slovakia (8.6 percent), Hungary (4.6 percent), and Mexico (4.5 percent).

However, the relative prices, setting U.S.’ prices at 100, were 70, seventh from last among OECD countries.

Last year’s economic growth was 3.1 percent and ranked fifth, falling three spots from second (7.0 percent) in 2002.

The shipbuilding industry, a reliable shoulder for exports, has constructed 7.265 million CGT (compensated gross tonnage), 32.4 percent of worldwide shipbuilding, and maintained first place for the second year since 2002.

The number of automobiles produced was 3.178 million, 5.2 percent of worldwide production, and holding the sixth rank for the second straight year.

Internet users per hundred were 60, following Iceland (67) in second place. The rank for the number of internet users was third in 2002, trailing Sweden, but advanced to second last year.

Average unemployment rate was 3.4 percent, third from the bottom, following Great Britain (3.1 percent) and Mexico (3.3 percent).

Energy consumption per capita was 4,424 kg, 2.9 times higher than the world average and ranking 17th place worldwide.

The rank for degree of dependence on foreign trade fell one step from seventh to eighth.

Korea’s GDP was $605.2 billion, maintaining the 11th rank in the world, and GDP per capita was 30th at $12,628.

Chi-Young Shin higgledy@donga.com