Korea’s economy posts nearly 7% growth following base year adjustment

Korea's economy grew at an annualized rate of nearly 7 percent after a change in the base year for economic growth data compilation, central bank data showed Wednesday.

According to the data from the Bank of Korea, Asia's fourth-largest economy expanded at an average 6.9 percent per year from 1954 to last year under the new base year of 2020, up from a 6.8 percent advance under the previous base year of 2015.

The data also showed that the nominal GDP stood at 2,401 trillion won ($1.67 billion) in 2023, sharply up from 47.7 billion won in 1953, with per capita gross national income spiking to $36,194 from a meager $6.7 over the cited period.

Yonhap