By Lee Hyo-sik
Staff Reporter
Ulsan, home to the main plants of Hyundai Motor and Korea's other industrial giants, was the nation's most economically active city in 2008, with its per-capita gross domestic product (GDP) topping the list among 16 large municipalities. But Seoulties were the largest income earners and spenders in the country.
Statistics Korea said Tuesday that the southeastern industrial city of Ulsan posted 48.6 million won in per-capita GDP last year, followed by South Chungchong Province with 30 million won and South Jeolla Province with 29.6 million won.
Daegu recorded the lowest per-capita output at 13.6 million won among the 16 municipal regions.
In per-capita income, Seoul put its name on the top of the leader board as the average resident earned 15.5 million won in 2008, higher than the national average of 12.7 million won. Ulsan came in second at 15.3 million won, followed by South Gyongsang Province (12.3 million won) and North Chungchong Province (11.4 million won).
People living in Seoul were also the largest spenders, with the average Seoulite spending 14.8 million won, compared with the nationwide average of 11.5 million won. Those residing in Gyeonggi Province spent 11.8 million won per person on various goods and services, followed by Ulsan at 11.7 million won. South Jeolla Province was the least consumption-oriented region as its residents spent only 8.6 million won on average per head.
The statistical office also said the total value of final goods and services produced in 16 municipalities last year reached 1,031 trillion won, up 4.9 percent from 2007, exceeding the 1,000 trillion won for the first time in history.
South Jeolla Province posted the highest output growth in the country, producing 12.2 percent more than in 2007. Ulsan came in second with a 9.7 percent increase.
By industry, the agricultural and fisheries sector accounted for 15.5 percent of GDP in North Gyongsang Province, the highest ratio among 16 municipalities, followed by South Jeolla Province (14.2 percent) and South Chungchong Province (13.2 percent).
Manufacturing and mining industries accounted for 22.8 percent of economic output in Gyeonggi Province, followed by North Gyongsang Province (12.1 percent). The services sector was responsible for 33 percent of Seoul's output in 2008, the largest among 16 regions.
The combined nominal gross income of 16 municipalities reached 1,038 trillion won in 2008, up 5.4 percent from the previous year. The combined nominal individual income totaled 617 trillion won, up 5.7 percent over the same period. But the real personal income after adjusting for inflation rose only 1 percent.
The nominal gross fixed capital formation jumped 7.8 percent to 302 trillion won from 2007, while the nominal private consumption reached 714 trillion won, up 5.9 percent.
But after adjusting for inflation, consumption rose only 1.7 percent and the capital investments declined 1.8 percent.
Reflecting sluggish business activities last year, construction and facility investments dropped 2.1 percent and 2.2 percent, respectively, from 2007.
Construction spending increased 14.3 percent in North Jeolla Province and 10.5 percent in South Chungchong Province. But it dropped 13.5 percent on Jeju and 11.9 percent in Gangwon Province.
Capital investment rose in Ulsan and four other regions, but in the remaining 11 municipalities it declined from a year earlier.
leehs@koreatimes.co.kr
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