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S. Korea’s GNI Drops 2.6 Percent

Written: 2016-03-25 09:20:57Updated: 2016-03-25 09:39:41

S. Korea’s GNI Drops 2.6 Percent

South Korea’s per capita gross national income(GNI) dropped for the first time in six years.

The Bank of Korea(BOK) said Friday that public accounts for last year showed individual average income was 27-thousand-340 U.S. dollars, marking a two-point-six-percent, or 731-dollar, fall from the year before.

Average income for South Koreans exceeded the 20-thousand dollar mark for the first time in 2006, hitting 20-thousand-823 dollars. The per capita GNI fell to 18-thousand-303 dollars in 2009 in the immediate aftermath of the global financial crisis but increased to 22-thousand-170 dollars in 2010.

However, the average per capita gross national income in terms of Korean won increased four-point-six percent, or one-point-37 million won, last year from 2014 when the average South Korean earned 29-point-56 million won. 

The data is attributed to the rise of the won-to-dollar exchange rate by seven-point-four percent last year, which weakened the won.

The real GNI, or the GNI calculated after taking inflation into account, rose six-point-five percent last year. Real GDP, or gross domestic production calculated after taking into account inflation, rose two-point-six percent. It marked the lowest expansion since two-point-three percent growth in 2012.

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