Due to the impact of COVID-19, last year's GRDP decreased by 0.8%... First negative growth since the 1998 financial crisis

Statistics Korea Regional Income Announcement
Last Year Seoul Per Capita Income 24.06 Million KRW... 4 Consecutive Years Nationwide No.1
Gyeongbuk, Gyeongnam, Chungbuk Below National Average

[Sejong=Asia Economy Reporter Kim Hyun-jung] Last year, the Gross Regional Domestic Product (GRDP) nationwide recorded negative growth for the first time since the 1998 financial crisis. This was due to a decline in production in accommodation, food services, and cultural and service industries caused by the impact of COVID-19.

According to the '2020 Regional Income (Provisional)' data released by Statistics Korea on the 27th, the real GRDP growth rate last year was -0.8%. This marks the first negative growth in 22 years since the 1998 financial crisis. Kim Dae-yu, head of the Income Statistics Division at Statistics Korea, explained, "Transportation, accommodation and food services, and cultural service industries declined, resulting in an overall 0.8% decrease, which is the first decline since 1998."

Looking at the regions, Sejong (5.1%), Chungbuk (1.3%), and Gyeonggi (1.1%) saw increases due to growth in manufacturing and public administration, while Ulsan (-7.2%), Jeju (-6.6%), and Gyeongnam (-4.1%) experienced decreases due to declines in manufacturing and construction. Seoul recorded -0.1%.

Among real expenditures on GRDP, final consumption decreased by 2.3% compared to the previous year due to a decline in private consumption. Sejong (4.7%) increased due to higher government consumption, while Seoul (-3.6%), Gwangju (-3.4%), and Busan (-3.1%) were affected by decreases in private consumption.

In nominal terms, the nationwide GRDP was 1,936 trillion won, an increase of 9 trillion won (0.4%) from the previous year. The largest were Gyeonggi (487 trillion won), Seoul (440 trillion won), and Chungnam (114 trillion won), while the smallest were Sejong (13 trillion won), Jeju (20 trillion won), and Gwangju (42 trillion won). The Seoul metropolitan area, including Seoul, Gyeonggi, and Incheon, accounted for 1,017 trillion won, or 52.5% of the national total.

Last year, per capita GRDP exceeded the national average (37.39 million won) in Ulsan (60.20 million won) and Chungnam (51.72 million won), while Daegu (23.96 million won) and Busan (27.43 million won) were below the average. Per capita private consumption was higher than the national average (17.30 million won) in Seoul (21.26 million won) and Ulsan (17.71 million won), but lower in Chungbuk (15.15 million won) and Chungnam (15.22 million won).

Nationwide personal income (total household disposable income) was 1,098 trillion won, an increase of 30 trillion won (2.8%) from the previous year. Personal income was largest in Gyeonggi (283 trillion won), Seoul (231 trillion won), and Busan (68 trillion won), and smallest in Sejong (7 trillion won), Jeju (13 trillion won), and Ulsan (27 trillion won). Personal income growth in Sejong (8.0%), Jeju (7.6%), and Gangwon (5.3%) exceeded the national average, while Seoul (-0.3%) declined.

Per capita personal income (total household disposable income divided by population) was highest in Seoul (24.06 million won). Seoul has ranked first nationwide in per capita personal income for four consecutive years since 2017. Following Seoul, Ulsan (23.56 million won) and Daejeon (21.35 million won) exceeded the national average (21.20 million won), while Gyeongbuk (19.62 million won), Gyeongnam (19.56 million won), and Chungbuk (19.82 million won) were below average. Ulsan (23.56 million won) has remained in second place for four years after losing the top spot to Seoul due to the downturn in the shipbuilding industry.

Nationwide regional gross income was 1,951 trillion won, an increase of 7 trillion won (0.4%) from the previous year. The largest regions were Gyeonggi (521 trillion won), Seoul (466 trillion won), and Gyeongnam (106 trillion won), while Sejong (13 trillion won), Jeju (20 trillion won), and Gangwon (44 trillion won) were among the smallest.

Compared to the previous year, nominal growth rates were higher than the national average in Jeonnam (8.6%), Jeonbuk (4.0%), and Sejong (3.8%), while Ulsan (-4.0%) and Gangwon (-1.8%) saw decreases. Income inflows were recorded in Gyeonggi (35 trillion won), Seoul (26 trillion won), and Daegu (9 trillion won), while income outflows were recorded in Chungnam (-23 trillion won), Chungbuk (-13 trillion won), and Gyeongbuk (-11 trillion won).

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