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Service output up in restructuring-hit regions: data

12:00 February 14, 2019

SEJONG, Feb. 14 (Yonhap) -- Service output in restructuring-hit regions rose in the fourth quarter, government data showed Thursday.

The data compiled by Statistics Korea showed that service output in North Jeolla Province and Ulsan city increased 0.8 percent and 0.7 percent in the October-December period, respectively, from a year earlier.

The figure in North Jeolla Province marked a turnaround from the third quarter when service output fell 0.8 percent on-year due apparently to the shutdown of GM Korea's money-losing assembly line in Gunsan.

In 2017, Hyundai Heavy Industries Co. closed its shipyard in Gunsan, a port city in North Jeolla Province, dealing a blow to the regional economy.

Ulsan, a southeastern industrial city, also saw its service output rise 0.7 percent in the fourth quarter from a year earlier. Ulsan is home to Hyundai Heavy's main shipyard and Hyundai Motor Co.

Still, retail sales in North Jeolla Province and Ulsan city declined 1.2 percent and 2.8 percent in the October-December period, respectively, from a year earlier.

Service output and retail sales in Seoul, home to about one-fifth of South Korea's total population of 51 million, meanwhile, rose 2.2 percent and 3.7 percent in the October-December period, respectively, from a year earlier.

Service output up in restructuring-hit regions: data - 1

entropy@yna.co.kr
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