Seoul: South Korea's gross domestic product (GDP) per capita is set to rise by 7.6 percent from the previous year in 2026, reaching approximately US$39,000. This would represent the most significant annual increase in the last five years, driven by strong export performance, particularly in the memory chip sector, local analysts reported.
According to Yonhap News Agency, South Korea's GDP per capita is expected to amount to $39,164 in 2026, increasing by $2,750 compared to the preceding year. The projected growth rate is the highest since the 11.5 percent rise recorded in 2021. This estimate was derived by applying the government's revised nominal GDP growth forecast of 12.3 percent for 2026 to the nominal GDP of 2,676.7 trillion won ($1,796 billion) recorded in 2025, leading to an anticipated 3,005.9 trillion won in 2026. The resulting figure was divided by the country's population of 51.6 million to determine the per capita figure.
The calculations were based on an average exchange rate of 1,487.19 won per dollar for this year. However, experts suggest that if the Korean won appreciates against the U.S. dollar, leading to an average exchange rate of 1,456.1 won per dollar, the GDP per capita might surpass the $40,000 threshold for the first time.
Historically, South Korea's GDP per capita was $35,359 in 2018 but dropped to $33,652 in 2020 due to the COVID-19 pandemic. After fluctuations in subsequent years, it rose to $36,327 in 2024 and $36,414 in 2025.
In a related development, the South Korean government recently unveiled economic policy objectives, including achieving a 3 percent potential growth rate, becoming one of the top four global exporters, and increasing the gross national income (GNI) per capita to $50,000. The GNI per capita was $36,850 in 2025.
"The goals for exports and per capita GNI are highly achievable by 2030, within President Lee Jae Myung's term, provided that the current trend continues and policy efforts are strengthened," stated Kang Gi-lyong, a senior finance ministry official, during a recent press briefing.