“Wholesale and retail, educational services, lodging and restaurants can be prolonged.”
“The third quarter level continued in most regions of the local economy.”
(Seoul = Yonhap News) Reporter Seong Seo-ho = The Bank of Korea announced on the 28th that the spread of the novel coronavirus infection (Corona 19) did not stop, and that the local economy in the fourth quarter continued to the level of the previous quarter in most regions.
On that day, the BOK released a regional economic report that contained the results of 15 regional headquarters monitoring companies and related organizations in the region from mid-last to early this month.
Dividing the economic trends by production sector, manufacturing production increased slightly in the metropolitan area, southeastern area, Chungcheong area, Daegu-Gyeongbuk area, and Gangwon area. The Honam area and Jeju area showed a level of consolidation.
Among them, the metropolitan area, the southeast area, the Honam area, and the Gangwon area are expected to see a slight increase in manufacturing production in the future.
Production is expected to increase in the metropolitan area, mainly in semiconductors and displays, automobiles, petrochemicals and refining, steel in the southeastern region, petrochemicals and refining, automobiles in the Honam region, shipbuilding, food and beverages, petrochemicals, and cement and ramen in the Gangwon region.
During the fourth quarter, service production in the Daegu-Gyeongbuk region and Gangwon region decreased slightly compared to the third quarter, while other regions maintained the level of the previous quarter.
In particular, in the Daegu-Gyeongbuk region and Gangwon region, production declined in the lodging and restaurant business as major regional festivals and group events were canceled due to the re-proliferation of Corona 19.
The BOK said, “As the number of confirmed patients continues to increase due to the third spread of Corona 19, high uncertainty continues, so the production of services in the future will remain at the level of the fourth quarter in all regions.” , The transportation industry could prolong the sluggishness,” he predicted.
Consumption increased briefly in October due to easing distance, but after mid-November, the number of corona19 confirmed cases increased sharply and decreased slightly in the metropolitan area and Gangwon area.
Facility investment increased mainly in steel, automobiles, and petrochemicals in the Southeast region, and automobile parts and steel in the Daegu-Gyeongbuk region, but the rest of the region remained at the 3Q level.
In the Honam area, investment in the Yeosu National Industrial Complex is expected to increase, focusing on petrochemicals and refining, as the Yeosu National Industrial Complex’s large-scale business begins in earnest.
Construction investment slightly increased as the number of mid- to large-sized construction in the public sector increased in Jeju. The southeastern region slightly decreased due to the increase in the vacancy rate of commercial buildings.
Compared to the same period last year, overall exports have recovered to levels prior to the spread of Corona 19. The metropolitan area maintained a similar level to that of last year, and the Chungcheong area increased. The Daegu-Gyeongbuk area, Gangwon area, and Jeju area have increased and converted.
From October to November, the average monthly number of employed workers decreased by 347,000 people from the previous year, and the decline was wider than in the third quarter (-314,000 people). The Chungcheong area and the Honam area decreased, while the Southeast area and Daegu-Gyeongbuk area expanded.
Average monthly consumer prices for October-November declined from the third quarter in most regions. This is because the prices of public services and petroleum fell due to the government’s support for mobile communication fees and low international oil prices, respectively.
During the same period, home sales prices (monthly average) generally continued to rise. However, the rise in the metropolitan area and Chungcheong area decreased, and the Jeju area continued to decline.
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