The Achievement of $30,000 National Income Advanced by 3 Years... 2017 → 2014

Revision of Base Year for Bank of Korea National Accounts

The timing for South Korea to achieve a per capita Gross National Income (GNI) of $30,000 has been advanced by three years, from the original 2017 to 2014. Last year's per capita GNI was also revised upward compared to previous estimates.

On the 5th, the Bank of Korea announced that the GNI indicator was adjusted upward as a result of revising the base year of the national accounts statistics from 2015 to 2020. The Bank of Korea revises the base year of the national accounts every five years to respond to structural changes in the national economy.

Following the base year revision, last year's per capita GNI increased from $33,745 to $36,194. The year when per capita GNI exceeded $30,000 was adjusted from 2017 to 2014.

The nominal GDP in 2020 was 2,058 trillion won, expanded by 118 trillion won compared to the old series (1,941 trillion won). The average annual growth rate of real GDP from 2001 to 2023 was revised upward by 0.1 percentage points to 3.6%, compared to 3.5% in the old series.

Per capita household gross disposable income (PGDI) recorded $19,498 in 2023 (average annual growth rate of 4.1% from 2001 to 2023).

The total savings rate showed an upward trend since the mid-2000s but declined from 36.4% in 2021 to 33.5% in 2023, as the final consumption growth rate exceeded the growth rate of national disposable income after 2022.

The domestic gross investment rate remained at a low level below 30% during 2013?2015, steadily increased until 2022 (33.0%), and then fell to 31.8% in 2023. The household net savings rate rose until 2020 (11.4%) but decreased afterward, recording 4.0% in 2023.