Ulsan’s GRDP Per Capita Surpasses $40,000

Last year, Ulsan’s GRDP (Gross Regional Domestic Product) per capita broke the $40,000 mark for the first time ever.

GRDP is the total of final products produced in a region over a certain period of time, and can be described as a type of GDP classified by region.

By region, Chungnam recorded the highest growth rate, 9.3 percent, and Daegu the lowest at 1.8 percent.

According to the (Regionall) Gross Regional Domestic Product and Expenditure of 16 Regions in 2006, disclosed by the Korea National Statistical Office on December 23, Ulsan’s GRDP per capita was 38,367,700 won, the highest in South Korea. This is equivalent to $40,154 in dollar terms using the annual average won-dollar exchange rate last year.

Ulsan’s GRDP per capita broke the $40,000 mark in two years after surpassing $30,000 for the first time in 2004 with a record of $32,225.

Following Ulsan’s GRDP, those of Chungnam (26,336,900 won), Jeonnam (22,663,000 won), Gyeongbuk (2,172,700 won), and Seoul (19,338,700 won) appeared to be the highest in order.

Regions with larger portions of manufacturing businesses appeared to record proportionately higher GRDP growth rates- Chungnam (9.3 percent), Gyeonggi (8.3 percent), and Chungbuk (6.6 percent), in order. Regions with low growth rates, such as Daegu (1.8 percent), Jeju (1.8 percent), and Busan (2.5 percent), are those with weak infrastructure for manufacturing businesses and a high percentage of agriculture or service businesses.

Among regions nationwide, Seoul recorded the highest expenditure on private consumption per capita, 11,061,700 won, followed by Busan (9,639,400 won) and Daegu (9,418,500 won).

The gross GRDP of 16 regions last year was 856.1919 trillion won, which is 4.7 percent higher than that of 2005 (817.8119 trillion won).

Out of the gross GRDP the total of top three regions, Seoul (193.7759 trillion won), Gyeonggi (174.2093 trillion won), and Gyeongbuk (57.5193 trillion) made up 49.7 percent of the total.

cha@donga.com