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S. Korea’s per capita GDP shrinks in 2015 to $27,214

Collected: 2016.03.26

Distributed: 2016.03.28

Source: Go Direct

South Korea’s per capita gross domestic product (GDP) shrank 2.7 percent on-year last year to $27,214 and per capita gross national income (GNI) came to $27,340, down 2.6 percent in the same period, according to data from the Bank of Korea (BOK) on Friday. It marks the first decline in both readings in six years largely due to a slump in exports and a fall in the Korean currency value against the U.S. dollar.

The country’s per capita GDP fell slightly from $27,983 in 2014 to $27,214 in 2015. The reading surpassed $20,000 for the first time in 2006 but slid back to $18,346 in 2008 due to the global financial crisis. Since then it was on the steady rise.

The country’s per capita GNI, which is GDP plus overseas Korean workers remittances less payments to foreigners, topped $20,000 in 2006 but failed to break the $30,000 threshold for the ninth consecutive year.

The drop in both readings was mostly attributed to a 7.4 percent drop in the value of the Korean won against the dollar and a slight population gain to 50,617,000 people last year.

The country’s real GDP gained 2.6 percent on-year last year versus a 3.3 percent expansion in the previous year, which is the lowest growth since 2012. The contribution of exports to the country`s GDP growth fell to 0.4 percentage point in 2015 from 1.1 percentage points in 2014, weighing on the country`s GDP growth.

By Lee Sang-duk

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