Regional Economy Grew 2% Last Year; Per Capita GRDP Nears 50 Million Won, Capital Region Still Dominates
Creatrip Team
3 months ago
South Korea’s regional economy expanded 2.0% in real terms last year as manufacturing and services recovered, with nominal regional GDP reaching 2,561 trillion won. Per capita gross regional domestic product (GRDP) rose 6.1% to about 49.48 million won. The Seoul–Gyeonggi–Incheon capital region accounted for 52.8% of national GRDP, driven by increased production of semiconductors and electronic components. Gyeongnam surpassed Chungnam in economic size for the first time since 2017, helped by shipbuilding and defense industries. While some regions such as Gyeonggi and Seoul saw net income inflows, others like Chungnam and Gyeongbuk experienced outflows. Sector growth was led by electricity/gas, manufacturing, and services, but construction contracted. Household disposable income per person averaged 27.82 million won. The data agency also revised certain statistical terms, renaming “individual” income measures to “households and non-profit institutions” and “household disposable income.” (GRDP: gross regional domestic product)
