Korea's gross national income(GNI) per capita last year was 35,373 dollars...a rebound in three years
Last year, Korea's gross national income (GNI) per capita surpassed $35,000 for the first time in three years.
According to the "2020 National Account (Confirmed) and 2021 National Account (Temporary)" released by the Bank of Korea on the 8th, GNI per capita was $35,373 last year. This is a 10.5 percent increase from the previous year's $32,2004. In terms of won, it recorded 4,0482,000 won, up 7.2 percent from a year earlier (37,766,000 won).
GNI per capita is a statistic that divides the total income earned by the people at home and abroad by population. GNI per capita in Korea entered the $30,000 range for the first time in 2017, but it has declined for two consecutive years in 2019 and 2020. The rebound in GNI per capita last year for the first time in three years is attributed to the gradual recovery of the economy, which was hit by COVID-19, and the annual average won-dollar exchange rate falling 3%.
Total disposable household income (PGDI) per capita was $ 19,501, up 8.6% from the previous year. The won rose 5.3 percent to 22.317 million won from the previous year. PGDI is an indicator of household purchasing power, although it is limited to income that households (including private non-profit organizations serving households) can freely dispose of with consumption or savings.
Last year, real gross domestic product (GDP) grew 4.1% year-on-year as private consumption and exports shifted and government consumption and facility investment continued to increase. This is a 0.1 percentage point increase from the previously announced breaking news (4.0 percent). Private consumption and exports shifted to an increase, and government consumption and facility investment continued to increase, hitting an 11-year high.
By economic activity, the construction industry continued to decline, but the manufacturing and service industries shifted to an increase. By quarter, the trend was 1.7 percent in the first quarter, 0.8 percent in the second quarter, 0.2 percent in the third quarter, and 1.3 percent in the fourth quarter.
Last year, nominal GDP reached 2071.7 trillion won, up 6.7% from the previous year. Due to the annual fall of 3.0% between the won and the dollar, the U.S. dollar rose 10.1% year-on-year to $1.8102 trillion dollars.