South Korea's Per-Capita GDP Nears $40,000, Challenges 10-Year High on Semiconductor Boom

South Korea's per-capita gross domestic product (GDP) is approaching the $40,000 mark, driven by a boom in semiconductor exports. According to the government, this year's nominal GDP is estimated to reach approximately 3,505.98 trillion won, an increase of over 300 trillion won from last year. Divided by the population, the per-capita GDP stands at approximately 58.24 million won, which translates to around $39,164 at current exchange rates.

South Korea's per-capita GDP first surpassed the $30,000 mark in 2016 at $30,383. Although it rose to $35,000 in 2018, it fell to the $33,000 range in 2020 due to the pandemic. It subsequently hovered around the $36,000 level before rebounding recently due to increased semiconductor demand.

The gap with Taiwan, which is also benefiting from the semiconductor sector, is widening. Taiwan's per-capita GDP reached $45,610 this year. The difference between the two nations, which was around $3,000 last year, has now surpassed $6,000 in a single year, with Taiwan pulling further ahead of South Korea.

The government projects that the national economy will expand by 4.6% next year compared to this year. Per-capita GDP is expected to rise to $41,024 next year, surpassing the $40,000 threshold.