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Service output dips in Q2 amid pandemic

Finance 12:00 August 06, 2020

SEOUL, Aug. 6 (Yonhap) -- Service output declined in 16 provinces and cities in South Korea in the second quarter as the new coronavirus outbreak affected the service industry, data showed Thursday.

Most cities and provinces heavily dependent on the service industry posted an on-year decline in service output in the April-June period amid the COVID-19 pandemic, Statistics Korea said in a statement.

Service output in Seoul -- home to one-fifth of the country's 51 million-strong population -- fell 0.6 percent on-year in the second quarter, with service output in Jeju Island, Incheon and Busan down 13 percent, 12 percent and 5.6 percent, respectively, it said.

Service output dips in Q2 amid pandemic - 1

Seoul's service output was less affected by the virus impact compared with other cities backed by robust gains in the financial and property sectors, the statement said.

In contrast, Jeju Island suffered the biggest decline in service output in the second quarter as the pandemic disrupted travel to the southern resort island, it said.

Retail sales declined in Jeju Island, Seoul, Incheon and Busan but climbed in 12 provinces and cities in the second quarter, the statistics agency said.

Jeju reported a 28 percent on-year contraction in second-quarter retail sales, with retail sales in Seoul, Incheon and Busan down 8.3 percent, 5.2 percent and 1.5 percent, respectively, it said.

Decreased sales at duty-free shops and department stores in the four cities resulted in a decline in their retail sales.

But the 12 provinces and cities that experienced increased retail sales, including Jeolla and Chungcheong provinces, were helped by state emergency relief funds aimed at supporting the virus-hit economy.
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