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Korea’s per capita GNI nears $30,000, up 7.5% at $29,745 in ‘17

Collected: 2018.03.28

Distributed: 2018.03.29

Source: Go Direct

South Korea’s per capita gross national income grew 7.5 percent on year to $29,745, helped by 3.1 percent growth in the gross domestic product and stronger won last year, raising hopes that Koreans can finally achieve $30,000 per capita income 12 years after passing the $20,000 threshold, said the Bank of Korea on Wednesday.

Through the traction of a 2.6 percent gain in the won’s value against the U.S. dollar and the fastest growth in three years, Korea’s per capita GNI expanded 7.5 percent in dollar value and 4.7 percent in the Korean won value, according to the fiscal 2017 year accounts.

If the won and economy keep up strength, individual average income is expected to climb over $30,000 milestone this year. Korea would be finally joining the rich club after being mired in the middle-income group for more than a decade. Only 25 countries are identified with $30,000 income or higher by the World Bank.

The country’s GDP grew by 3.1 percent on year last year, unchanged from the preliminary data released in January. The GDP growth for 2016 was finalized at 2.9 percent, adjusted upward by 0.1 percentage point from provisional reading.

Nominal GDP for last year came at $1.5 billion, up 5.4 percent from a year earlier. The on-year growth is the fastest since 2010 with 9.9 percent.

Gross saving ratio rose by 0.2 percentage point on year to 36.3 percent, the highest since 1998.

GDP deflator, measure of the price level of all domestically produced goods and services in an economy, rose by 2.3 percent, up 0.2 percentage point compared to a year ago.

By Kim In-oh and Cho Jeehyun

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