Narrowing Surplus

South Korea's current account is narrowing, after widening for several years to reach a surplus equivalent to 4.1% of GDP (US$27.6bn) in 2004. In the first nine months of 2005, the current account surplus fell 44.6% 38.6%(WHICH!) from the same period last year to US$11.2bn. We expect this surplus to show a narrowing trend long term amid a worsening of the trade balance account and widening services account deficit, reaching 3.0% of GDP (US$23.8bn) in 2005, shrinking to 1.7% of GDP by

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