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Real GRDP Drops in 12 of 17 Cities, Provinces in 2020

Written: 2021-12-27 13:47:07Updated: 2021-12-27 15:00:33

Real GRDP Drops in 12 of 17 Cities, Provinces in 2020

Photo : KBS News

Twelve out of 17 major cities and provinces recorded economic contraction last year due to the prolonged COVID-19 pandemic.

According to data from Statistics Korea on Monday, the real gross regional domestic product(GRDP) nationwide declined zero-point-eight percent in 2020, compared to the previous year.

It is the first time that the GRDP posted a drop since it decreased four-point-six percent in 1998, following the Asian financial crisis.

An official at the statistical agency cited decreased production across the industries of transportation, lodging, dining, culture and other services since the virus' outbreak.

The southeastern city of Ulsan recorded the biggest contraction of seven-point-two percent, followed by six-point-six percent on Jeju Island, and four-point-one percent in South Gyeongsang Province. The capital city of Seoul posted a slip of zero-point-one percent.

Meanwhile, the nationwide average personal income, suggesting a household's purchasing power, stood at 21-point-two million won. Seoul had the highest regional average at 24-point-06 million won.

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