Korea GDP jumps 8 notches last year in 5 years

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Economy

Sun, August 20, 2017 | 03:45

Finance

Korea GDP jumps 8 notches last year in 5 years

Posted : 2014-05-12 16:25

Updated : 2014-05-12 17:13

By Choi Kyong-ae

Korea's per-capita gross domestic product (GDP) jumped eight notches to mark 33rd last year in five years, according to data from the International Monetary Fund (IMF).

In the IMF's World Economic Outlook survey released last month, Korea per-capita GDP increased to $24,329, up from $22,590 in 2013. The dollar-denominated per-capita GDP continued to rise from 41st ranking in 2008, the data showed.

"Global activity has broadly strengthened and is expected to improve further in 2014-2015, with much of the impetus for growth coming from advanced economies," according to the survey available on the IMF home page.

As for Korea, the survey said, "The economy should continue its recovery, with growth accelerating to 3.7 percent in 2014. Stronger growth will be driven mostly by exports, which will be lifted by improving trading partner demand."

It also said domestic demand in Korea should also pick up this year, benefiting from past fiscal stimulus and monetary accommodation as well as continued robust labor market conditions.

In the per-capita GDP rankings, Luxembourg topped with $110,423, followed by Norway with $100,318, Qatar with $100,260 and Switzerland with $81,323, the data said.

When it comes to the Purchasing Power Parity (PPP), a technique used to determine the relative value of different currencies, Korea ranked 27th with $33,189 per person last year, up from the 35th ranking with $27,334 in 2008, they said.

Korea remained the world's 15th biggest economy for five consecutive years through 2013.

Its nominal GDP stood at $1.22 trillion last year. The U.S. and China, the world's two biggest economies, posted $16.79 trillion and $9.18 trillion in GDP last year, respectively.

cka@koreatimes.co.kr