Korea’s Per Capita GDP, $11,400 as of 2002, Ranks 49th In World

It has been disclosed that the amount of personal Gross Domestic Product (GDP) of Korea is ranked 49th in the world, which is similar to that of Greece and Portugal, and the economic scale of Korea is assessed as the world’s 11th biggest economy following that of Spain.

According to the report: “Korean Economy in the World,” released by the Korea Bank on May 25, the amount of personal gross domestic product of Korea has risen from 52nd place in the world 2001 to 49th as of 2002, recording $11,400. This report has been drawn up based on the International Bank for Reconstruction and Development’s (IBRD) “2004 World Standard for Development.”

The personal gross domestic product of Korea reaches one-third of the level of the U.S.’s $35,400, which is ranked as 6th, and Japan’s $34,010, which is placed at 7th. In addition, Hong Kong’s $24,690 and Singapore’s $20,690 are twice as large than that of Korea. Greece’s $11,660 and Portugal’s $10,720 are similar to the level of Korea’s personal GDP.

As of 2002, the place of the world’s largest personal GDP is occupied by Bermuda, which is estimated as being close to $40,000 level, but the precise amount has not been confirmed. China’s personal GDP level records $960, placing 136th.

“Korea’s personal GDP level in 2002 has been increased from $9,930 to $11,400 because we’ve altered the standard year for GDP calculation into 2000 in this April,” explained Yeon Mi-sook, the chief of GDP team of Korea Bank.

The level of Gross Net Income (GNI) of Korea, which shows the economic scale of countries, is disclosed to have amounted to $543 billion in 2002, placing it at the 11th position, which is a move up a notch from 2001’s 12th place.

The United States grasps the top place with 10 trillion and 207 billion dollars, and Japan, Germany, the United Kingdom, France, and China obtain the second to sixth places respectively with 4 trillion and 324 billion, 1 trillion and 876 billion, 1 trillion and 511 billion, 1 trillion and 362 billion, and 1 trillion and 234 billion dollars in order.

On the list of “Purchasing Power Parity (PPP) personal GDP,” that converts the personal GDP levels of countries into figures based on each countries’ level of public price, Korea records $19,470, placing it at the world’s 41st position. On this list, the United States and Japan record $36,110 and $27,380 respectively.

In addition, by this standard of calculation, the economic scale of China can be assessed as 5 trillion and 792 billion dollars, reaching the world’s second position following that of the United States, which is much larger than that of Japan’s 3 trillion and 481 billion dollars.

The sum of income earned by the whole population of a certain country in manufacturing activities within certain period is regarded as their GDP level. The Korean capitals and labor powers’ income earned from overseas is added on that level and the amount of foreign capitals and labor powers earned in Korea is taken away from the GDP level to finalize the calculation.

Joong-Hyun Park sanjuck@donga.com