Last Year Per Capita National Income $36,624...1.2% Increase from Previous Year (Update)

Bank of Korea Releases Preliminary Figures for Q4 and Annual National Income 2024
Q4 GDP at 0.1%, Annual Growth at 2.0%... Same as Flash Estimate

Last year, South Korea's per capita Gross National Income (GNI) was recorded at $36,624. It increased by 1.2% compared to the previous year, marking a growth for the second consecutive year. The preliminary figures for the fourth quarter and annual real Gross Domestic Product (GDP) growth rates were 0.1% and 2.0%, respectively, the same as the flash estimates announced in January.

The Bank of Korea announced that last year, the gross national income per capita was $36,624, an increase of 1.2% compared to the previous year. The photo shows an employee organizing 50,000 won bills at the Hana Bank headquarters in Jung-gu, Seoul, on the 5th. Photo by Jinhyung Kang aymsdream@

According to the '2024 Fourth Quarter and Annual National Income (Preliminary)' statistics released by the Bank of Korea on the 5th, last year's per capita GNI was $36,624, up 1.2% from 2023 ($36,194). In Korean won terms, it was 49,955,000 won, an increase of 5.7% from the previous year.

South Korea's per capita GNI rose until 2021 ($37,898) but fell in 2022 due to a sharp rise in the exchange rate, before increasing again in 2023.

The preliminary real GDP growth rate for the fourth quarter of last year (compared to the previous quarter) was 0.1%. This is the same as the flash estimate announced in January. However, sectoral figures were partially adjusted to reflect some performance data from December last year that were not available at the time of the January flash estimate announcement.

By sector, private and government consumption, facility investment, imports, and exports increased, except for construction investment.

Private consumption rose by 0.2% as service expenditures increased despite a decline in goods consumption. Government consumption increased by 0.7%, mainly due to health insurance benefit expenditures.

Exports increased by 0.8%, led by IT items such as semiconductors, while imports rose by 0.1%, driven by machinery and equipment.

Facility investment grew by 1.2%, as machinery such as semiconductor manufacturing equipment increased despite a decline in transportation equipment. Construction investment decreased by 4.5%, with both building and civil engineering construction falling.

Last year's economic growth rate was 2.0%, the same as the flash estimate announced in January.