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(Seoul=NSP NEWS AGENCY) = Last year, South Korea’s economy grew by 1.4%. It is the lowest since 2020, when it was hit directly by COVID-19. Real gross national income(GNI) increased by 3.7%.

According to ‘2023 Fourth Quarter and Annual National Income’ announced by the Bank of Korea on the 5th, real gross domestic product(GDP) grew by 1.4% year-on-year last year.

By expenditure item, construction investment and facility investment turned to growth, but the rate of increase in private consumption, government consumption, exports, and imports decreased. Private consumption decreased from 4.1% in 2022 to 1.8% in 2023, and government consumption decreased from 4.0% to 1.4% during the same period. Exports decreased from 3.4% to 3.1%.

The nominal GDP in 2023 was KRW 2,236.3 trillion, a 3.4% increase over the previous year, and in US dollar terms, US$1,713.1 billion. a 2.4% increase over the previous year.

Nominal gross national income(GNI) increased by 3.9%, which is higher than the nominal GDP growth rate(3.4%) due to the increase in nominal foreign net factor income. GNI per capita was KRW 44,051,000, a 3.7% increase from the previous year, and in US dollar terms, it was US$33,745, a 2.6% increase from the previous year.

The total savings rate was 33.3%, down 0.8 percentage points from the previous year, and the gross domestic investment rate was 31.6%, down 1.1 percentage points from the previous year.

The Bank of Korea said, “The slowdown in domestic demand is due to a decrease in consumption contribution,” and “It is expected that the recovery in private consumption is to be slow.”

By Soon-ki Lee(s8789@nspna.com) and Soo-in Kang(sink606@nspna.com)

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