South Korea’s economy showed renewed strength in 2023, with GDP per capita reaching $36,024 as semiconductor prices recovered and export conditions improved. The figure represents a modest 1.28% increase from 2022, according to data from the Ministry of Economy and Finance and the Bank of Korea.
The country’s economic performance was supported by a 5.9% nominal growth rate, which includes inflation effects. The rise in semiconductor prices, a key export for South Korea, combined with lower costs for crude oil and raw materials, helped improve the nation’s trade position.
The latest GDP per capita figure puts South Korea ahead of regional peers Japan and Taiwan, which the International Monetary Fund projected at $32,859 and $33,234 respectively. This marks a return to stronger performance after the metric dropped below $36,000 in recent years.
Looking ahead, the government projects the economy could push per capita GDP above $37,000 in 2024, assuming a 3.8% nominal growth rate. However, this forecast faces headwinds from potential currency fluctuations, with analysts noting that persistent dollar strength could keep the won-dollar exchange rate around 1,400.
The last time South Korea’s per capita GDP exceeded $37,000 was in 2021, when it reached $37,503.
