Daejeon 2020 Regional Gross Domestic Product Up 3% Year-on-Year... Economic Growth Rate 1.3%

[Asia Economy (Daejeon) Reporter Jeong Il-woong] In 2020, the Gross Regional Domestic Product (GRDP) of Daejeon increased by 3% compared to the previous year. The economic growth rate for that year was 1.3%, ranking third highest nationwide.

The Daejeon Metropolitan City announced the estimated GRDP at the autonomous district level for 2020 on the 23rd.

Gross Regional Domestic Product is a statistic that sums up the monetary value of goods and services produced over one year by all economic agents in the region, including households, businesses, and government.

The total production in the Daejeon area in 2020 was 44.3931 trillion KRW, an increase of 1.3009 trillion KRW compared to the previous year.

Among the five autonomous districts, Yuseong-gu showed the highest growth rate, increasing by 1.3235 trillion KRW (9.4%) to 15.3434 trillion KRW compared to the previous year. In addition, Seo-gu, Dong-gu, and Daedeok-gu also saw an increase in total production scale, except for Jung-gu.

The economic growth rate was the third highest among the 17 metropolitan cities and provinces nationwide. Despite the challenging economic situation due to the COVID-19 pandemic, the city analyzes that the growth in the production scale of business services, which has a high industrial share in the region, recording an 8.4% growth rate, contributed to raising the economic growth rate.

By the five autonomous districts, Yuseong-gu was the only district to achieve positive economic growth at 7.4%, while the other four districts showed negative economic growth. The negative economic growth rates were largest in Jung-gu at -5.3%, followed by Dong-gu at -1.4%, Seo-gu at -1.1%, and Daedeok-gu at -0.2%.

The per capita total production in the Daejeon area in 2020 was 29.757 million KRW, a 4.2% increase compared to 2019, showing the highest growth rate among the 17 metropolitan cities and provinces. Following Daejeon, Seoul recorded a 2.4% increase (2nd place), and Gwangju and Chungnam both recorded a 2.3% increase (3rd place).

Kwon Kyung-min, the city’s Policy Planning Officer, said, “Gross Regional Domestic Product is the only indicator that can grasp the economic scale by region,” and added, “The city plans to improve the estimation method to set the direction of regional economic policies more accurately.”

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