Why is Ryoo Kyung-gi, Mayor of Jungnang-gu, Smiling?... Jungnang-gu's Gross Regional Domestic Product (GRDP) Growth Rate Ranks 1st in Seoul's Northeast Area

Jungnang-gu's Gross Regional Domestic Product grew 4.9% year-on-year from 4.453 trillion KRW to 4.742 trillion KRW, ranking 3rd highest growth rate among Seoul districts in 2019... Per capita GRDP increased 7.6% from 11.31 million KRW to 12.17 million KRW... Large-scale housing developments in Sinnae and Yangwon districts and continuous promotion of the fashion sewing industry boosted construction and manufacturing sectors, significantly impacting GRDP growth rate

[Asia Economy Reporter Park Jong-il] Ryoo Kyung-gi, Mayor of Jungnang-gu, smiled.

Jungnang-gu (Mayor Ryoo Kyung-gi) recorded a 4.9% growth rate in its Gross Regional Domestic Product (GRDP) for 2019 compared to the previous year (2018), ranking 3rd among Seoul's autonomous districts and 1st in the northeastern districts.

This result is based on the 2019 Seoul GRDP report released by the Seoul Metropolitan Government. GRDP is a representative comprehensive economic indicator used to gauge the size of a region's economy, calculated as the sum of the added value of goods and services produced by economic agents such as government, businesses, and households over one year.

Jungnang-gu's total GRDP grew from 4.453 trillion KRW in the previous year to 4.742 trillion KRW, a 4.9% increase, marking the 3rd highest growth rate among Seoul's autonomous districts in 2019.

Per capita GRDP rose by 7.6%, from 11.31 million KRW to 12.17 million KRW.

The district analyzed that large-scale housing development projects in areas such as Sinnae and Yangwon, along with the continuous fostering of the fashion sewing industry, increased the shares of construction and manufacturing sectors, significantly impacting the GRDP growth rate.

In Jungnang-gu, real estate accounted for the largest share of total added value at 18.1%, followed by wholesale and retail trade at 13.6%, and health and social welfare services at 10.3%. Notably, the share of health and social welfare services increased by 12.3% compared to the previous year. The district views this as a result of efforts to address the increased importance of health services due to the prolonged COVID-19 pandemic and to resolve welfare blind spots.

Ryoo Kyung-gi, Mayor of Jungnang-gu, stated, “With the upcoming construction of the Myeonmok Administrative Complex Town and Jungnang Fashion Support Center this year, and the Jungnang Startup Support Center scheduled to begin construction in 2023, we will be able to further strengthen the region's economic foundation.” He added, “We will continue to make multifaceted efforts to improve the quality of life for residents through regional economic development.”

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