Per capita national income remains at $36,000, but contribution to domestic demand is negative - South Korean report

Last year, South Korea's gross national income (GNI) per capita grew by 1%, remaining at the 36,000 dollar level.
The economic growth rate last year was 2%, which was in line with the preliminary estimate. The growth rate for the fourth quarter of last year was 0.1%, which was also in line with the preliminary estimate.
However, real GNI increased by 3.5%, and the real income earned by the people increased more than the degree of economic growth.
According to the "Provisional" report, last year's GNI per capita was $36,624 (approximately JPY 5.49 million) in US dollar terms, up 1.2% from the year before (approximately JPY 5.43 million).
Since exceeding $30,000 (approximately 4.5 million yen) per capita in dollar terms for the first time in 2017, it has remained at the $30,000 level for eight consecutive years.
The NI will rise to $37,898 (approximately JPY 5.68 million) in 2021, but will fall to $32,886 (approximately JPY 4.93 million) in 2022. It will then rise again in 2023.
GNI per capita in dollar terms is an indicator of the standard of living of the nation's citizens. It is calculated by adding nominal gross domestic product (GDP) to nominal net foreign factor income to obtain nominal total income, and converting it to dollars for international comparison.
Last year's nominal GDP was 2,549.1 trillion won (US$2.5 trillion), up 6.2% from the previous year. Nominal GNI was 36.1 trillion won (US$2.5 trillion).
This was down from 41.7 trillion won (approximately 4.28 trillion yen) in the previous year, and was an increase rate of 5.8%, lower than the GDP growth rate.
GNI per capita in won terms was 44,955,000 won (approximately 4.62 million yen), up 5.7% from the previous year.
The GDP deflator, also known as the general price index, rose 4.1%.
is a price index calculated by dividing nominal GDP by real GDP, and when the GDP deflator is added to the growth rate of real GDP, it becomes roughly the same as the growth rate of nominal GDP.
Last year's real GDP grew 2% from the previous year, matching the preliminary estimate released in January. The growth rate for the fourth quarter of last year also increased 0.1% from the previous quarter, matching the preliminary estimate.
The private sector's contribution to growth was calculated at 0.2%, while the government's contribution was minus 0.1%. Net exports contributed 0.3% and domestic demand was minus 0.2%.
Last year, private consumption grew 0.2% and government consumption 0.7%. Exports and imports increased 0.8% and 0.1%, respectively. Capital investment grew 1.2%, while construction rose 1.2%.
Investment fell 4.5% due to declines in both building construction and civil engineering construction. On the other hand, the total savings rate last year was 35.1%, up 1.6% from the previous year. Final consumption expenditure was 1,674.8 trillion won.
The total disposable income of the country increased by 5.8% to 2,580.6 trillion won (US$2.6 trillion). The total domestic investment rate was 30%, down 1.8%.
The investment rate was 5.1%, up 3.3.