Remaining Unchanged: S. Korea's GDP Places 11th in World Last Year | BusinessKorea

Wednesday, October 18, 2017

10 August 2017 - 2:00am
Michael Herh

Last year, the volume of South Korea's economy took 11th place in the world. Its per capita income based on purchasing power sat 48th worldwide, remaining unchanged from the previous year's ranking.

According to the financial investment industry and the Bank of Korea on August 9, South Korea's gross domestic product (GDP) measured in US dollars by the World Bank stood at US$ 1.411 trillion. Its GDP was the 11th largest in the world after Canada (US$1.258 trillion).

The world ranking of South Korea's GDP stood at 12th place in 2001 and stayed at 11th place from 2002 to 2004, and climb to 10th place in 2005, then fell to 11th place in 2006, to 13th place in 2007 and to 15th place in 2008.

After that, it ranked 14th from 2009 to 2013, 13th in 2014 and 11th in 2015. South Korea’s GDP ranking has risen gradually but has stayed out of 10th place for 11 years.

South Korea’s GDP announced by the World Bank is slightly different from the figure released by the Bank of Korea (US$1.41 trillion) because the World Bank uses the three-year average exchange rate (atlas method) when the World Bank converted South Korea’s GDP into US dollars.

Last year, observing GDP by nation, the US (US$18.569 trillion) came in first, followed by China (US$11.199 trillion), Japan (US$4.939 trillion), Germany (US$3.466 trillion), Britain (US$2,619 trillion), France (US$2.465 trillion), India (US$2,263 trillion), Italy (US$1.850 trillion), Brazil (US$1.796 trillion) and Canada rounded up the top ten.

South Korea was followed by Russia (US$1.228 trillion) and Spain (US$1,232 trillion), ranking 11th and 12th respectively.

Spain was followed by Australia (US$1.204 trillion), Mexico (US$1.046 trillion), Indonesia (US$932.3 billion), Turkey (US$857.7 billion), the Netherlands (US$770.8 billion), Switzerland (US$659.8 billion) and Saudi Arabia (US$646.4 billion) which ranked 20th.

Last year, South Korea's per-capita gross national income (GNI) stood 45th (US$27,600), up from 46th in the previous year. If GDP is an indicator of the size of a national economy, per-capita GNI shows the average standard of living of the people of the nation.

However, South Korea recorded US$35,790 as its per capita gross national income (GNI) based on purchasing power parity (PPP), which measures actual purchasing power by applying different price levels of countries.

In terms of per capita GNI based on purchasing power, the United States (US$58,030) came in 18th, followed by Germany (US$49,530) which ranked 27th, 32nd-ranked Canada (US$43,420), 35th-ranked Japan (US$42,870), 36th-ranked France (US$42,380) and the 37th-ranked UK (US$42,100).

Small countries -- Monaco, Qatar, Liechtenstein -- claimed the first, second and third spots.





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