The Bank of Korea on March 3 in a preliminary report on gross national income (GNI) in the fourth quarter and all of last year that per capita GNI reached an estimated USD 35,158 last year, up 10.3% from USD 31,881 in 2020. (Bank of Korea)
By Yoo Yeon Gyeong and Yoon Sojung
Per capita gross national income (GNI) last year surpassed USD 35,000 backed by economic recovery and a stronger domestic currency.
According to the Bank of Korea’s preliminary report on GNI in last year’s fourth quarter and for all of 2021 released on March 3, per capita GNI last year reached an estimated USD 35,168, up 10.3% from USD 31,881 in 2020.
On a won-calculated basis, per capita GNI was KRW 40,247,000, up 7%.
Per capita GNI is the combined incomes of all Korean nationals at home or abroad divided by the nation’s population.
The figure rebounded last year as the country overcame the economic shock from COVID-19 and the KRW increased an average 3% in value against the USD for the first time in three years.
Per capita GNI first broke USD 30,000 in 2017 (USD 31,734) and rose to USD 33,564 in 2018, but fell in 2019 to USD 32,204 and in 2020 to USD 31,881.
Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki said in his Facebook on the same day, “The most noteworthy thing is how per capita GNI surpassed USD 35,000 four years after breaking USD 30,000.”
“In particular, this is a remarkable result considering that two of the last four years were affected by the unprecedented COVID-19 crisis.”
Meanwhile, the central bank raised its economic growth forecast for the fourth quarter of last year by a tenth of a percentage point to 1.2%, citing the impact of upward revisions of forecasts for the service industry and goods exports from projections made last month.
GDP growth last year was preliminarily estimated at 4%, matching the forecast made in January.
dusrud21@korea.kr
