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Gangwon Maintained Stable Economic Growth in 2Q
Date
2012.08.31
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507
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According to Yonhap News,

Gangwon has shown the stable economic growth, buoyed by the strong performance in the service industry and exports.

Despite the faltering construction industry, Gangwon maintained its growth in the manufacturing and service industries in the second quarter, according to a report on Gangwon's Economic Trend and Future Prospect, released by Gangwon division of the Bank of Korea.

The province posted a gradual increase especially in sales of medical equipment, precise machinery and automotive components, while sales of food and beverage products declined in terms of market share and production due to fierce competition.

The service industry grew 9 percent on-year with an increasing number of tourists.

The massive inflow of tourists from the Southeast Asia seems to be attributable to the increase in the number of tourists.

The report also said that "Gangwon's economy is forecast to slow down a little down the road, triggered by the domestic economic downturn and the rising crop prices. Local governments should take necessary steps to boost consumption."

Source Text

Source: Yonhap News (Aug. 24, 2012)

** This is the translation of a Korean article.