Economy in general: Economy: News: Hankyoreh

Due to the spread of Corona 19 last year, the production and retail sales of the service industry in Jeju showed the largest decline in the country. According to the ‘2020 4Q and Annual Regional Economic Trends’ released by the National Statistical Office on the 22nd, last year’s national service industry production decreased by 2% compared to the previous year. By region, Jeju, which was hit by the face-to-face service industry such as food and lodging, fell 10.4% due to the decrease in tourists. Following this, Incheon (-9.8%) and Gangwon (-4.9%) also decreased significantly. In Seoul Bay, the production of the service industry increased by 1.1%, mainly in the financial insurance industry and the real estate industry. On the contrary, production in the mining industry fell 14.7% in Seoul, the largest decline in the country. The main reason is that clothing production has decreased significantly as external activities have decreased due to Corona 19. Daegu fell 11.3% due to a decrease in machinery and equipment production. On the other hand, the economy increased by 9% due to the increase in semiconductor production due to the spread of the non-face-to-face economy, and Sejong also increased by 7.6%. It increased by 0.4% nationwide. Retail sales decreased by 0.2% nationwide, while Jeonnam (4.1%), Gyeongnam (1.9%), and Chungnam (1.6%) increased. On the other hand, in Jeju, duty-free store sales fell 26.9% due to a direct hit, and Seoul (-9%) and Incheon (-5.8%) also fell sharply. The national employment rate (60.1%) fell 0.8 percentage points, while the employment rates in Gyeonggi (-1.6 percentage points), Gangwon (-1.5 percentage points), and Jeju (-1.3 percentage points) declined significantly. Inflation rates were higher in Incheon (0.8%) and Chungnam-Jeonnam (0.7%) than the national average (0.5%), as agricultural products and personal services increased. By Lee Kyung-mi, staff reporter

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