South Korea’s gross domestic product (GDP) per capita is projected to have surpassed the $36,000 milestone last year, as reported by Yonhap News Agency.
The estimated GDP per capita for 2024 is $36,024, reflecting an increase of $454, or 1.28 percent, compared to the previous year. This data has been compiled by the Ministry of Economy and Finance, the Bank of Korea, and Statistics Korea.
The 2024 figure is notably higher than those of Japan and Taiwan, which are estimated at $32,859 and $33,234, respectively, according to estimates from the International Monetary Fund (IMF).
Korea’s per capita GDP has been calculated based on a nominal growth rate of 5.9 percent, derived from the nominal GDP of 2.4 quadrillion won ($1.65 trillion) in 2023, along with the average won-dollar exchange rate of 1,363.98 won from last year.
For 2024, Korea’s total population is estimated at 51.75 million.
For this year, the nation’s per capita GDP is anticipated to exceed the $37,000 threshold if it achieves the projected growth.
Seoul recorded a per capita GDP exceeding $30,000 for the first time in 2016 and reached a high of $37,503 in 2021, before falling to $34,810 in the subsequent year.
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