S. Korean economy grew 4% in 2021, per capita GNI reached US$35,168

Posted on : 2022-03-03 16:59 KST Modified on : 2022-03-03 16:59 KST
The growth rate was the highest recorded by South Korea since 2010
People make their way across a street in downtown Seoul on March 3. (Yonhap News)
People make their way across a street in downtown Seoul on March 3. (Yonhap News)

The South Korean economy grew by an annual rate of 4% last year, with a per capita gross national income (GNI) of US$35,168.

On Thursday, the Bank of Korea published provisional figures on national income for the fourth quarter and entire year of 2021. The numbers showed the annual real gross domestic product, or GDP, rising by 4.0% from the year before.

Echoing the flash estimate announced in January, the growth rate was the highest recorded by South Korea since 2010, when it stood at 6.8%.

Nominal GDP was calculated at 2.0574 quadrillion won (US$1.709 trillion) last year, up by 6.4% from 2020. Nominal GNI for 2021 increased by 6.9%, outpacing the 6.4% growth rate for nominal GDP.

But with deteriorating trade conditions leading to the growing real trade losses last year, the 3.5% growth rate in real GNI was lower than the real GDP growth rate.

Per capita GNI was calculated at 40.247 million won, an increase of 7.0% from the year before. In dollar value, that translates into US$35,168, an increase of 10.3% from 2020.

The GDP deflator rose by 2.3% between 2020 and 2021.

The gross savings rate stood at 36.1% last year, up 0.2 percentage points from the year before. The gross domestic investment ratio was calculated at 31.5%, down 0.2 percentage points from 2020.

By Jun Seul-gi, staff reporter

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