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South Korea Targets 2.5 Million Public Rental Homes by 2030

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South Korea plans to increase its long-term public rental housing stock to more than 2.5 million units by 2030 from 1.931 million units in 2024, the Ministry of Land, Infrastructure and Transport said Monday.

The target is part of a broader plan to supply about 1.19 million public rental and for-sale homes through 2030, including roughly 920,000 units in the Seoul metropolitan area.

The nation's housing supply rate rose to 102.9% in 2024 from 100.5% in 2010, while average living space per person increased to 36 square meters from 25.8 square meters over the same period, the ministry said.

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International

New Zealand Credit Card Spending, Balances Rise Slightly in August

Credit card spending in New Zealand rose by 0.2% month-over-month to NZ$4.46 billion in August, while credit card balances increased 0.3% to NZ$5.94 billion, data from the Reserve Bank of New Zealand showed Monday.Compared with the year-earlier period, credit card spending climbed 3.5% in August, while credit card balances declined 1.2%.Domestic billings on New Zealand-issued cards rose by 0.4% to NZ$3.93 billion in August, following a 0.9% increase in the previous month. Billings on overseas-issued cards rose month-over-month to NZ$528 million from NZ$522 million, while overseas billings on New Zealand-issued cards fell to NZ$768 million from NZ$822 million.

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International

Rightmove: UK Residential Asking Prices Rise 0.7% MoM in September

Average newly listed asking prices in the UK increased 0.7% month over month in September, after a 2% decline in August, according to data from property portal Rightmove published Monday.The latest reading represented the first monthly price growth since May.On a yearly basis, average asking house prices in the UK were down 0.8%, after a 1% fall in the previous month.

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International

Real GDP Growth Forecast Accuracy Varies; Differences Rarely 'Statistically Significant,' Research Says

One forecaster generally outperformed another when evaluating the accuracy of real gross domestic product (GDP) growth expectations among forecasting organizations for individual economies, but the differences are often not "statistically significant," according to a research discussion paper released by the Reserve Bank of Australia on Monday.The researchers studied the properties of real GDP forecasts by four international organizations, comprising the International Monetary Fund, the World Bank, the European Commission and the Organization for Economic Cooperation and Development.The findings suggest that the differences may result from chance rather than indicate better forecasting ability.Conversely, the researchers found statistically significant deviations from forecast rationality for each forecaster, with common reasons including optimistic bias, excessive revisions, and extreme forecasts.

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