Synopsis
As of 2024, South Korea's per capita GDP is projected to exceed $36,000, marking a significant economic milestone. This growth reflects a continued upward trend in the country's economic performance, positioning it favorably compared to its regional counterparts.Key Takeaways
- South Korea's per capita GDP exceeds $36,000 in 2024.
- Projected per capita GDP is $36,024, a 1.28% increase.
- Outpaces Japan and Taiwan's GDP per capita.
- Population estimated at 51.75 million in 2024.
- Forecast suggests GDP may exceed $37,000 for the current year.
Seoul, Feb 2 (NationPress) South Korea's gross domestic product (GDP) per capita is projected to have surpassed the $36,000 threshold last year, according to data released on Sunday.
The estimated per capita GDP for 2024 stands at $36,024, reflecting an increase of $454, or 1.28 percent, compared to the previous year. This information has been compiled by the Ministry of Economy and Finance, the Bank of Korea, and Statistics Korea.
For 2024, this figure surpasses those of Japan and Taiwan, which are estimated at $32,859 and $33,234, respectively, based on estimates from the International Monetary Fund (IMF), as reported by the Yonhap news agency.
South Korea's per capita GDP calculation is based on a nominal growth rate of 5.9 percent from a nominal GDP of 2.4 quadrillion won ($1.65 trillion) in 2023, factoring in an average won-dollar exchange rate of 1,363.98 won last year.
The total population of South Korea for 2024 is estimated at 51.75 million.
For the current year, forecasts suggest that the per capita GDP may exceed the $37,000 mark if growth expectations are realized.
Seoul first achieved a per capita GDP exceeding $30,000 in 2016 and reached a peak of $37,503 in 2021, before declining to $34,810 the subsequent year.
In addition, South Korea's economy has experienced an annualized growth rate of nearly 7 percent following a change in the base year for economic data compilation, as indicated by central bank statistics.
According to the Bank of Korea, Asia's fourth-largest economy saw an average annual expansion of 6.9 percent from 1954 to last year under the new base year of 2020, an increase from a 6.8 percent advance using the previous base year of 2015.
The data further reveals that the nominal gross domestic product (GDP) was recorded at 2,401 trillion won in 2023, a significant rise from 47.7 billion won in 1953, with per capita gross national income soaring to $36,194 from a mere $6.7 over the same period.
