South Korea's per capita income surpassed 30-thousand dollars for the first time last year, joining the ranks of advanced economies. 

According to preliminary data from the Bank of Korea on Tuesday, the nation's per capita gross national income(GNI) reached 31-thousand-349 dollars in 2018, up five-point-four percent from 29-thousand-745 dollars the previous year. 

The per capita GNI is a nation's total income earned at home and abroad divided by its total population, and is widely considered an indicator of living standards. 

It took 12 years for the nation to achieve 30-thousand dollars in per capita income since it broke the 20-thousand dollar mark in 2006. 

Meanwhile, the central bank confirmed that the economy grew two-point-seven percent last year, in line with its earlier estimate released in January. The economy expanded three-point-one percent in 2017 but failed to reach three percent last year.