Pyeongtaek Ranks in Top 3 for Economic Scale in Gyeonggi Province... Achieves 4.9% Economic Growth Rate

Pyeongtaek Ranks Second in Manufacturing and First in Construction
GRDP Surpasses 41 Trillion Won, Achieving Third Place in the Province

Pyeongtaek City in Gyeonggi Province (Mayor Jung Jangsun) announced on May 15 that its Gross Regional Domestic Product (GRDP) ranked third highest among the 31 cities and counties in the province.

Pyeongtaek City Enters Top 3 in Gyeonggi Province Economic Scale. Provided by Pyeongtaek City

GRDP, or Gross Regional Domestic Product, is an economic indicator representing the total value of final goods and services produced within a specific region during a given period. It is used to assess the economic structure and scale of each city.

According to the “2023 GRDP Estimates by City and County” released by Gyeonggi Province on May 14, Pyeongtaek’s nominal GRDP in 2023 amounted to 41.8499 trillion won. This figure represents an increase of 948.3 billion won compared to the previous year, raising Pyeongtaek’s GRDP ranking from fourth to third place within the province. The only municipalities with a higher GRDP than Pyeongtaek were Hwaseong City (90.9678 trillion won) and Seongnam City (59.5691 trillion won).

Pyeongtaek’s economic growth was also evident in terms of real GRDP. The city’s real economic growth rate for 2023 was 4.9%, significantly surpassing the overall Gyeonggi Province average of 0.9%. While nominal GRDP serves as an indicator of the overall size of the regional economy, real GRDP removes the effects of price fluctuations and reflects the actual increase in production.

Pyeongtaek’s high GRDP has been attributed to the revitalization of the manufacturing and construction sectors. In fact, the manufacturing sector generated 20.6612 trillion won, and the construction sector produced 5.8812 trillion won in value, ranking second and first in Gyeonggi Province for these respective sectors.

Mayor Jung Jangsun stated, "Even though the semiconductor industry was sluggish in 2023, Pyeongtaek recorded a high growth rate. This demonstrates that the region’s industrial structure is stable and built on a solid foundation for growth."

He added, "Going forward, Pyeongtaek City will continue to expand the ecosystem for new industries, including not only semiconductors but also future mobility and hydrogen, to secure sustainable growth engines."

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