South Korea - Real Change in Inventories

Quarterly national accounts for South Korea, including GDP(E) with GFCF and private consumption detail, and GDP(O) with KSIC industry detail. Also annual GDP(I).

Measurement units: Billions of Korean won at current and chained 2005 prices and associated deflators. Original and seasonally adjusted formats.

Framework: SNA 1993.

Geographic detail: There are no quarterly estimates of GDP by regions, only annual estimates.

Valuation: GDP is basically recorded at market prices. Output and expenditure are valued at basic prices and purchasers' prices, respectively. Exports and imports are valued at f.o.b. prices. Imputed services are valued on an opportunity cost basis. Non-market services are valued at cost of production.

Inflation adjustment: Annual chain-linking method (chained weighted method) in accordance with SNA 93. The chained Laspeyres and chained Paasche indexes are applied for volume and price measure, respectively. Annual overlap method is used for the compilation of quarterly real GDP. The reference year will be revised every five years. Time series since 1970 are rebased using the reference year of 2005, but those from 1953 to 1969 use 1975.

Quarterly seasonally adjusted statistics are produced through a Korean seasonal adjustment model, BOK-X-12-ARIMA, developed in 1999 from the U.S. census Bureau's X-12-ARIMA. SA estimates of total GDP are aggregates of the components.

Reconciliation: The figures for GDP estimated using the production approach and the expenditure approach differ due to the different resources and estimation methods adopted. To reconcile the two estimates, a statistical discrepancy term is included in the table of Expenditure on Gross Domestic Product.

Classifications: The industrial classification used for production data is the KSIC, a derivative of UN ISIC Rev. 4. Final consumption expenditures are classified by purpose at the two-digit level – household consumption by COICOP, NPISHs by COPNI, and general government by COFOG. International transactions are classified in accordance with the SKTC, a derivative of the SITC, Rev. 3.

Compilation: Primarily by the production approach, because production data are more accurate and more readily available than those for expenditures and incomes.

Data collection programs: For the annual source data, annual surveys undertaken by the KOSTAT are used. For more detailed data not provided by the KOSTAT, administrative data from the National Tax Service (NTS) are used. Data from related associations are used at the detailed sub-level. The Financial Statement Analysis undertaken by the BOK is used for compilation of mining, quarrying, manufacturing, constructions, and the hotel, restaurant, wholesale and retail trade figures.

Production approach

A breakdown by kind of economic activity into: agriculture forestry and fishing; mining and quarrying; manufacturing; electricity, gas and water supply; construction; wholesale and retail trade, restaurants and hotels; transport and storage; financial intermediation;  real estate and renting; information and communication; business activities; public administration and defense, compulsory social security; education; health and social work; recreational, cultural and sporting; other service activities; taxes less subsidies on products.

Expenditure approach

Final consumption expenditure; gross capital formation; exports and imports of goods and services; and statistical discrepancy.

GFCF details include:

• Type of Capital Goods: Construction, Facilities Investment, Intangible Fixed Assets, etc.
• Sector: Private, Public
• Kind of Economic Activity: Agriculture, Mining and Manufacturing, etc

Income approach

GNI at current and constant prices, data on savings at current prices are also disseminated.

The data are provisional when first released. The “advance” estimates are replaced with “preliminary” estimates which are subject to revision until “final” estimates are announced.

At the source:

• http://ecos.bok.or.kr/download/Guide%20to%20Economic%20Statistics%20Compiled%20by%20the%20BOK%20(as%20of%20Apr%202016).pdf