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S. Korea ranks 11th worldwide in GDP: World Bank data

According to Yonhap News,

(SEOUL=Yonhap News) South Korea ranked 11th worldwide in gross domestic product (GDP) in 2015, with its global standing rising two notches from a year earlier, data showed Tuesday.

According to the data by the World Bank, South Korea's nominal GDP came to US$1.38 trillion last year, up from 13th place a year earlier. But the value was down 2.4 percent from $1.42 trillion the previous year.

GDP, the broadest measure of an economy's performance, is the total value of goods and services produced within the economy in a given period.

It is the first time in nine years that South Korea has regained its 11th place in the global GDP rankings. Seoul's standing tumbled to 15th in 2008 amid the global financial crisis.

South Korea's advance was attributed mainly to lackluster performances by rival economies, such as Russia and Australia, which were hit by plunging commodity prices.

Russia's GDP nose-dived 34.7 percent on-year to $1.33 trillion in 2015, with the Australian economy shrinking 7.9 percent to $1.34 trillion.

"It is difficult to attach great importance to the rise in South Korea's ranking, but South Korea showed a relatively good performance though the global economy was stuck in sluggish growth and low prices," said Park Sang-hyun, an analyst at Hi Investment & Securities Co.

The United States topped the global GDP list with $17.95 trillion last year, trailed by China with $10.87 trillion and Japan with $4.12 trillion. Germany, Britain and France followed with $3.36 trillion, $2.85 trillion and $2.42 trillion, respectively.

Rounding out the top 10 list were India with $2.07 trillion, Italy with $1.81 trillion, Brazil with $1.77 trillion and Canada with $1.55 trillion. Australia came next to South Korea followed by Russia, with Spain ranking 14th with $1.19 trillion.

Meanwhile, the data also showed South Korea's per-capita gross national income (GNI) came in at $27,440 last year, or 46th worldwide, which was down four notches from the previous year. South Korea's per-capita GNI in terms of purchasing power parity stood at $34,700 with its ranking slipping six spots to 48th, according to the data.

Copyrights Yonhap News. All Rights Reserved.

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Source: Yonhap News (Aug. 16, 2016)

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