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| South Korea's 2024 GNI hits ₩49.95M |
South Korea’s per capita Gross National Income (GNI) rose to $36,624 in 2024, marking a 1.2% increase from the previous year. Among countries with a population over 50 million, South Korea ranked 6th globally, surpassing both Japan and Taiwan.
📊 South Korea’s Economic Growth in 2024
According to the Bank of Korea’s report released on March 5, the country’s nominal per capita GNI increased from $36,194 in 2023 to $36,624 in 2024. In Korean won, this translates to 49.95 million KRW, reflecting a 5.7% growth from 47.24 million KRW in the previous year.
The per capita GNI is calculated by dividing the nation’s total nominal income, including corporate and government earnings, by its population. For global comparisons, the figures are converted into US dollars.
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| World's GNI 2024 by worldpopulationreview.com |
🌎 How Does South Korea Compare Globally?
- South Korea’s per capita GNI is now higher than Japan and Taiwan.
- Among countries with over 50 million people, South Korea ranks 6th, following:
1️⃣ United States
2️⃣ Germany
3️⃣ United Kingdom
4️⃣ France
5️⃣ Italy
6️⃣ South Korea
📈 Historical Trends of South Korea’s GNI
- In 2014, South Korea’s per capita GNI exceeded $30,000 for the first time, reaching $30,798.
- The highest recorded figure was $37,898 in 2021.
- In 2022, a sharp decline in the Korean won’s value led to a drop to the $35,000 range.
- Since 2023, the figure has remained in the $36,000 range.
💰 GDP Growth and Exchange Rate Impact
South Korea’s nominal GDP (Gross Domestic Product) in 2024 reached:
- 2,549.1 trillion KRW ($1.8689 trillion USD)
- Growth of 6.2% in KRW and 1.6% in USD
The lower USD growth rate was influenced by a 4.5% increase in the KRW-USD exchange rate.
The nominal GNI reached 2,585.2 trillion KRW, growing 5.8%, slightly lower than GDP growth due to a decline in net foreign factor income. Real GNI, adjusted for trade conditions and exchange rates, increased by 3.5%.
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| South Korea Exports |
🔍 Q4 2024 Economic Performance
The real GDP growth rate for both Q4 2024 and the full year remained at:
- 0.1% for Q4 (unchanged from previous estimates)
- 2.0% annual growth
Sectoral Growth in Q4 2024:
✅ Exports: +0.8% (higher than initial estimates)
✅ Government spending: +0.7%
✅ Imports: +0.1%
❌ Construction investment: -4.5% (revised downward)
❌ Facility investment: +1.2% (slightly lower than previous estimates)
Reference: hani.co.kr
🏫 Learn Korean Through Current Events: Key Vocabulary
If you're learning Korean, this is a great opportunity to expand your economic vocabulary! 📚
📖 1인당 국민총소득 (Inindang Gungmin Chongsoodeuk) – Per capita Gross National Income (GNI)
📖 원-달러 평균 환율 (Won-Dalleo Pyeonggyun Hwannyul) – Average KRW-USD exchange rate
📖 명목 국민총소득 (Myeongmok Gungmin Chongsoodeuk) – Nominal Gross National Income
📖 국내총생산 (GDP) (Guknae Chongsaengsan) – Gross Domestic Product (GDP)
📖 원화 (Wonhwa) – South Korean won (currency)
📖 환산 (Hwansan) – Conversion (exchange into another currency)
🔍 SEO Keywords:
- South Korea per capita GNI 2024
- South Korea GDP growth 2024
- Korean won exchange rate impact
- South Korea surpasses Japan in income
- Korea global income ranking
- 한국 1인당 국민소득 2024
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