Last Year Regional Gross Domestic Product '2076 Trillion'... Capital Region Accounts for 53%

Statistics Korea Announces '2021 Regional Income'

[Asia Economy Sejong=Reporter Lee Junhyung] Last year, the nationwide regional gross domestic product (GDP) reached 2,076 trillion won, marking a 6.8% increase compared to the previous year. The nationwide per capita regional GDP was 40.12 million won, up 7% from a year earlier.

According to Statistics Korea on the 22nd, last year's nationwide regional GDP was 2,076 trillion won, an increase of 132 trillion won (6.8%) from the previous year. Gyeonggi's regional GDP was 527 trillion won, the highest in the country. It was followed by Seoul (472 trillion won), Chungnam (125 trillion won), and Gyeongbuk (113 trillion won). The metropolitan area, including Seoul, Gyeonggi, and Incheon, accounted for 1,097 trillion won, representing 52.8% of the nationwide regional GDP.

The nationwide per capita regional GDP was recorded at 40.12 million won. Compared to 2020, this is an increase of 2.61 million won (7%). The region with the highest per capita regional GDP was Ulsan (69.13 million won). Along with Ulsan, Seoul (49.65 million won), Chungnam (57.24 million won), and Jeonnam (49.51 million won) exceeded the national average (40.12 million won). On the other hand, Daegu (25.49 million won), Gwangju (29.58 million won), and Busan (29.65 million won) were below the national average.

Last year, the nationwide regional GDP growth rate was 4.2%. This was the result of increased production centered on manufacturing, finance and insurance, and business services. In particular, Sejong (7.2%), Chungbuk (6.4%), and Incheon (6%) showed growth rates higher than the national average due to increased public administration and manufacturing production. Jeju (1.2%), Gyeongnam (1.9%), and Busan (2.3%) recorded growth rates lower than the national average due to decreased construction production.

Last year, the nationwide regional gross income was 2,099 trillion won, an increase of 138 trillion won (7%) from the previous year. By scale, Gyeonggi (558 trillion won), Seoul (515 trillion won), and Gyeongnam (109 trillion won) ranked highest. Also, last year's nationwide per capita personal income was recorded at 22.22 million won. Seoul (25.26 million won) had the highest per capita personal income, followed by Ulsan (25.17 million won) and Daejeon (22.73 million won).

Final consumption increased simultaneously in all regions. Accordingly, last year's nationwide final consumption was 1,331 trillion won, an increase of 83 trillion won (6.7%) from the previous year. In particular, Chungbuk (14.4%) and Sejong (10.7%) saw consumption growth rates higher than the national average due to increases in both government and private consumption. Jeonnam (1.5%) and Jeonbuk (2.5%) had consumption growth rates lower than the national average.

Additionally, looking at the production share of economic activities by region, 13 cities and provinces including Seoul (92.8%) and Daejeon (77.5%) had the highest share in the service industry. Four regions including Ulsan (60.9%), Chungnam (53.3%), Chungbuk (49.1%), and Gyeongbuk (44.3%) had the highest share in mining and manufacturing.

Trade Deficit Likely to Continue for 9 Consecutive Months... Trade Deficit Approaching 50 Billion USD This Year
(Busan=Yonhap News) Reporter Kang Deok-cheol = On the 21st, container unloading operations are underway at Sinsundae Pier, Busan Port. Exports for the first 20 days of this month have decreased by nearly 9% compared to the same period last year, increasing the likelihood of a decline for the third consecutive month. Imports have increased, and the trade deficit is expected to continue for the ninth consecutive month. The cumulative trade deficit this year has approached 50 billion USD. According to the Korea Customs Service on this day, export value (provisional customs clearance basis) from December 1 to 20 was 33.638 billion USD, down 8.8% from the same period last year. 2022.12.21
kangdcc@yna.co.kr
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