S.Korea's GNI grows 10.3 pct in 2021

SEOUL, March 3 (Xinhua) -- South Korea's gross national income (GNI) grew in double digits last year owing to the economic recovery from the COVID-19 pandemic, central bank data showed Thursday.

The per-capital GNI, which gauges the total amount of income earned at home and abroad by people and businesses, gained 10.3 percent over the year to 35,168 U.S. dollars in 2021, according to the Bank of Korea (BOK).

The figure topped 35,000 dollars for the first time, after surpassing 30,000 dollars in 2017.

The record-high GNI was attributable to the economic turnaround, driven by solid export, and the local currency's appreciation to the U.S. dollar.

The revised figure for the real gross domestic product (GDP), adjusted for inflation, expanded 4.0 percent in 2021 after decreasing 0.9 percent in 2020. It was unchanged from the preliminary reading unveiled in January.

Export, which accounts for about half of the export-driven economy, advanced 9.9 percent last year after retreating 1.8 percent in the previous year.

Private consumption increased 3.6 percent, while government spending went up 5.5 percent. Import soared 8.5 percent in 2021.

Facility investment jumped 8.3 percent last year, but construction investment shrank 1.5 percent.

The GDP deflator, or the ratio of nominal GDP to real GDP to gauge the price change for all of the goods and services produced in the country, was up 2.3 percent in 2021 from the previous year.