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S. Korea's Economy Grows 1.4% in 2023

Written: 2024-03-05 09:37:48Updated: 2024-03-05 10:39:10

S. Korea's Economy Grows 1.4% in 2023

Photo : YONHAP News

Korea’s central bank has announced that the economy grew one-point-four percent last year from a year earlier. 

According to the Bank of Korea on Tuesday, the nation’s real gross domestic product(GDP) grew one-point-four percent and gross national income(GNI) per capita came to 33-thousand-745 U.S. dollars in 2023, up two-point-six percent from a year earlier. 

The per-capita GNI surpassed the 30-thousand dollar mark for the first time in 2017,and climbed as high as 35-thousand-523 dollars in 2021. The figure then slipped seven-point-four percent in 2022 but turned upward again last year. 

In the fourth quarter of last year, real GDP grew zero-point-six percent from the previous quarter and the per capita GNI edged up zero-point-one percent quarter-on-quarter. 

The country's exports climbed three-point-five percent in the fourth quarter, while imports also increased one-point-four percent.

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