South Korea’s gross domestic product(GDP) per capita fell more than eight percent last year to post the third-largest drop among major countries.

According to an analysis of related data by Rep. Jin Sun-mee of the main opposition Democratic Party on Wednesday, the country’s GDP per capita marked 32-thousand-142 U.S. dollars last year, down eight-point-two percent from a year earlier.

The drop was the third-largest among 47 major economies after Japan with a fall of 15-point-one percent and Sweden with a decline of eight-point-five percent.

The 47 economies include the top 30 largest economies and members of the Organization for Economic Cooperation and Development, which, along with the World Bank, provided the data that was analyzed.

Despite the drop, South Korea ranked 23rd among the 47 nations in 2022, unchanged from the previous year.

Luxemburg topped the list with over 125-thousand dollars, followed by Norway with 106-thousand dollars, Ireland, Switzerland and the United States.