SEOUL, March 05 (AJP) - South Korea’s per capita gross national income (GNI) edged up 1.2 percent in 2024 to reach $36,624, the Bank of Korea reported on Wednesday.
In local currency terms, per capita GNI stood at 49.96 million won, marking a 5.7 percent increase from 47.25 million won in the previous year.
The nation’s nominal gross domestic product (GDP) expanded to 2,549.1 trillion won, or approximately $1.87 trillion, reflecting gains of 6.2 percent in won terms and 1.6 percent in dollar terms. The discrepancy between these growth rates was attributed to the won’s depreciation against the dollar over the past year.
South Korea’s dollar-denominated per capita GNI first surpassed the $30,000 threshold in 2014, peaking at $37,898 in 2021 before retreating to the $35,000 range in 2022 due to a sharp currency devaluation. Despite moderate growth of 2.7 percent in 2023 and 1.2 percent in 2024, it remains within the $36,000 range.
The GDP deflator, a key measure of inflation that accounts for price changes in goods and services, including exports and imports, rose by 4.1 percent compared with 2023.
The final estimate for South Korea’s annual real GDP growth in 2024 remained unchanged at 2.0 percent, consistent with preliminary projections. Fourth-quarter growth also held steady at 0.1 percent quarter-on-quarter.
Export growth was adjusted upward to 0.8 percent, an increase of 0.5 percentage points from initial estimates. Government consumption and imports were also revised upward to 0.7 percent and 0.1 percent, respectively.
By industry, manufacturing posted a modest 0.2 percent gain, while services expanded by 0.4 percent. In contrast, construction output contracted by 4.1 percent, and the agriculture, forestry, and fisheries sector shrank by 3.4 percent.
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