National Data Office Releases Last Year's Regional Income Report
Jeonnam's GRDP Reaches 104 Trillion Won, Up 5.2% from Previous Year
In 2024, the Gross Regional Domestic Product (GRDP) of the Jeonnam region saw a significant increase, with the region ranking fourth nationwide in per capita gross product and eighth in per capita personal income.
According to Jeonnam Province, an analysis of the "2024 Regional Income by City and Province" released by the National Data Office (formerly Statistics Korea) on December 23 showed that Jeonnam's GRDP reached 104 trillion won, up by 5.2 trillion won (5.2%) from 2023. GRDP refers to the total value added newly created in a region over the course of a year.
Jeonnam's per capita gross product stood at 59.18 million won, surpassing the national average of 49.48 million won. This figure represents a 5.9% increase from the previous year, placing Jeonnam fourth nationwide.
The National Data Office attributed the increase in Jeonnam's GRDP to improved productivity across key industries, including manufacturing (6.4%) and transportation (4.7%).
The partial recovery of the petrochemical industry, which had underperformed in the previous year, improvements in shipbuilding due to increased ship orders, and growth in water transport driven by rising exports all appear to have contributed independently to the increase in total gross product.
Per capita personal income, which reflects only the household portion of total income and is the indicator most closely aligned with individuals' actual income levels, reached 26.8 million won in 2024, ranking eighth nationwide. Since first entering the top nine in 2022, when GRDP statistics began to be compiled, Jeonnam has continued to maintain a single-digit ranking.
Jeonnam Province is pursuing policies to encourage population inflow and settlement, such as birth basic income and affordable housing programs, to ensure that income generated in the region remains within the province and is channeled into consumption and daily life. At the same time, the province is working to attract public institutions and public enterprises from the Seoul metropolitan area and to support the growth of local companies.
As a result, the amount of income outflow from Jeonnam to other regions decreased from 32 trillion won in 2022 to 12 trillion won in 2024.
Yoon Jin-ho, Director of Planning and Coordination at Jeonnam Province, stated, "Despite challenging domestic and global economic conditions, we continue to achieve results such as attracting global AI data centers and artificial sun research facilities. We will do our utmost to raise residents' income levels by fostering high-growth-potential industries and creating jobs in the future."
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