GWANGJU < invest Korea

Economic climate in Gwangju is improving with increase in production, exports and number of hired employees, whereas the economic circumstances in South Jeolla Province is slowing down.

According to Gwangju and South Jeolla branch of the Bank of Korea, production of the manufacturing industry in Gwangju was increased by 5.2 percent in June year-on-year, following a 6.4 percent growth in May.

Production and electrical machinery continued to drop (-13.6 percent → -15.1 percent), however production of electronic parts (+76.9 percent → +29.9 percent), automobiles and trailers (+5.7 percent → +6.5 percent) showed continuous increase.

Sales of large retail stores in June (month-on-month) showed growth (- 1.7 percent in May → +3.9 percent in June), and number of new registered automobiles also showed the higher growth (-4.8 percent → -14.2 percent).

Size of construction areas in Gwangju (+21.8 percent → -50.5 percent) showed decrease in June, and areas approved for construction turned to increase (-64.4 percent → +26.9 percent).

Gwangju’s exports in June and July continued to grow at a rapid pace with strong automobile and electrical and electronic exports from May. (+15.0 percent in May → +7.9 percent in June → +13.3 percent in July)

Number of employed workers in Gwangju in June and July continued to increase (22,400 in May → 19,900 in June → 23,000 in July).

Source Text

Source: Newsis (Aug 27, 2013)

** This article was translated from the Korean.