SEOUL, May 27 (Yonhap) — South Korea’s gross domestic product (GDP) ranked 10th in the world in 2019, down two notches from the previous year, data showed Wednesday.
Asia’s fourth-largest economy registered US$1.64 trillion in nominal GDP last year, according to the data from the Organization for Economic Cooperation (OECD).
It marked South Korea’s first ranking drop since the 2008 global financial crisis. The OECD analyzed 38 advanced and emerging economies.
South Korea’s fall in GDP rankings came as its nominal economic growth rate stood at 1.4 percent in 2019, the third-lowest among 47 countries surveyed by the Paris-based organization.
GDP, the broadest measure of an economy’s performance, refers to the total value of goods and services produced within the economy in a given period.
The United States topped the global GDP list with $21.43 trillion last year, trailed by China with $14.34 trillion and Japan with $5.08 trillion. Germany, Britain and France followed with $3.85 trillion, $2.83 trillion and $2.71 trillion, respectively.
South Korea’s per capita GDP dropped to $31,682 last year from $33,340 in 2018, but its global ranking remained unchanged at 22nd among 35 major economies, according to the data.