South Korea's per capita income surpassed 30-thousand U.S. dollars a year earlier than previously assessed, following a revision of the benchmark year.

The Bank of Korea(BOK) said on Tuesday that both gross national income(GNI) per capita as well as the gross domestic product(GDP) growth rate were raised as a result of the revision of the benchmark year to 2015 from 2010. 

As a result of the revision, South Korea's GNI per capita surpassed the 30-thousand dollar threshold in 2017.

GNI per capita for 2018 was raised to 33-thousand-434 dollars from the 31-thousand-349 dollars, says the BOK.

According to the central bank’s revised benchmark data, annual real GDP growth from 2001 to 2018 averaged three-point-nine percent, point-two percentage point higher than the previous estimate.

The GDP growth rate for 2018 was unchanged at two-point-seven percent, however.

South Korea, like most countries, regularly revises its benchmark reference year to better reflect changes in the structure of the economy.