GWANGJU < invest Korea

Gwangju’s household financial stability was found to be relatively strong compared to that of other regions.

According to Gwangju City’s report based on statistics released by the Statistics Korea, Financial Supervisory Service and the Bank of Korea last December, average household income in Gwangju stood at KRW 42.71 million and ranked 4th among 16 cities and provinces.

The number was higher than Korea’s average household income of KRW 42.33 million.

Gwangju’s average household debt reached KRW 35.25 million, which was the lowest among seven metropolitan cities in Korea.

The debt only reached two-third level of Korea’s average household debt of KRW 52.91 million.

Average debt of households that have debt recorded KRW 51.73 million, which was third lowest in Korea.

Yoo Jong-sung, a spokeperson for Gwangju, noted that Gwangju’s household income was high whereas their debts were low, showing its sound financial stability. He added that it appears to be due to the city’s industry development to become an export-oriented advanced industrial city, citizen-friendly policies and price management.

Source Text

Source: Yonhap News (Sep. 25, 2013)

** This article was translated from the Korean.