Seoul, March 5
South Korea's economy grew 2 percent last year, matching an earlier estimate, amid slowing export growth, sagging domestic demand and a political crisis, central bank data showed on Wednesday.
The country's real gross domestic product (GDP) -- a key measure of economic growth -- increased 2 percent last year, in line with the central bank's estimate in January.
The 2024 growth accelerated from a 1.4 percent advance in 2023, reports news agency.
The data also showed the country's per capita gross national income (GNI) stood at US$36,624 in 2024, marking a 1.2 percent increase from a year earlier.
In terms of the Korean won, the GNI climbed 5.7 percent to an all-time high of 49.96 million won amid the strengthening of the dollar and the won's weakness.
The per capita GNI surpassed the $30,000 mark for the first time in 2014.
Last year's economic growth was led by exports, which surged 7 percent from a year earlier, compared with a 3.6 percent on-year increase in 2023.
Private spending rose 1.1 percent in 2024, slower than a 1.8 percent expansion the previous year.
Facility investment gained 1.6 percent, while construction investment dropped 3 percent.