Jeonnam Province Household Income Ranks 8th Nationwide... First Single-Digit Entry in 12 Years of Statistics Compilation

Up 8.5% Year-on-Year... Analysis of Employment Growth

Household income in Jeollanam-do ranked 8th nationwide for the first time. This is the first time in 12 years since related statistics were first compiled in 2012.

According to Jeonnam Province on the 9th, the results of the '2024 Household Financial Welfare Survey' announced by Statistics Korea showed that Jeonnam's household income was 66.09 million won, an 8.5% (5.16 million won) increase from the previous year (60.93 million won).

Statistics Korea Announcement 2024 Household Income Data. Provided by Jeonnam Province.

This exceeds the national average growth rate (6.3%) by 2.2 percentage points, which is analyzed to be due to an increase in earned income from more employed persons.

Additionally, Jeonnam's household assets increased by 26.95 million won (8.0%) from the previous year (338.91 million won) to 365.86 million won. The 6.4% increase in real estate (compared to the national 1.1%) contributed significantly.

The top rank was Sejong, followed by Gyeonggi in 2nd place, Ulsan in 3rd, and Gwangju ranked 9th, just behind Jeonnam.

Household debt rose by 3.25 million won (6.3%) from the previous year (51.46 million won) to 54.71 million won. Although some secured loans, such as loans for new apartment move-ins, increased, the scale of household debt remains relatively low nationwide. The national average household debt is 91.28 million won.

The 'Household Financial Welfare Survey' is a statistical survey conducted on 20,000 sample households nationwide to analyze household assets, debts, income, and assess the financial soundness of households.

Jang Heon-beom, Director of Planning and Coordination at Jeonnam Province, said, "Despite the difficult global economic situation, the increase in income and assets of Jeonnam residents is the result of efforts to create quality jobs," adding, "We will continue to discover and implement various economic policies and happiness initiatives for residents to reduce household debt and increase assets and income."

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