SEOUL, March 5 (Xinhua) — South Korea’s per-capita gross national income (GNI) topped 30,000 U.S. dollars in 2018, central bank data showed Tuesday.
The per-capita GNI was 31,349 dollars in 2018, up 5.4 percent from 29,745 dollars in 2017, according to the Bank of Korea (BOK). It took 12 years for the figure to surpass 30,000 dollars, after exceeding 20,000 dollars in 2006.
The reading refers to total domestic and foreign earnings made by residents of a country divided by the population. It indicates the living standard of residents of a country.
Revised figure for real gross domestic product (GDP), adjusted for inflation, expanded 2.7 percent in 2018 from a year earlier. It was unchanged from the preliminary figure.
Private consumption grew 2.8 percent last year, marking the highest growth since 2011. Export, which accounts for about half of the export-driven economy, increased 4.2 percent.
Investment in the construction sector shrank 4 percent, and facility investment fell 1.6 percent in 2018, posting the fastest fall since 2009.
The GDP deflator, which reflects a comprehensive inflation, was 0.3 percent in 2018, the lowest since 2006.