According to data released by the Bank of Korea, South Korea's Gross National Income (GNI) per capita reached $36,624 in 2023, a 1.2% increase from the previous year. This marks the second consecutive year of growth, indicating the steady expansion of the South Korean economy. In Korean Won terms, GNI per capita was 49,955,000 Won, a 5.7% increase from the previous year.

Despite the depreciation of the Korean Won, the 2023 GNI per capita was able to offset the effects of the exchange rate decline, thanks to rising prices and economic growth rates. The average Won-Dollar exchange rate in 2023 increased by 4.5% compared to the previous year.

South Korea's GNI per capita first entered the $30,000 range in 2014 and has been steadily increasing since then.

Meanwhile, the preliminary Gross Domestic Product (GDP) growth rate for the fourth quarter of 2023 increased by 0.1% compared to the previous quarter, which is the same as the initial estimate. However, while exports, government consumption, and imports were revised upward, construction investment and equipment investment were revised downward.

The preliminary annual GDP growth rate was also recorded at 2.0%, which is the same as the initial estimate.

Key Economic Indicators:

GNI per Capita: $36,624 (up 1.2% year-on-year)
GNI per Capita in Korean Won: 49,955,000 Won (up 5.7% year-on-year)
GDP Deflator: Up 4.1%
Gross Savings Rate: 35.1% (up 1.6% points year-on-year)
Gross Domestic Investment Rate: 30.0% (down 1.8% points year-on-year)
Q4 GDP Growth Rate: Up 0.1% quarter-on-quarter
Annual GDP Growth Rate: 2.0%

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