Per capita GNI to top $30,000 for South Koreans this year

SEOUL, March 28 (UPI) — The average South Korean is expected to earn more than $30,000 this year.

The Bank of Korea’s preliminary data showed Wednesday that the South Korea economy grew 3.1 percent last year, up 2.9 percent from 2017.

Strong exports, which accounted for roughly half the gross domestic product, rose 1.9 percent, while facilities investment and construction investment grew 14.6 percent and 7.6 percent, Yonhap reported.

Private consumption also boosted the economy, up 2.6 percent, the highest annual growth rate seen in six years.

Meanwhile, per capita gross national income jumped by 7.5 percent on year, the highest gain in six years, hitting $29,745.

The central bank expects per capita GNI this year to surpass $30,000 for the first time, provided that the economy continues to grow by more than three percent and there are no severe fluctuations in the won-dollar exchange rate.

The country’s per capita GNI hit $20,000 in 2006.

Only nine countries in the world with a population of more than 20 million currently have a per capita income level of $30,000 or more, the central bank said.