S. Korea's per capita income in 2018 surpasses US$ 30,000
- 5 years ago
The Bank of Korea has released data on the nation's GDP growth and per capita gross national income for 2018.
Kim Hyesung reports.
South Korea's per capita gross national income surpassed the 30-thousand dollar mark for the first time in 2018.
The Bank of Korea says per capita GNI, a gauge of purchasing power, was 31-thousand 3-hundred-49 U.S. dollars last year, up 5-point-four percent on-year.
"Korea has become the seventh country in the world with a population of over 50 million to have passed the thirty thousand mark. Passing the 30-thousand dollar mark is seen as a measure of recognition as a developed nation."
Per capita income includes income from households, government, and companies.
Korea's per capita GNI passed the 10-thousand dollar mark back in 1994, the 20-thousand dollar mark in 2006, and has now passed the thirty-thousand dollar milestone.
This puts Korea on the same tier as six other countries: the U.S., France, the UK, Germany, Japan, and Italy,... which all have more than 50 million people....and a per capita income of at least 30-thousand dollars.
As for Korea's GDP growth, the BOK said it grew by two-point-seven percent in 2018-- the slowest pace in six years.
The bank said exports and consumption contributed to the economy, while both facilities and construction investment fell sharply... pulling down the growth rate.
With economic growth expected to slow down... and with growing structural problems like a low fertility rate and aging population, the BOK said achieving sustainable growth, such as narrowing income disparity and creating more quality jobs will be important going forward... so that South Korea's per capita GNI can reach the 40-thousand dollar mark in the future.
Kim Hyesung, Arirang News.
Kim Hyesung reports.
South Korea's per capita gross national income surpassed the 30-thousand dollar mark for the first time in 2018.
The Bank of Korea says per capita GNI, a gauge of purchasing power, was 31-thousand 3-hundred-49 U.S. dollars last year, up 5-point-four percent on-year.
"Korea has become the seventh country in the world with a population of over 50 million to have passed the thirty thousand mark. Passing the 30-thousand dollar mark is seen as a measure of recognition as a developed nation."
Per capita income includes income from households, government, and companies.
Korea's per capita GNI passed the 10-thousand dollar mark back in 1994, the 20-thousand dollar mark in 2006, and has now passed the thirty-thousand dollar milestone.
This puts Korea on the same tier as six other countries: the U.S., France, the UK, Germany, Japan, and Italy,... which all have more than 50 million people....and a per capita income of at least 30-thousand dollars.
As for Korea's GDP growth, the BOK said it grew by two-point-seven percent in 2018-- the slowest pace in six years.
The bank said exports and consumption contributed to the economy, while both facilities and construction investment fell sharply... pulling down the growth rate.
With economic growth expected to slow down... and with growing structural problems like a low fertility rate and aging population, the BOK said achieving sustainable growth, such as narrowing income disparity and creating more quality jobs will be important going forward... so that South Korea's per capita GNI can reach the 40-thousand dollar mark in the future.
Kim Hyesung, Arirang News.