Possibility of Per Capita Gross National Income Approaching $40,000
The Korean economy's growth expanded significantly in the first quarter, buoyed by strong semiconductor exports. With this year's per capita GNI projected to approach $40,000, take a look at what this trend means.
The Korean economy grew significantly in the first quarter of this year compared to the previous quarter, helped by strong semiconductor exports and other factors. The Bank of Korea forecast that if this trend continues, gross national income (GNI) per capita could approach $40,000 within this year.
According to the Bank of Korea on the 9th, the preliminary estimate of real gross domestic product (GDP) growth for the first quarter was 1.8% quarter on quarter. This is 0.1 percentage point higher than the advance estimate and marks the largest quarterly growth since the third quarter of 2020.
Nominal GDP rose 10.5% from the previous quarter and 17.1% from the same period last year, posting a high level even by longterm standards. Last year, GNI per capita stood at $36,963, and the BOK explained that if the current nominal growth trend is maintained, it could come close to $40,000 during this year.