South Korea's economy grows 3.1% in 2017, per capita GNI hits US$29,745.
- 6 years ago
The Bank of Korea has released its revised data on the nation's GDP growth and per capita gross national income for 2017.
The figures show the economy has been doing well,... on the back of improving exports and investment in the country.
Kim Hyesung has the data.
South Korea's economy grew by three-point-one percent in 2017, with per capita gross national income, or GNI, approaching the 30-thousand U.S. dollar mark.
The Bank of Korea said Wednesday that the nation's per capita GNI grew by 7-point-5 percent from 2016, marking its fastest pace of growth since 2011.
"Gross national income per capita in 2017 hit 29-thousand-745 U.S. dollars. It grew mainly on the back of faster economic growth and a stronger won, as the Korean won appreciated against the U.S. dollar by an annual average of 2.6 percent."
As for the nation's economic growth, the BOK's revised GDP growth reading of 3.1 percent is on par with its earlier estimate released in January, up from 2016's 2.9 percent,... and marking the fastest growth in three years .
Nominal GDP, a measure of a country's economic output at current market prices, grew by 5.4 percent on-year, to over 1.6 trilion dollars.
Exports, which account for over half of Korea's GDP, grew by nearly two-percent on-year in 2017, on the back of strong semiconductor and machinery exports.
The figures show the economy has been doing well,... on the back of improving exports and investment in the country.
Kim Hyesung has the data.
South Korea's economy grew by three-point-one percent in 2017, with per capita gross national income, or GNI, approaching the 30-thousand U.S. dollar mark.
The Bank of Korea said Wednesday that the nation's per capita GNI grew by 7-point-5 percent from 2016, marking its fastest pace of growth since 2011.
"Gross national income per capita in 2017 hit 29-thousand-745 U.S. dollars. It grew mainly on the back of faster economic growth and a stronger won, as the Korean won appreciated against the U.S. dollar by an annual average of 2.6 percent."
As for the nation's economic growth, the BOK's revised GDP growth reading of 3.1 percent is on par with its earlier estimate released in January, up from 2016's 2.9 percent,... and marking the fastest growth in three years .
Nominal GDP, a measure of a country's economic output at current market prices, grew by 5.4 percent on-year, to over 1.6 trilion dollars.
Exports, which account for over half of Korea's GDP, grew by nearly two-percent on-year in 2017, on the back of strong semiconductor and machinery exports.