By Lee Yoonseo and Kim Young Shin
Korea’s global ranking for gross national income (GNI) per capita rose 14 spots to 31st, and gross domestic product (GDP) dropped one spot to 12th in 2017.
According to data released by the World Bank on Aug. 16, Korea’s GNI per capita in 2017 ranked 31st, climbing 14 spots from last year, at USD 28,380. The GNI, the total output claimed by the citizens of the country, more accurately demonstrates the national income compared to GDP. This shows that Koreans’ standard of living improved greatly in 2017.
GDP, which shows the size of Korea’s economy, topped USD 1.53 trillion in 2017. GDP is the sum of the market value of all the final goods and services produced in an economy, regardless of the nationality of the producer. It is one of the major indicators of economic growth.
In the World Bank data, Switzerland topped the world’s list for GNI per capita, followed by Norway and Luxemburg. In terms of GDP, the U.S. came first, followed by China, Japan, Germany and U.K.