Last year, South Korea's gross national income (GNI) per capita in dollar terms rebounded, increasing by 2.6%. The preliminary real gross domestic product (GDP) growth rates for the fourth quarter and the entire year were recorded at 0.6% and 1.4%, respectively, the same as the flash estimates announced in January.
On the 5th, the Bank of Korea released the '2023 Fourth Quarter and Annual National Income (Preliminary)' statistics, reporting that last year's GNI per capita was $33,745, up 2.6% from $32,886 in 2022. In Korean won terms, it was 44.05 million won, a 3.7% increase from the previous year.
South Korea's GNI per capita first entered the $30,000 range in 2017 ($31,734), rose to $33,564 in 2018, then declined for two consecutive years in 2019 ($32,204) and 2020 ($32,004). It rebounded in 2021 ($35,373) after three years but fell again in 2022 due to a sharp rise in the exchange rate before rebounding last year.
The preliminary real GDP growth rate for the fourth quarter of last year (compared to the previous quarter) was 0.6%, matching the flash estimate announced on January 25.
Quarterly growth rates turned negative in the fourth quarter of 2022 but rebounded in the first quarter of last year and remained positive thereafter.
Looking at the growth rates by sector for the fourth quarter of last year, private and government consumption, facility investment, imports, and exports increased, while construction investment declined.
Private consumption rose by 0.2%, as spending on goods decreased but resident overseas consumption expenditures increased. Government consumption grew by 0.5%, mainly driven by spending on goods.
Exports increased by 3.5%, centered on semiconductors, while imports rose by 1.4%, driven by petroleum products.
Construction investment fell by 4.5% due to a decrease in building construction, whereas facility investment increased by 3.3%, mainly in transportation equipment.
Last year's economic growth rate was 1.4%, the same as the flash estimate announced in January.
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