Korea's regional GDP grows 3.9 percent in 2022 on manufacturing sector gains

Economy

Published: 22 Dec. 2023, 12:35

Korea's regional GDP grows 3.9 percent in 2022 on manufacturing sector gains

The gross regional domestic product (GRDP) in Korea rose 3.9 percent in 2022 on-year, led by gains in the manufacturing industry, data showed Friday. [YONHAP]

Korea's gross regional domestic product (GRDP) experienced a 3.9 percent year-on-year increase in 2022, primarily driven by growth in the manufacturing sector.

The GRDP was tallied at 2,166 trillion won ($1.67 trillion) last year, up 82 trillion won from a year earlier, according to data by Statistics Korea on Friday.

The GRDP of Gyeonggi came to 547 trillion won last year, the largest amount among the country's 17 cities and regions, followed by Seoul with 486 trillion won and South Chungcheong with 128 trillion won.

The greater Seoul area, which includes Gyeonggi and Incheon, reported a 1,137 trillion won GRDP last year, representing 52.5 percent of the total.

Per-capita GRDP came to 41.95 million won last year, up 4.2 percent from a year earlier, the data showed.

Seoul, South Chungcheong and Ulsan saw their per-capita GRDP exceed the national average, while Daegu and Jeju remained below the average.

Last year's growth came as output from the mining sector and the manufacturing sector added 1.4 percent on-year. The construction sector and the service sector logged on-year expansions of 1.7 percent and 4.1 percent, respectively.

The gross regional income went up 4.3 percent to 2,197 trillion won last year, and per-capita income totaled 23.39 million won, rising 5.8 percent on-year.

By region, Seoul reported the largest per-capita income of 26.61 million won, followed by Ulsan with 26.07 million won and Daejeon with 24.22 million won, the data showed.

BY SEO JI-EUN, YONHAP [seo.jieun1@joongang.co.kr]