Gwangju and Jeonnam Manufacturing Output Up, but Consumption, Exports, and Construction Investment Down

Double-digit Growth Driven by Electrical Equipment and Automobiles
Sales at Department Stores and Others Decline... Gwangju Down 8%, Jeonnam Down 4%

Manufacturing output in the Gwangju and Jeonnam regions increased compared to last year, but consumption, exports, and construction investment all declined.

According to the March real economy trends released on May 22 by the Gwangju-Jeonnam branch of the Bank of Korea, manufacturing production in Gwangju rose by 10.9% compared to the same month last year, while demand indicators such as consumption, construction investment, and exports all decreased.

Gwangju's manufacturing sector grew by 10.9% year-on-year, driven by increases in electrical equipment (38.2%) and automobiles and trailers (8.0%). However, consumption fell by 8.0% year-on-year as sales at major retail outlets, including department stores (-7.9%) and large discount stores (-8.3%), declined. Construction investment also dropped by 73.0% year-on-year, mainly due to a sharp decrease in building permits for residential (-93.6%) and industrial (-92.8%) purposes.

Exports decreased by 7.9% as shipments of electrical equipment and electronic components fell by 24.1%. In contrast, imports increased by 16.0%, led by electrical equipment and electronic components (18.4%) and agricultural, fishery, and mining products (14.8%).

Apartment sales prices fell by 0.2% compared to the previous month, while jeonse prices remained unchanged. Employment decreased by 19,000 compared to the same month last year, and the unemployment rate rose by 0.2 percentage points to 3.1%. As of April 2025, consumer prices rose by an average of 1.9%, mainly due to increases in food and accommodation (3.7%).

In Jeonnam, both production and demand declined, with manufacturing output falling by 3.5% year-on-year. Sales at major retail outlets dropped by 4.8% year-on-year, and construction investment remained sluggish as the area of building permits decreased by 43.0% compared to the same month last year.

Exports in Jeonnam declined by 14.4% year-on-year, mainly due to reductions in petroleum products (-49.3%) and chemical products (-25.7%), while imports fell by 28.1%, primarily because of a 31.4% decrease in agricultural, fishery, and mining products such as crude oil. Apartment sales prices fell by 0.1% compared to the previous month, while jeonse prices were unchanged.

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