In the 4th quarter of last year, the younger generation flocked to Gyeonggi Province and Incheon. Since the 1st quarter of 1970, when statistics began to be collected, Gyeonggi Province has seen a net inflow of population, and Incheon has recorded a net inflow for 14 consecutive quarters. In contrast, Seoul experienced a net inflow of population (1.1%) in the 1st quarter of last year, but faced net outflows for three consecutive quarters starting in the 2nd quarter.
According to the '2024 4th quarter and annual regional economic trends' released by the Statistics Korea on the 18th, the population in six regions, including Gyeonggi (14,517 people), Incheon (5,189 people), and South Chungcheong (3,262 people), saw a net inflow in the 4th quarter of last year. Specifically, the largest net inflow to Gyeonggi Province and Incheon was among those aged 30 to 34. In South Chungcheong, there were significant net inflows from those aged 55 to 59 (524 people) and 60 to 64 (440 people).
On the other hand, the regions in South Korea experiencing net population outflows included Seoul (-14,953 people), Busan (-3,389 people), and North Gyeongsang (-2,528 people), among 11 cities and provinces. The main age groups leaving were those in their 20s and 30s. In the case of Seoul, it is interpreted that people moved to Incheon and Gyeonggi Province due to living costs. Busan and North Gyeongsang are understood to have lost people in search of jobs.
Examining the economic trends by province in the 4th quarter of last year, the manufacturing production increased by 3.7% compared to the same period the previous year. Production of semiconductors and electronic components (8.8%), pharmaceuticals (20%), and machine and equipment repair services (33.5%) increased.
By region, Gyeonggi (13.7%), Incheon (11.0%), and Gwangju (10.7%) saw increases in manufacturing production due to rising production in semiconductors and electronic components, pharmaceuticals, and tobacco. In contrast, Seoul (-5.9%), Gangwon (-4.8%), and North Chungcheong (-4.2%) experienced decreases in manufacturing production due to declines in medical precision, electricity and gas industries, and semiconductors and electronic components.
During the same period, service industry production increased by 1.4%. Incheon (3.1%), Jeju (2.0%), and Gyeonggi (1.8%) saw increases in production from transportation and storage, information and communication, and arts, sports, and leisure sectors. South Gyeongsang (-2.2%), North Gyeongsang (-1.4%), and Sejong (-1.2%) experienced declines in production in real estate, professional and scientific services, and business facility management and support.
In the 4th quarter of last year, consumption decreased by 2.1% compared to the same period the previous year. Consumption fell in passenger cars and fuel retail (-3.4%), supermarkets and convenience stores (-4.3%), and large discount stores (-5.6%). The decline in consumption was significant in Incheon (-6.5%), Daejeon (-5.6%), and Daegu (-5.0%).
In the 4th quarter of last year, construction orders increased by 2.5% compared to the same period the previous year. South Chungcheong (77.3%), Ulsan (60.9%), and Busan (59.5%) saw increases in orders for machinery installation and dwellings. Meanwhile, North Gyeongsang (-65.2%), Daejeon (-61.8%), and South Jeolla (-50.6%) experienced declines in orders for power generation and transmission, dwellings, and factories and warehouses.
In the 4th quarter of last year, exports increased by 4.2% compared to the same period the previous year. This was due to increases in exports of memory semiconductors (50.4%), computer peripherals (89.6%), and processors and controllers (13.2%). South Chungcheong (13.9%), Incheon (12.4%), and North Chungcheong (11.3%) saw export increases due to the robust demand for semiconductors and processors and controllers. Conversely, Gwangju (-17.4%), Sejong (-15.6%), and Jeju (-15.5%) experienced declines in exports of passenger cars, printed circuit boards, and other integrated circuits, semiconductors, and parts.
Imports increased by 0.9%. Gwangju (53.9%), Busan (16.0%), and Gyeonggi (12.4%) saw increases in imports of processors and controllers as well as semiconductor manufacturing equipment. Jeju (-54.7%), Daejeon (-22.3%), and Daegu (-20.1%) witnessed declines in imports of aircraft, other light industrial products, and other inorganic compounds.
Employment decreased by 0.1%. Employment rates for those aged 15 to 29 (-0.9 percentage points) and 50 to 59 (-0.2 percentage points) fell. However, employment rates increased in Sejong (2.0 percentage points), Incheon (1.0 percentage points), and South Chungcheong (0.8 percentage points), while they decreased in Daegu (-1.4 percentage points), Gwangju (-1.2 percentage points), and Daejeon (-1.1 percentage points).
The national unemployment rate in the 4th quarter recorded 2.8%. The unemployment rate increased in 12 cities and provinces, including South Jeolla, Jeju, and North Jeolla, compared to the 4th quarter of the previous year. Conversely, the unemployment rates fell in Busan (-0.4 percentage points), South Chungcheong (-0.3 percentage points), and North Gyeongsang (-0.2 percentage points).
In the 4th quarter of last year, prices increased in all cities and provinces. This marks the 16th consecutive quarter that prices have risen in all regions since the 1st quarter of 2021. The national average inflation rate was 1.6%.
However, the rate of increase showed a gradual decline from 3% to 4% in 2023, falling below 2% in the 4th quarter of last year. The rise in consumer prices was led by prices for electricity, gas, and water (3%). Prices for personal services (2.9%), dining out (2.9%), and processed foods (1.7%) also showed an upward trend.
By region, Sejong (1.9%), Daejeon (1.7%), and Gyeonggi (1.7%) saw higher increases than the national average. In contrast, Jeju (1.1%), South Chungcheong (1.3%), and North Gyeongsang (1.4%) saw lower increases than the national average.