Service output down in restructuring-hit region
The Korean industrial city of Ulsan suffered a setback in service output in the third quarter from a year earlier due to poor performance in the petrochemical industry, data showed Friday.
Service output in Ulsan — home to a major petrochemical complex, shipbuilder Hyundai Heavy Industries and Hyundai Motor — edged down 0.1 percent in the July-September period from a year earlier. It marked the third straight quarter that service output has fallen in Ulsan.
Yang Dong-hee, director of the short-term service division at Statistics Korea, said a dwindling population and a decline in output in the petrochemical industry in Ulsan were to blame for the decreased service output there.
Meanwhile, output of vessels and cars in Ulsan rose 25 percent and 3.3 percent in the third quarter from a year earlier, respectively.
Retail sales in Ulsan edged up 0.2 percent in the third quarter from a year earlier due to increased sales of cars and consumption of gasoline.