Both Gross Regional Domestic Product and Personal Income Increased in Jeonnam Region

[Muan=Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] The regional gross domestic product (GRDP) of Jeonnam increased by 1.5%, and per capita personal income rose by 5.4%, signaling a green light for income indicators.

According to Jeonnam Province on the 29th, an analysis of the '2020 Standard City and Province Regional Income' data released by Statistics Korea showed that Jeonnam's GRDP in 2020 was 78.1 trillion won, an increase of 1.2 trillion won (1.5%) compared to 2019. The 'per capita personal income' in 2020 was 20.1 million won, up 1.03 million won (5.4%) from 2019.

Gross Regional Domestic Product (GRDP) is the sum of newly created added value in a region over one year.

It refers to the GDP by city and province. While the nationwide 'regional gross domestic product' in 2020 was 1,936 trillion won, increasing by only 0.4% from the previous year, Jeonnam recorded a 1.5% increase, ranking 8th nationwide.

Jeonnam's 'per capita production' was also 44.27 million won (national average 37.39 million won), increasing by 2% from the previous year and ranking 4th nationwide.

Statistics Korea analyzed that the increase in Jeonnam's GRDP was due to production growth in non-manufacturing sectors such as construction (16.0%), agriculture, forestry and fisheries (9.0%), and public administration (5.7%).

In particular, the construction boom in areas like Yeosu Ungcheon District and the rise in onion prices in production areas appear to have driven the increase in Jeonnam's GRDP.

On the income side, the upward trend is clearly prominent. Jeonnam's total income in 2020 was 68.7 trillion won, an 8.6% increase from the previous year, moving up one rank from 9th to 8th nationwide.

The 'per capita income,' which includes government, corporate, and household sectors, was 38.92 million won in 2020, a 9.1% increase from the previous year, rising two ranks from 6th to 4th nationwide.

Reflecting only the household sector and closest to the actual personal income level, 'per capita personal income' has continued to grow annually since the 7th local government administration.

Jeonnam's per capita personal income in 2020 was 20.1 million won (national average 21.21 million won), a 5.4% increase from 2019. It rose three ranks from 13th in 2019 to 10th in 2020. Previously, it ranked 17th in 2017 and 15th in 2018.

Myung Chang-hwan, Director of Planning and Coordination at Jeonnam Province, said, "Despite the difficult economic conditions due to COVID-19, Jeonnam continues to grow through the 'Clean Jeonnam, Blue Economy' policy and citizen-first initiatives. We will focus on nurturing industries with high growth potential and create more jobs to raise the income levels of our residents."

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