03-21-2008 18:32

Per-Capita Income May Fall Below $20,000



By Na Jeong-ju

Staff Reporter







Per-capita income rose above $20,000 last year for the first time on strong exports and the won's surge against major currencies, the Bank of Korea said Friday.



The per-capita gross national income (GNI) jumped 8.9 percent from a year ago to $20,045 in 2007. The rise of the GNI is largely attributed to an economic recovery and a rise in the value of the Korean currency, the central bank said.



It is the first time that the country has surpassed $20,000 in per-capita income. It took 12 years for Korea to double its income. The GNI surpassed $10,000 in 1995, but dropped to $7,355 in the wake of the Asian financial crisis in 1998. The income has since increased in line with economic expansion.



However, the per-capita income is expected to fall below $20,000 this year as the won is losing ground. it is predicted that the GNI will fall to $19,630 if the average won-dollar rate stands at 1,000 this year.



The real GNI, which shows the population's real purchasing power, rose 3.9 percent last year, falling short of the country's economic growth for the 12th consecutive year. The gross domestic product (GDP), the total output of goods and services produced in the country, grew a revised 5 percent in 2007 from a year earlier, up from an earlier 4.9 percent estimate, the BOK said.



``Import prices rose at a faster pace than export prices last year, worsening trade terms for Korean exporters and resulting in weaker income growth than the GDP growth,'' said Choi Chun-shin, director of the BOK's economic statistics division.



In 2006, per-capita GNI reached $17,690, ranking 49th in the world, while its GDP expanded to $890 billion, the 13th largest in the world. Korea's total GNI was the 12th largest with $857 billon, according to the World Bank.



The won gained 2.8 percent against greenback in 2007. The Korean currency is expected to remain weaker this year, pulling down the country's income below $20,000, the BOK said.



In the fourth quarter, the GDP grew 1.6 percent from three months earlier, which is higher than an initial estimate of 1.5 percent. Compared to a year earlier, the fourth-quarter GDP rose 5.7 percent. The GDP grew for the 19th quarter in a row.



Last year, exports rose a revised 12 percent from a year earlier, slightly down from a 12.1 percent expansion estimate, on brisk overseas shipments of chips and industrial goods.



Companies' investment in facilities grew 7.6 percent year-on-year in 2007, up from an earlier 7.5 percent estimate, while construction investments expanded 1.2 percent.



Private spending advanced 4.5 percent from the previous year as people increased spending on durable goods and other services, the central bank said.



The BOK forecast that the Korean economy will likely expand 4.7 percent this year, boosted by solid exports and revising private spending. But President Lee Myung-bak, who took office last month, has vowed to achieve of an economic growth rate of around 6 percent this year by easing regulations and cutting taxes.



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