TEHRAN - South Korea's per capita gross domestic product (GDP) surpassed $36,000 last year, data showed on Sunday.

According to data compiled by the Ministry of Economy and Finance, the Bank of Korea, and Statistics Korea, the country's per capita GDP for 2023 was estimated at $36,024, marking an increase of $454 or 1.28 percent from the previous year, Iran Chamber of Commerce, Industries, Mines, and Agriculture (IRICA) published on its website. 

The 2024 estimate for South Korea exceeds those of Japan and Taiwan, which recorded $32,859 and $33,234, respectively, according to projections by the International Monetary Fund (IMF).

South Korea's per capita GDP was calculated based on a nominal GDP growth rate of 5.9 percent, a nominal GDP of 2.4 quadrillion won ($1.65 trillion) in 2024, and an average exchange rate of 1,363.98 won per U.S. dollar last year.

The country's total population is estimated to be around 51.75 million in 2024. If the projected growth materializes, South Korea's per capita GDP is expected to surpass the $37,000 threshold in 2025.

Seoul's per capita GDP first exceeded $30,000 in 2016, peaked at $37,503 in 2021, and declined to $34,810 the following year.

EF/MA