Changed Regional Income Base Year... 2022 GRDP 2,328 Trillion Won

Announcement of Regional Income Base Year Revision Results
GRDP Increased by Over 6% from 2020 to 2022
Starting Next Year, GRDP Publication Changes from 'Annual to Quarterly'

As a result of changing the base year for Gross Regional Domestic Product (GRDP) from 2015 to 2020, the 2022 GRDP reached 2,327.596 trillion KRW, an increase of 7.5% compared to before the revision. The per capita GRDP was 45.05 million KRW, up 4.8% from the previous year. In particular, Ulsan, Chungnam, and Seoul, where businesses are densely concentrated, recorded per capita GRDP above the national average.

Statistics Korea announced these results on the 5th in the report titled "Regional Income 2020 Base Year Revision Results." Regional income is a comprehensive economic indicator at the city and province level, estimated based on basic statistics such as production, consumption, and prices.

On the 21st, a week before the Chuseok holiday, citizens visiting Mangwon Market in Mapo-gu, Seoul, are purchasing ritual items. Photo by Jo Yongjun jun21@

Since the first release of regional income in 1993, Statistics Korea has revised the base year six times at five-year intervals. This revision is the seventh, changing the base year from 2015 to 2020.

The GRDP size for 2020, reflecting the revised base year, is 2,062.49 trillion KRW. This is an increase of 6.1% (117.846 trillion KRW) compared to before the revision. The figures for 2021 and 2022 also increased compared to before the revision, recording 2,224.18 trillion KRW (6.7%) and 2,327.596 trillion KRW (7.5%) , respectively.

In particular, the size of manufacturing, wholesale and retail trade, and real estate services increased significantly compared to before the revision. The mining and manufacturing industry increased by 11.0%, from 556.7 trillion KRW to 618.1 trillion KRW in 2022. The service industry increased by 7.5%, from 1,270.3 trillion KRW to 1,366.1 trillion KRW for the same period. This reflects the results of changes in the economic census method, which is the basis for regional income statistics, in 2020, incorporating businesses that were previously difficult to capture.

By region, the Seoul Capital Area saw a larger scale expansion compared to non-capital areas. As of 2022, the GRDP of the Seoul Capital Area increased by 8.1%, from 1,137.1 trillion KRW to 1,229.1 trillion KRW. The non-capital areas increased by 6.8%, from 1,028.7 trillion KRW to 1,098.5 trillion KRW for the same period. Eight metropolitan cities and nine provinces also saw increases compared to before the revision, recording 1,026.7 trillion KRW (7.7%) and 1,300.9 trillion KRW (7.3%), respectively.

Final consumption expenditure was 1,339.083 trillion KRW based on 2020, an increase of 7.3% (91.455 trillion KRW) compared to before the revision. It increased by 7.3% and 7.5% in 2021 and 2022, respectively, recording 1,429.327 trillion KRW and 1,551.642 trillion KRW. Gross fixed capital formation was 639.94 trillion KRW in 2020, up 5.0% (30.757 trillion KRW) compared to before the revision. It also increased by 6.5% and 6.4% in 2021 and 2022, respectively.

Regional gross income also increased compared to before the revision, showing growth rates of 6.0% in 2020, 6.7% in 2021, and 7.2% in 2022. After the revision, the regional gross income in 2022 was 2,355.651 trillion KRW.

The economic growth rate for 2020 remained the same as before the revision at -0.6%. In 2021 and 2022, it rose by 0.2 percentage points and 0.1 percentage points, recording 4.5% and 2.7%, respectively. By region, the Seoul Capital Area and non-capital areas showed growth rates similar to before the revision, while the eight metropolitan cities recorded a growth rate of -1.5% in 2020, down 0.6 percentage points.

Per Capita GRDP in 2022: 45.05 Million KRW

Looking in detail at the regional income confirmed by the base year revision for 2022, the nationwide GRDP increased by 4.6% (103 trillion KRW) compared to the previous year. The increase was particularly notable in Gyeonggi-do (587 trillion KRW), Seoul (528 trillion KRW), and Chungnam (141 trillion KRW).

The per capita GRDP was 45.05 million KRW, an increase of 4.8% (2.08 million KRW) from the previous year. Ulsan (76.23 million KRW), Chungnam (64.47 million KRW), and Seoul (56.09 million KRW) exceeded the national average, while Daegu (29.65 million KRW), Gwangju (33.50 million KRW), and Daejeon (34.41 million KRW) were below it.

The growth rates were highest in Incheon (6.8%), Jeju (4.6%), and Chungbuk (4.2%). Jeonnam (-0.7%) was the only region to show a decline, due to decreases in construction and professional, scientific, and technical services.

The nationwide regional gross income was 2,356 trillion KRW, increasing by 4.8% (108 trillion KRW), centered on Gyeonggi, Seoul, and Incheon. Per capita personal income rose by 1.25 million KRW (5.2%) from the previous year to 24.97 million KRW. Seoul, Ulsan, and Daejeon exceeded the national average (24.97 million KRW).

Meanwhile, Statistics Korea plans to shorten the GRDP compilation cycle from annual to quarterly. This is to support the establishment of regional economic revitalization policies and to provide timely regional economic status information to the private sector, including businesses. After internal trial compilations and review by the National Statistical Commission, the first quarterly GRDP is scheduled to be announced around June next year.

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