SEOUL, KOREA - Korea's per-capita income this year is expected to surpass US$24,000, the highest figure in history. This is largely due to the appreciation of the won against the U.S. dollar. According to banking sources on November 25, per-person income based on the gross national income (GNI) is projected to be $24,044 at the year's end.

 

The per-capita income in excess of $20,000 was achieved in 2007 for the first time, but it fell below that level in the following year due to the global financial crisis. The per-capita income level surpassed the level again in 2010 and has since remained at the $22,000 level in 2011 and 2012. The biggest reason for the rise has to do with favorable movements in the won-dollar exchange rate.

 

The projection was based on the estimated 2013 GDP growth rate of 2.8 percent with the exchange rate of 1,095 won per dollar, based on the average exchange rate for the ten-month period from January to October. Last year's average exchange rate was 1,102 won per dollar. The fact that the population growth rate remained flat at 0.43 percent from 2012 made the per-capita income figure look bigger.