Gyeongju Industry & Market Deep Analysis — Reality of GRDP KRW 11.4 Trillion and Hidden Opportunities

1. Current State of Gyeongju Economy: Anatomy of GRDP KRW 11.4 Trillion

Gyeongju's 2023 Gross Regional Domestic Product (GRDP) is approximately KRW 11.4 trillion, ranking 3rd in Gyeongsangbuk-do after Gumi (approx. KRW 30 trillion) and Pohang (approx. KRW 25 trillion). Per capita GRDP is approximately KRW 46 million, exceeding the national average (approx. KRW 42 million). Contrary to the image of a 'tourist city,' Gyeongju's economy is driven by manufacturing and energy industries.

2. 3 Core Industries: Nuclear, Automotive, Tourism

Nuclear & Energy Industry

Gyeongju is the center of Korea's nuclear industry. With Korea Hydro & Nuclear Power (KHNP) headquarters relocating to Munmu Daewang-myeon, Gyeongju in 2016, Gyeongju became a core hub encompassing nuclear industry administration, research, and operations. Wolsong Nuclear Power Plant (Units 1-4, Shin Wolsong 1-2) operates here, and Korea Radioactive Waste Agency is also located in Gyeongju Seorak-dong.

Automotive Parts & E-mobility

Gyeongju's automotive parts industry is formed through value chains with Ulsan Hyundai Motor Plant (daily 5,600 unit production, 34,000 employees). From Oedong Industrial Complex to Ulsan Hyundai Motor Plant is 15-20km, with 4 direct Ulsan city bus routes enabling daily commutes of about 4,000 people.

Tourism & Culture Industry

Gyeongju is Korea's representative historical and tourism city with approximately 27 million annual visitors (pre-COVID). It possesses UNESCO World Cultural Heritage sites including Bulguksa Temple, Seokguram Grotto, and Cheomseongdae, with significantly improved tourism infrastructure after hosting the APEC Summit (2005). Demand for experiential tourism facilities like agricultural parks, pensions, and traditional house stays continues increasing.

3. Industrial Complexes: Evaluate by 'Complex Location' Not City

Gyeongju has 35+ industrial complexes distributed. The key is accessing completely different infrastructure depending on location.

4. Population Structure: Opportunities Within Crisis

Gyeongju population is 244,589 as of January 2025, down 2,535 (-1.03%) from the previous year. Economically active population (15-64) is 155,430, representing 63.5% of total, decreasing -2.68% year-over-year, declining faster than overall population. Elderly population at 27.6% significantly exceeds super-aged society standards (20%).

Paradoxically, population decline can be an opportunity for companies. Gyeongju is strengthening corporate attraction incentives to increase population inflow, and utilizing Ulsan-Pohang workforce pools can substantially resolve practical labor shortage issues.

5. Major Products and Agriculture

Gyeongju manufacturing focuses on automotive parts, machinery/metals, electrical/electronics, and food processing. In agriculture, rice, apples, grapes, and peaches are major crops, with Korean beef breeding also ranking high within Gyeongbuk. Particularly Gyeongju apples receive high evaluation in premium markets due to high sugar content from large daily temperature differences in inland climate and granite soil.

6. Future Outlook: KRW 3 Trillion Project and Industrial Transformation

Gyeongju's future growth momentum summarizes into three streams: First, advanced industrial complex development and logistics infrastructure expansion through Northern Region Economic Industry New Vitality Project (KRW 3 trillion). Second, electric vehicle parts ecosystem construction through e-mobility clusters (KRW 90+ billion). Third, preemption effects in nuclear decommissioning industry (domestic market KRW 100+ trillion).

Gyeongju is in transition from 'tourism city to tourism + advanced industry complex city.' Companies securing permits and locations during this transition period will be able to participate in Gyeongju's growth over the next decade.