The Bank of Korea announced on Jan. 22 that South Korea’s GNI per capita is estimated to have exceeded US$31,000 last year. The central bank explained that the actual figure may change in that the latest nominal GDP is yet to be announced and the reference year that is applied to the national accounts is going to be changed from 2010 to 2015.
South Korea’s GNI per capita was US$29,745 in 2017. The figure topped US$20,000 and reached US$20,795 in 2006. In other words, Korea’s GNI per capita is likely to exceed US$30,000 in 12 years after it broke the US$20,000 mark. Korea took more time than expected due mainly to global financial crises. Earlier, the country’s GNI per capita reached US$20,000 from US$10,000 in 12 years, from 1994 to 2006.
The tentative figure for 2018 is scheduled to be announced in March this year. The final figure that reflects the change in reference year is going to be announced in June.