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Korean economy grows 2% in 2024 as per capita income inches up 1.2%, BOK data shows

Published: 05 Mar. 2025, 09:58

Containers stacked at a port in Busan on March 2. [YONHAP]

Korea's economy grew 2 percent last year, matching an earlier estimate, amid slowing export growth, sagging domestic demand and a political crisis, central bank data showed Wednesday.

The country's real GDP — a key measure of economic growth — increased 2 percent last year, in line with the central bank's earlier estimate in January, according to preliminary data from the Bank of Korea (BOK).

The 2024 growth accelerated from a 1.4 percent advance in 2023.

In the fourth quarter of 2024, Asia's fourth-largest economy grew 0.1 percent on quarter.

The data also showed that the country's per capita gross national income (GNI) stood at $36,624 in 2024, marking a 1.2 percent increase from a year earlier.

In terms of the Korean won, the GNI climbed 5.7 percent amid the strengthening of the dollar and the won's weakness.

The per capita GNI surpassed the $30,000 mark for the first time in 2017.

Yonhap