韩国央行区域经济报告（2026年1月）

January 2026 regions) continued to perform well, driven byAI-relatedinvestmentdemand.Displays(Seoulmetropolitan,Chungcheong,Daegyeong) grew on the back of expandedsupplyfornewsmartphonemodels.Meanwhile,petroleum refining(Dongnam,Honam)saw an uptick,benefiting fromspillover effects as geopolitical risks loweredutilizationratesatoverseasplants.Conversely,steel(Dongnam,Chungcheong,Honam,Daegyeong)declinedduetosluggish construction activity andUS tariffs,whileautomotives(Seoulmetropolitan,Chungcheong,Honam)decreased due toexpandedlocal production overseas andslowingelectric vehicle demand.In theserviceindustry,production rose in thefinanceandinsuranceindustry(Seoulmetropolitan)amid favoable stock marketconditions. Across all regions, wholesale andretail trade, as well asaccommodation andfood services,gained momentum,bolsteredby government stimulus such as consumption vouchers, recovering consumer sentiment,andincreased tourism.Transportation insomeregions(Dongnam,Chungcheong,Honam) also saw a slight increase due torising air passenger traffic. The realestatesector showed a slight decrease (Dongnam,Daegyeong,Gangwon)or remained flat(Seoulmetropolitan,Chungcheong,Honam)dueto government real estate marketstabilization measures and delayed recoveryinregional real estate transactions.Theconstructionsector underperformed in boththe private and public sectors, resulting in a Summary of Recent Regional Economic Conditions 1. Overview Inthe second half of 2025,production intheSeoulmetropolitan,Chungcheong,Dongnam,Daegyeong,Gangwon and Jejuregions increased slightly compared with thefirst half of last year, but production in theHonam region remained flat. Byindustry,manufacturingproductionincreased slightly in some regions, and service production increased slightlyacross allregions,whilethe construction industrydecreasedslightly in most regions excepttheSeoulmetropolitanregion,whichremained flat. Thesemiconductorindustry(Seoulmetropolitan,Chungcheong,Honam,Jeju petroleum refining and shipbuilding were offsetby slight decreases in steel and petrochemicals. Inthe first half of 2026,the regionaleconomyis projected to modestly improveormaintain solid stability in most regions,supportedbyrobustgrowthinkeymanufacturingsectors like semiconductorsand by the government's expansionary fiscalpolicy. 2. Production Survey results suggest that future manufacturingproductionis expected to increase slightly:intheSeoul metropolitan area and Jeju region,centeredon semiconductors;in the Honamregion,centeredonautomobilesandshipbuilding;and in the Gangwon region,centeredonmedicaldevicesandpharmaceuticals.The Dongnam,Chungcheong,andDaegyeong regions are expected tomaintain production levels similar to the first halfof the year. Manufacturing Production Inthe second half of 2025,manufacturingproductionincreased slightly in the SeoulMetropolitan,Chungcheong,Daegyeong andGangwon regions, and also increased in Jeju.However,it remained stable in the Dongnamregionand decreased slightly in the Honamregion. The Seoul metropolitan area recorded amodest increase, supported by strong semiconductor performance and display growth, despite aslightdecreaseinautomobiles.TheChungcheongregion increased slightly due togrowthin semiconductors and displays.TheDaegyeong region also increased slightly, drivenby displays and automotive parts. The Gangwonregionsaw a slight increase,primarily inpharmaceuticalsand electrical equipment.TheJejuregion increased,driven primarily bysemiconductors.The Honam region decreasedslightly, despite a slight increase in petroleumrefining,due to weakness in automobiles,petrochemicals, and steel. The Dongnam regionshoweda flat trend,as slight increases in Services Production Servicesector production increased modestlyacrossall regions during the second half of2025. In the Seoul metropolitan region, modestgrowthwas driven by solid performance inwholesaleand retailtrade,aswellasaccommodationandfoodservices,complementedby an uptick in finance andinsurance amid a robust stock market. In otherregions(Dongnam,Chungcheong,Honam,Daegyeong, Gangwon, Jeju), overall activity sawaslight increase despite sluggishness in the real estate sector. This growth was driven byimprovements in the wholesale and retail tradeas well as the accommodation and food servicesector,alongside the issuance of consumptionvouchersand a rise in both domestic andforeign tourist arrivals. posted slightdeclines,and the Gangwon andJejuregions experienced more pronounceddecreases. Accordingtosurveyresults,futureconstructionproduction is expected to see aslighteasing of sluggishness in the Seoulmetropolitan, Gangwon, and Jeju regions, drivenbyexpandedinvestments,suchassemiconductor factories, and increased executionofSOC-related budgets.Conversely,declinesareexpected to persist in the Dongnam,Honam,and Daegyeong regions,while theChungcheong region is projected to remain flat. Survey results suggest that future service sectorproduction is projected to improve