[Provided by Sokcho City]
[Provided by Sokcho City]

Sokcho's local economy showed clear momentum in 2023, with both production output and real growth expanding from the previous year.

According to the 2023 gross regional domestic product estimates published by the Gangwon Special Self-Governing Province policy planning office on July 24, Sokcho's economic growth rate reached 4.4 percent — 1.9 percentage points above the province-wide rate of 2.5 percent. The figures are compiled annually as a nationally approved statistical survey to track the economic scale, growth rates and industrial composition of cities and counties across the province.

Sokcho's real GRDP — which strips out the effects of price changes — rose from 2.08 trillion won ($1.47 billion) in 2022 to 2.18 trillion won in 2023, an increase of about 92.1 billion won. Nominal GRDP, which reflects current-year prices, climbed from 2.2 trillion won to 2.42 trillion won over the same period, a gain of roughly 220.7 billion won, or 10.0 percent.

By sector, construction and business services led the gains. Nominal gross value added in construction jumped 26.1 percent, from 234.11 billion won in 2022 to 295.29 billion won in 2023, while business services grew 23.5 percent, from 81.33 billion won to 100.48 billion won.

Industries tied to Sokcho's identity as a tourism city also posted broad gains. Accommodation and food services rose 18.4 percent, from 206.39 billion won to 244.28 billion won.

Transportation and warehousing grew by the same margin — 18.4 percent — advancing from 92.06 billion won to 108.98 billion won over the same period. Cultural and other services expanded 11.7 percent, from 109.94 billion won to 122.81 billion won.

Real estate output grew 10.2 percent, education services rose 8.8 percent, and wholesale and retail trade increased 7.4 percent, reflecting broader expansion across lifestyle and service industries. The across-the-board growth in major sectors underpinned the city's overall economic momentum.

Sokcho's total gross value added — the sum of value added across all industries — rose about 11.0 percent, from 2.02 trillion won in 2022 to 2.24 trillion won in 2023.

Building on the growth trends confirmed by the data, Sokcho plans to continue strengthening the competitiveness of its tourism industry while working to ensure that tourism spending flows through to accommodation, food, retail, transportation and cultural services — deepening the linkages between sectors and reinforcing a virtuous cycle across the local economy.

"These figures are meaningful not only because they show an expansion in Sokcho's economic scale, but also because real economic activity — excluding the effects of price changes — grew alongside it," Mayor Lee Byeong-seon said.


fob140@heraldcorp.com