By Xu Aiying and Kim Hwaya

Korea's per capita gross national income (GNI) exceeded a record USD 30,000 last year, 12 years after breaking the USD 20,000 mark in 2006, the Bank of Korea said on March 5.

In a report on GNI in last year's fourth quarter and 2018 overall, the central bank said per capita GNI was USD 31,349 last year, up 5.4 percent from USD 29,745 in 2017. Per capita GNI is an indicator reflecting the standard of living and income of a country.

Shin Seung-chul, director of the bank's national accounts division, told a news briefing, "The achievement of per capita GNI of USD 30,000 is commonly acknowledged as a barometer of advanced nation status,” adding, "The per capita GNI of USD 30,000 means that Korea's economic activity last year was at the level of advanced countries."

"We must focus on resolving the structural problems facing our economy to ensure continuous economic growth."

xuaiy@korea.kr