Our survey results show that regional economic activity in the third quarter of 2023 remained at a similar level as in the previous quarter. Manufacturing production remained flat due to sluggish semiconductor production and due to slowing growth in the automobile industry, despite a recovery in the shipbuilding and display industries, while services production increased only slightly, mainly owing to the finance, transportation, and real estate industries. By region, regional economic activity slightly decreased in the Daegyeong region, while remaining flat in other regions.According to our survey, regional economy activity is expected to improve slightly starting in the third quarter. Manufacturing production is predicted to remain flat due to a slow recovery in the Chinese economy, which has been a major export destination for Korean manufacturing, despite expectations of a turnaround in the semiconductor industry, while services production is expected to continue to grow slowly owing to improvements in travel-related consumption and to a recovery in the real estate industry.