The country’s gross domestic product per capita last year exceeded USD 36,000, surpassing those of Japan and Taiwan. (Yonhap News)

By Aisylu Akhmetzianova

The country’s gross domestic product (GDP) per capita last year is estimated to have exceeded USD 36,000, surpassing those of Japan and Taiwan.

The nation’s GDP per capita in 2024 was estimated at USD 36,024, up 1.28% or USD 454, from that of the previous year, according to Ministry of Economy and Finance, Bank of Korea and the Statistics Korea on Feb. 2.

This figure is higher than those for Japan (USD 32,859) and Taiwan (USD 33,234).

GDP per capita is calculated by dividing GDP by the nation’s total population.

The increase in GDP is due to the country’s record-high overseas shipments, worth USD 683.9 billion, last year mainly led by key export items such as semiconductors and automobiles, according to the Ministry of Trade, Industry and Energy.

The GDP per capita in 2016 surpassed the USD 30,000 mark for the first time to reach USD 30,839. Since then, the figure jumped to USD 37,503 in 2021, but fell to USD 34,810 in 2022.

According to the economic policy direction for 2025 announced by the finance ministry, Korea’s GDP per capita is predicted to reach USD 37,000 if the country’s growth rate reaches 3.8%, and the USD-KRW exchange rate remains at the level of last year of KRW 1,363.98.

aisylu@korea.kr