South Korea's economy is estimated to have come short of the global top ten to rank 13th last year.

According to the Bank of Korea on Wednesday, the nominal gross domestic product(GDP) of Asia's fourth-largest economy was estimated at one-point-67 trillion U.S. dollars in 2022 to rank 13th in the world, down three notches from the previous year.

The United States is estimated to take the top spot with two-point-54 trillion dollars, followed by China with one-point-78 trillion dollars, and then Japan, Germany and Britain.

India, France, Canada, Russia and Italy also made the top ten list.

South Korea made the top ten for the first time in 2018, but slipped to 12th the following year before recapturing tenth place in 2020 and retaining the spot the next year. The country's economy also ranked tenth in the world in 2021.

According to UN data, South Korea's nominal GDP marked one-point-81 trillion dollars in 2021, slightly more than that of Russia, Australia and Brazil – three countries that overtook South Korea last year.

GDP, the broadest measure of an economy's performance, refers to the total value of goods and services produced within the economy in a given period.