"COVID-19 Makes It Even Harder"... 'Jeju·Daegu', Industrial Production, Service Output, and Retail Sales Plummet in Q1 This Year

Statistics Korea, Regional Economic Trends in Q1

[Sejong=Asia Economy Reporter Joo Sang-don] In the first quarter of this year, among the 16 metropolitan cities and provinces nationwide (excluding Sejong), 10 regions including Jeju and Daegu-eul saw simultaneous declines in manufacturing production, service production, and retail sales.

On the 20th, Statistics Korea announced the regional economic trends for the first quarter of 2020 containing these details.

According to the report, nationwide manufacturing production increased by 4.9% compared to the same period last year, driven by growth in electronic components and machinery equipment. Seoul (-13.2%), Jeju (-12.3%), and Ulsan (-6.5%) experienced declines due to reduced production in clothing and fur, beverages, and automobiles, whereas Gyeonggi (22.9%) and Jeonnam (1.6%) saw increases centered on semiconductors and machinery equipment.

Regarding service production, the nation saw a 1.1% decrease year-on-year, as production in accommodation and food services, transportation and warehousing, and wholesale and retail trade declined. In particular, Jeju (-10.3%), Daegu (-4.4%), and Gyeongbuk (-4.3%) could not escape the downward trend due to reduced production in information and communications and accommodation and food services. Seoul (2.3%) increased due to growth in finance and insurance, and real estate production.

Retail sales nationwide also fell by 2.9% year-on-year, affected by sluggish performance in specialty stores, duty-free shops, and department stores. Regionally, Jeju (-14.8%), Daegu (-9.9%), and Incheon (-9.1%) saw declines due to reduced sales in duty-free shops and specialty stores, while Jeonnam (3.9%) increased thanks to growth in supermarkets, miscellaneous goods stores, convenience stores, and passenger car and fuel retail outlets.

National construction orders decreased by 1.5% year-on-year, as orders for railways and tracks, housing, ports, and airports declined. Ulsan (157.7%) and Chungbuk (109.7%) saw significant increases due to growth in housing, power generation and transmission, and government office orders, whereas Incheon (-53.3%), Jeonnam (-30.2%), and Jeju (-25.3%) experienced decreases due to reduced orders in housing, machinery installation, and offices and stores.

Exports nationwide fell by 1.4% year-on-year due to sluggishness in other organic and inorganic compounds, passenger cars, and liquid crystal devices. Daejeon (25.3%), Chungbuk (11.0%), and Jeju (10.9%) increased exports driven by transportation equipment, computer peripherals, and other integrated circuits, while Jeonnam (-11.5%), Jeonbuk (-9.9%), and Daegu (-8.3%) declined due to reductions in other organic and inorganic compounds, vehicle parts, and other general machinery.

The national employment rate was 59.9%, rising by 0.3 percentage points year-on-year as employment rates for those aged 60 and over and those in their 30s increased. Employment rates fell in Chungnam (-2.0 percentage points), Daegu (-1.5 percentage points), and Incheon (-0.8 percentage points), but rose in Daejeon (1.8 percentage points), Seoul (1.1 percentage points), and Ulsan (0.9 percentage points).

Consumer prices nationwide rose by 1.2% year-on-year due to increases in petroleum products, livestock products, and personal services. Gangwon (1.6%), Jeju (1.4%), and Jeonnam (1.3%) saw higher-than-average increases due to rises in petroleum products, livestock products, and public services.

In the first quarter, net population migration by region showed net inflows in Gyeonggi (44,994 people), Seoul (3,847 people), and Sejong (3,544 people), while 14 regions including Gyeongbuk (-9,859 people), Jeonnam (-7,421 people), and Gyeongnam (-5,750 people) experienced net outflows.

This content was produced with the assistance of AI translation services.