[Young journalist Hansae Jung] South Korea’s economy experienced a growth of 1.8% in the first quarter of this year. In its report titled ‘First Quarter National Income (Preliminary Estimate),’ the Bank of Korea announced on the 9th that South Korea’s real Gross Domestic Product (GDP) increased by 1.8%, which is a 3.8% increase compared to the same quarter last year. Real Gross National Income (GNI), which measures the total income earned by a country’s residents both domestically and abroad, increased by 9.2%. Last year, South Korea’s Gross National Income (GNI) per capita was USD 36,963.

Real GDP for the first quarter was revised upward by 0.1 percentage points from the preliminary estimate released in April. As a result of using newly available data for March that were not included in the preliminary estimate, figures for facility investment (+1.8 percentage points) and private consumption (+0.1 percentage points), among others, were reflected. Hwa-yong Kim, Director of the National Income Division, stated, “An upward revision of 0.1 percentage points in the first-quarter real GDP has the effect of increasing the annual economic growth rate by 0.1 percentage points when viewed over the entire year,” adding, “We expect to reassess the outlook in August under changed conditions.”

By economic activity, manufacturing increased by 3.9% compared to the previous quarter, driven by computers, electronics, and optical equipment. The construction industry expanded by 2.2%, supported by increases in both building construction and civil engineering projects. The service industry grew by 0.6%, driven by wholesale and retail trade, accommodation and food services, and finance and insurance.

On the expenditure side, exports increased by 5.9%, driven by IT products such as semiconductors, while imports rose by 3.9% due to the increased share of machinery, equipment, and automobiles. Private consumption grew by 0.6%, as spending on both goods (such as clothing) and services (such as financial services) increased. In contrast, government consumption decreased by 0.4% as spending on National Health Insurance benefits declined.

A noteworthy point is real Gross National Income (GNI). In the first quarter, it increased by 9.2% compared to the previous quarter. Compared to the same period last year, it increased by 13.2%. Real GNI represents the amount of income that residents actually receive after accounting for changes in prices. Nominal GNI rose by 11.0% quarter-on-quarter and by 17.1% compared to the same period last year. GNI per capita was estimated at USD 36,963, equivalent to approximately KRW 52.57 million. This is an increase of USD 108 from the USD 36,855 figure released in March.

Director Kim stated, “If the current high growth rate of nominal GDP continues, we expect GNI per capita to approach the USD 40,000 level this year.”

▶원문 기사: 韓 1분기 경제성장률 1.8%…국민총소득은 9.2%↑ (이코노미스트, 2026. 6. 9)
 

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