Why Gangseo-gu Ranked Overwhelmingly 1st in Seoul's Regional Gross Domestic Product (GRDP) Growth Rate?

High Growth Rate Recorded Based on Magok District Development

Magok District LG Science Park

[Asia Economy Reporter Jong-il Park] Gangseo-gu, Seoul (Mayor Noh Hyun-song) has been found to have achieved the highest growth among the 25 autonomous districts based on Seoul's Gross Regional Domestic Product (GRDP) in 2017.

On the 2nd, Seoul City announced the "2017 Seoul Gross Regional Domestic Product (GRDP) Report," which evaluates all goods and services produced in the city during 2017 at market value.

According to the report, the GRDP of Gangseo-gu in 2017 was 16.772 trillion won, showing a high growth rate of 44.3% compared to 2016.

This is the highest growth rate among Seoul's autonomous districts, significantly surpassing Yongsan-gu's 10.0% and Songpa-gu's 6.2%, which ranked second and third respectively.

Industries such as information and communication, business services, and real estate leasing grew more than twice. In particular, the development of the Magok district played a major role, with large-scale research facilities like LG Science Park, Lotte Consortium, S-Oil, TK Chemical Consortium, and construction companies such as Daebang Construction and Munyoung Construction moving in.

Since the Magok district had just begun occupancy at the time of the 2017 Seoul GRDP measurement, the district expects even higher growth rates in the 2018 and 2019 Seoul GRDP figures when full occupancy started.

Through this report, the district has once again announced internally and externally that it is growing into the central city of the southwestern region, with the development of the Magok district as a turning point.

Mayor Noh Hyun-song said, "Just ten years ago, Gangseo-gu was perceived as a neglected suburban city, but now it is becoming the central city of the southwestern region that everyone is paying attention to, and a representative city of Seoul, the capital." He added, "To create a harmonious growth and a beautiful life in Gangseo, during the remainder of my term, we will actively promote various projects such as establishing district unit plans for balanced development between old and new urban areas, early construction of the Western Metropolitan Railroad, and building the Gangseo Cultural Center."

Last year, the district was evaluated as the most innovative local government in the past decade among Seoul's 25 autonomous districts, rising an impressive 24 ranks in the "2019 Korea Local Autonomy Competitiveness Index" conducted by the Korea Institute of Public Administration.