16 attempts all increase…Retail sales, except Ulsan and Incheon all increase
Corona 19 negative impact reduced, but regional deviations
As economic activity atrophied with Corona 19 gradually recovered, service industry production increased in unison in 16 attempts across the country(including Sejong City)last year.
Retail sales increased in 14 attempts, but declined in Incheon, where duty-free store sales plummeted, and Ulsan, where the local economy is struggling due to poor manufacturing.
According to the “Fourth Quarter and Annual Attempted Service Industry Production and Retail Sales Trends” released on the 10th by the Statistics Agency, the national service Industry Production Index increased by 4.3% year-on-year last year.
The Corona 19 impact decreased by 2.0% in 2020, the largest increase in 14 years since 2007.
Service industry production increased in all 16 attempts across the country, especially in Seoul(5.9%), Gyeonggi(4.3%), Busan(4.1%), Gangwon(4.0%), Chungnam(3.8%), and Gyeongbuk(3.6%).
The retail sales index also increased by 5.5% in the country last year, following a slump in 2020(-0.2%).
This is the largest increase since 2010.
Retail sales increased in 14 attempts, including Seoul(6.4%), Busan(6.0%), Jeju(5.7%), Daejeon(3.9%), and Jeonnam(3.9%), but decreased in Ulsan(-1.3%)and Incheon(-1.0%).
“Service industry production atrophied to Corona 19 in 2020, but increased in all industries as the negative impact of Corona 19 decreased due to vaccination and the proliferation of non-surface transactions,”explained Lee Min-kyung, Head of Service Industry Trends at the Statistics Office.
“Ulsan’s poor manufacturing economy, which accounts for a large proportion of the local economy, seems to have affected final consumption,”said the chief, but “Incheon has been affected by the decline in duty-free sales.”
Seoul’s service industry production increased by 5.9% year-on-year in all industries such as finance, insurance, transportation, warehousing, and wholesale.
Retail sales decreased in super, sundries, convenience stores, and large mart, but increased by 6.4% in department stores.
Jeju grew by 2.6% in annual service production and 5.7% in retail sales last year due to an increase in domestic travelers.
In the fourth quarter of last year, service industry production increased by 5.4% nationwide, up from all 16 attempts.
Service production increased in all 16 attempts in the second and third quarters.
Service industry production increased in all attempts for three consecutive quarters, more than five years following five consecutive quarters of increase from the second quarter of 2015 to the second quarter of 2016.
In the fourth quarter of last year, retail sales increased by 6.2% nationwide from 14 attempts, but decreased in Ulsan(-0.7%)and Gyeongnam(0.0%).
[표] Increase rate by annual attempt
(Unit:%, YOY)
┌───┬───────────────┬────────────────┐
│ Try │ Service Industry Production │ Retail Sales │
│ ├──┬──┬──┬──┬───┼──┬──┬───┬──┬───┤
│ │2017│2018│2019│2020│2021* │2017│2018│ 2019 │2020│2021* │
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
│ Nationwide │1.9 │2.3 │1.4 │-2.0│ 4.3 │ 1.9│ 4.3│ 2.4│-0.2│ 5.5│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
서울 Seoul │2.7 │3.6 │1.7 │1.2 │ 5.9 │ 1.8│ 5.6│ 5.2│-8.9│ 6.4│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
부 Busan │1.5 │1.9 │0.3 │-4.2│ 4.1 │-0.3│ 0.9│ 0.2│-4.4│ 6.0│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
│ Daegu │1.7 │1.3 │0.6 │-3.0│ 3.2 │ 0.8│ 0.5│ -1.0│-3.0│ 2.8│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
│ Incheon │2.3 │2.6 │1.2 │-9.9│ 3.0 │ 1.7│ 3.5│ 0.5│-8.4│ -1.0│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
│ Gwangju │1.9 │2.1 │1.3 │-1.6│ 2.9 │-0.2│ 1.3│ -1.9│-0.4│ 1.9│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
대전 Daejeon │1.5 │1.3 │0.7 │-2.5│ 2.6 │ 0.9│ 0.1│ -1.1│ 0.2│ 3.9│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
│ Ulsan │-0.3│0.7 │-0.3│-3.2│ 2.0 │-1.4│-0.5│ -0.8│-0.1│ -1.3│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
│ Match │2.5 │2.6 │1.7 │-1.0│ 4.3 │ 0.9│ 2.3│ -0.7│ 1.6│ 2.3│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
│ Gangwon │1.5 │2.1 │0.2 │-5.0│ 4.0 │ 1.5│ 2.7│ -0.6│-0.4│ 3.1│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
│ Chungbuk │2.3 │2.4 │0.6 │-3.2│ 3.1 │ 1.0│ 1.4│ -2.4│ 0.4│ 2.4│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
│ Chungnam │2.6 │1.8 │1.3 │-3.2│ 3.8 │ 2.2│ 1.1│ -0.5│ 1.7│ 0.8│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
│ Jeonbuk │1.4 │0.5 │1.1 │-1.3│ 2.6 │-0.7│-0.3│ 0.5│ 0.8│ 0.8│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
│ Jeonnam │1.2 │1.9 │1.7 │-1.9│ 2.6 │-1.0│ 2.0│ -0.8│ 4.3│ 3.9│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
│ Gyeongbuk │1.6 │1.0 │1.0 │-4.5│ 3.6 │-0.2│-0.5│ -1.1│ 0.5│ 1.7│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
│ Gyeongnam │1.1 │1.2 │0.5 │-2.3│ 2.5 │-1.2│-0.5│ 0.9│ 2.1│ 0.3│
│ │ │ │ │ │ │ │ │ │ │ │
├───┼──┼──┼──┼──┼───┼──┼──┼───┼──┼───┤
│ Jeju │4.9 2 2.4 2 2.2–10.│ 2.6 │ 2.2│11.2│ 10.6│-26.│ 5.7│
│ │ │ │ │ 4 │ │ │ │ │ 8│ │
└───┴──┴──┴──┴──┴───┴──┴──┴───┴──┴───┘
※ Data = Provided by the NSO
※ 2021 is provisional
/ Yonhap News