The trends in the regional service industry and retail sales for the second quarter of 2023 in South Korea have been released. The report highlights notable variations in service industry production and retail sales across different regions.
Regional Service Industry Production: During the second quarter of 2023, service industry production showed diverse trends across regions. Comparing with the same quarter of the previous year, 14 regions experienced an increase, while 3 regions faced a decrease. Notable points include:
- Incheon (7.6%), Seoul (6.6%), and Daejeon (3.5%) saw growth in sectors such as transportation and warehousing, finance, and insurance.
- Jeju (-1.7%), Sejong (-1.4%), and Gangwon (-0.3%) witnessed a decrease in sectors like accommodation and food services, education, and professional, scientific, and technical activities.
Regional Retail Sales: For the second quarter of 2023, retail sales also exhibited varying patterns across regions. In comparison with the same quarter of the previous year, 8 regions experienced an increase, while 9 regions faced a decrease. Key points include:
- Daejeon (5.4%), Busan (4.6%), Jeonbuk (3.3%), and Gyeongbuk (2.9%) observed growth in sales from sectors like automotive and fuel retail.
- Jeju (-7.4%), Daegu (-5.0%), Jeonnam (-4.9%), and Gwangju (-4.6%) witnessed a decrease in sales from sectors like specialty retail, supermarkets, general stores, and convenience stores.