Korea's Per-Capita GNI Surpasses US$25,000

      March 27, 2014 11:33

      Korea's per-capita gross national income reached US$25,000 for the first time last year.

      The Bank of Korea on Wednesday announced the preliminary 2013 national account and said per-capital GNI stood at $26,205 in 2013, up 6.1 percent from the previous year.

      After surpassing $20,000 in 2007, per-capita GNI fell to $18,000 in 2009 following the Asian financial crisis and only regained $20,000 in 2011.

      But the main reason behind the surge is a new method of calculation. For the latest tally, the central bank adopted the 2008 System of National Accounts in line with the international trend.

      The difference is that research and development costs as well as leisure expenses and production costs for cultural works and art are deemed as fixed investments and included in calculating GDP.

      Meanwhile, per-capita personal gross disposable income rose $1,020 from 2012 to $14,690 last year.

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