According to Yonhap News,

Service output rose on-year in all regions of South Korea in the fourth quarter of 2022, data showed Thursday, as the country continues its return to pre-pandemic normalcy.

The country's service output went up 3.9 percent in the October-December period from a year earlier, led by a recovery in the finance, insurance, accommodation, restaurant and health care sectors, according to the data compiled by Statistics Korea.

Of the 16 provinces and cities, Incheon, 27 kilometers west of Seoul, posted 5.7 percent growth in its service output, followed by the southern resort island of Jeju with a 4.6 percent rise. South Chungheong Province advanced 4.8 percent over the period, it added.

The service output in Seoul climbed 4.8 percent on-year in the fourth quarter, while that in the surrounding Gyeonggi Province increased 3.6 percent.

Meanwhile, the country's retail sales, a gauge of private spending, fell 1.8 percent on-year in the fourth quarter. It went up in just four areas, with South Gyeongsang Province posting the highest growth of 5.8 percent on-year on the back of strong automobile sales, the data showed.

Retail sales lost ground in the other regions, with the central city of Daejeon suffering a 5.2 percent decline due to sluggish demand at supermarkets.

In Seoul, retail sales plunged 5 percent due to weaker demand at specialized stores and duty-free shops, it added.

colin@yna.co.kr

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Source: Yonhap News (Feb. 9, 2023)