Incheon city said on the 29th that it ranked No. 1 among local governments nationwide with a three-year average economic growth rate of 5.3%. Incheon's growth rate far exceeds the national average growth rate of 2.1%.
According to the results of the '2024 Regional Income (preliminary)' that the Ministry of Data and Statistics (MODS) recently released, Incheon's economic size (gross regional domestic product, GRDP) in 2024 reached 126 trillion won. The real economic growth rate was 3.1% from a year earlier, outpacing the national average of 2.0%.
Incheon has sustained high growth for the past three years (2022–2024). The average growth rate over the three years—6.8% in 2022, 6.0% in 2023, and 3.1% in 2024—came to 5.3%. It is the No. 1 growth rate among local governments nationwide.
In 2021, Incheon's GRDP reached 104 trillion won, surpassing 100 trillion won for the first time. It then steadily grew to 113 trillion won in 2022 and 118 trillion won in 2023. It now stands ahead of Busan and, after Seoul, is firmly maintaining the No. 2 spot among local governments in economic size.
By industry, manufacturing and transportation were found to have driven Incheon's economic growth. Manufacturing grew 7.7%, helped by increased sales in key industries such as coal and petrochemicals and pharmaceuticals and bio. , Transportation also grew 6.8% as cargo volume and sales in air and maritime transport increased, centered on Incheon International Airport and Incheon Port.
Shin Seung-yeol, Incheon's Deputy Minister for Planning and Coordination, said, "We will continue policy efforts for sustained economic growth and economic revitalization based on the competitiveness of the real economy."