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S. Korea’s Per Capita GDP Surpasses $36,000 in 2024: Data


Seoul: South Korea’s gross domestic product (GDP) per person is estimated to have exceeded the US$36,000 mark last year, data showed Sunday. The GDP per capita for 2024 is estimated at $36,024, up $454, or 1.28 percent, from a year earlier.



According to Yonhap News Agency, the data was compiled by the Ministry of Economy and Finance, the Bank of Korea, and Statistics Korea. The 2024 GDP per capita figure is higher than those of Japan and Taiwan, which are estimated at $32,859 and $33,234, respectively, according to the International Monetary Fund (IMF).



South Korea’s per capita GDP was calculated based on a nominal growth rate of 5.9 percent from the nominal GDP of 2.4 quadrillion won ($1.65 trillion) in 2023 and the average won-dollar exchange rate of 1,363.98 won last year. The country’s total population in 2024 was estimated at 51.75 million.



For this year, the country’s per capita GDP is forecast to rise above the $37,000 threshold if it meets the growth forecast. Seoul recorded a per capita GDP of over $30,000 for the first time in 2016 and reached the highest mark of $37,503 in 2021 before dropping to $34,810 the following year.

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