Despite Ranking 8th in Population, Total Production Nearly Matches Suwon City
Semiconductor and Real Estate Sectors Drive 2nd in Manufacturing, 1st in Construction
The Gross Regional Domestic Product (GRDP) of Pyeongtaek City in Gyeonggi Province has surpassed 40 trillion won, ranking fourth highest among the 31 cities and counties in the province. Notably, it ranked second in the manufacturing sector within the province.
According to the recently released 'Gyeonggi Province City and County Level GRDP' from the National Statistical Portal, the nominal GRDP of Gyeonggi Province was recorded at 587.3285 trillion won in 2022. By city and county, the rankings are ▲ Hwaseong City 95.1507 trillion won ▲ Seongnam City 56.5855 trillion won ▲ Suwon City 40.9588 trillion won ▲ Pyeongtaek City 40.9016 trillion won ▲ Yongin City 37.6595 trillion won, among others.
GRDP is an economic indicator that represents the total value of final goods produced within a specific region over a certain period, used to understand the economic structure and scale of each city.
Pyeongtaek City stands out. As of January, Pyeongtaek’s population is 631,000, ranking eighth among cities and counties in the province, but its GRDP not only surpassed Yongin City, a special city, but also is comparable to Suwon City. Pyeongtaek’s GRDP increased by 13% compared to 2021, moving its rank up from fifth to fourth. Especially when compared to Ansan City, which has a similar population size (673,000) but a GRDP of 28.5809 trillion won, Pyeongtaek’s per capita GRDP is 52.6% higher.
The expansion of Pyeongtaek’s economic scale has been driven by manufacturing and construction industries. Manufacturing generated 19.9521 trillion won and construction created 6.6152 trillion won in added value, ranking second and first respectively among local governments in the province. This is attributed to the influx of semiconductor-related companies such as Samsung Electronics Pyeongtaek Campus, as well as large-scale development projects like Godeok New Town and Brain City.
Jung Jang-seon, mayor of Pyeongtaek City, said, "The fact that Pyeongtaek’s economic scale has surpassed 40 trillion won is the result of the hard work of citizens and companies in industrial sites and living spaces. We will continue to strengthen competitiveness in advanced industries and strive to increase the region’s added value."
Meanwhile, the concentration of GRDP in the southern region has emerged as an urgent issue to resolve regional imbalances within the province. Among the top 10 local governments by GRDP, only Goyang (8th) and Paju (10th) from northern Gyeonggi are included. Notably, the GRDP of the top five local governments totaled 271.253 trillion won, accounting for 46.2% of the entire Gyeonggi Province.
An official from a local government stated, "Regions with high GRDP are all places where advanced sector companies such as semiconductors, automobiles, and bio industries are concentrated. Considering that traditional industries are struggling due to the economic downturn, the gap between local governments is expected to widen."
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