Nominal GDP Reaches US$1.64 Tril. in 2019
The OECD announced on May 27 that South Korea recorded a nominal GDP of US$1,642,180 million in 2019, coming in 10th among 38 OECD member and major emerging economies. South Korea ranked eighth in 2018 and Canada and Russia came in eighth and ninth in 2019, respectively.
South Korea’s fall in the rankings in 2019 was for the first time in 11 years. It took the 13th place in 2009 and rose to 12th in 2013, 11th in 2014, 10th in 2015 and eighth in 2018. Last year, however, its nominal GDP growth stood at 1.4 percent, 45th out of 47 countries surveyed by the OECD.
Last year, the United States’ nominal GDP amounted to US$21,427.7 billion, followed by those of China (US$14,342.9 billion), Japan (US$5,081.7 billion), Germany (US$3,846.2 billion), Britain (US$2,827.1 billion), France (US$2,708 billion) and Italy (US$2,001.2 billion).
South Korea’s nominal GDP per capita fell from US$33,340 to US$31,682 in 2019. In the rankings, it maintained its 22nd place out of 35 countries with those of Italy, France, Britain and Germany falling as well.