Regional GDP grows 3.3 pct in 2023 on advance in manufacturing sector

SEOUL, Dec. 20 (Yonhap) -- The gross regional domestic product (GRDP) in South Korea rose 3.3 percent in 2023 from a year earlier, led by gains in the manufacturing industry and in the greater capital area, data showed Friday.

The total GRDP was tallied at 2,404 trillion won (US$1.66 trillion) last year, up 77 trillion won from the previous year, according to the data provided by Statistics Korea.

Gyeonggi Province, which surrounds Seoul, recorded a GRDP of 594 trillion won, accounting for 24.7 percent of the national total, the largest share among the country's 17 cities and regions.

Seoul's GRDP followed next with 548 trillion won, while the administrative city of Sejong had the smallest share, with a GRDP of 17 trillion won.

Last year's growth was attributed to robust output from the mining and manufacturing sectors, which saw a 1.7 percent on-year increase, with the most notable growth occurring in Incheon, west of Seoul.

The construction and the services sectors also recorded on-year expansions of 3.1 percent and 2.1 percent, respectively.

Gross regional income increased by 3.8 percent on-year, reaching 2,446 trillion won in 2023, according to the agency.

Seoul and Gyeonggi Province experienced net inflows of income, while South Chungcheong Province and Ulsan saw net outflows.

khj@yna.co.kr
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