Trailing Only Japan, Sweden
South Korea witnessed a notable decline of 8.2 percent in its per capita Gross Domestic Product (GDP) compared to the previous year, positioning the nation as the third-largest contraction among key global economies.
According to data from the Organization for Economic Cooperation and Development (OECD) and the World Bank (WB) compiled by Representative Jin Sun-mee of the National Assembly’s Planning and Finance Committee through the Bank of Korea on Aug. 2, South Korea’s per capita GDP for the past year stood at US$32,142.
This marked an 8.2 percent drop from the preceding year’s figure of US$34,998, propelling South Korea to claim the third-highest decline rate among 47 major countries, trailing only Japan’s substantial -15.1 percent and Sweden’s -8.5 percent drops.
South Korea’s per capita GDP ranked 23rd globally among 47 countries last year, maintaining its position from 2021. By country, Luxembourg topped the list with US$125,558, followed by Norway with US$106,180, Ireland with US$104,237, Switzerland with US$91,976, and the United States with US$76,360.
South Korea’s counterparts in this competitive landscape include notable nations such as Italy, which ranked at 20th place with US$34,109, Japan at 21st place with US$33,864, and Russia at 22nd place with US$32,410.
The notable plunge in South Korea’s per capita GDP in U.S. dollar terms finds its roots in the significant depreciation of the Korean won value over the past year. In Korean won terms, South Korea’s nominal GDP for the past year increased by 3.9 percent to 2,161.8 trillion won compared to the previous year. However, in U.S. dollar terms, it decreased by 7.9 percent to US$$1.6773 trillion from the previous year’s US$1.8177 trillion.