Gyeongbuk Gimcheon-si Executes Record High 135.1 Billion KRW in Consumption and Investment in Q1

Gyeongbuk Province Selected as Excellent in Self-Evaluation Report

Gimcheon City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Yeo Jong-gu] Gimcheon City, Gyeongbuk Province, exceeded its first-quarter target by promoting rapid execution in the consumption and investment sectors in the first quarter.

On the 5th, it announced that it executed 135.1 billion KRW (115.15%) out of the initially planned 117.3 billion KRW, making it the largest budget execution on record for the first quarter.

The city has been focusing administrative efforts on executing budgets in the consumption and investment sectors since the beginning of the year to stimulate the economy amid prolonged economic recession and the spread of the COVID-19 virus.

In the consumption sector, which includes budget items such as wages for public jobs and general administrative expenses, 62 billion KRW was executed, and in the investment sector, including facility expenses, 73 billion KRW was executed. Compared to the first quarter of the previous year, the execution amount exceeded by 25.9 billion KRW, and the execution rate surpassed by 18.58 percentage points.

Additionally, the city plans to fully commit to rapid execution in the consumption and investment sectors in the second quarter and the first half of the year, aiming to execute 474.7 billion KRW, which is 61.0% of the rapid execution target amount of 778.2 billion KRW for the first half. This amount is 5.4 percentage points higher than the government's target rate for basic local governments.

The city exceeded its target in the rapid execution promotion for the second half of 2021 and was selected as an excellent city in Gyeongbuk Province's own evaluation.

Kim Chung-seop, Mayor of Gimcheon City, said, "We will do our best to revitalize the local economy and resolve residents' inconveniences through early promotion of large-scale infrastructure projects and resident-requested projects, as well as rapid budget execution."