Service output in all provinces, major cities up in Q1

service output-Q1 tally

Service output in all provinces, major cities up in Q1

By Kang Yoon-seung

SEOUL, May 11 (Yonhap) -- Service output rose on-year in all regions of South Korea in the first quarter of 2023, data showed Thursday, on the back of the financial and insurance industries.

The country's service output went up 6.3 percent on-year in the January-March period, according to data compiled by Statistics Korea.

Of the 17 provinces and cities surveyed, Seoul posted the sharpest growth of 10.1 percent, followed by Incheon, 27 kilometers west of the capital city, with a rise of 10 percent.

The service output in Daejeon, 164 kilometers south of Seoul, advanced 7.5 percent over the period.

South Korea's retail sales, a gauge of private spending, fell 0.3 percent on-year in the first quarter.

Sales went down in the southern resort island of Jeju, Incheon and South Jeolla and Gyeonggi provinces, the data showed. The decrease was generally led by lower demand at supermarkets and convenience stores.

Retail sales, however, rose 9.2 percent and 7.5 percent in North Gyeongsang Province and Daejeon, respectively, on stronger demand for automobiles and fuel.

The central city of Sejong was included in the quarterly report for the first time, the agency added. The service output and retail sales in the administrative city increased 3.8 percent and 2.7 percent, respectively, over the period.

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