Seoul: South Korea's gross domestic product (GDP) per person is estimated to have exceeded the $36,000 mark last year, data showed on Sunday.

According to Qatar News Agency, the GDP per capita for 2024 is estimated at $36,024, up $454, or 1.28%, from a year earlier, based on data compiled by the Korean Ministry of Economy and Finance, the Bank of Korea, and Statistics Korea.

The 2024 tally surpasses those of Japan and Taiwan, which are estimated at $32,859 and $33,234, respectively, according to the International Monetary Fund (IMF).

South Korea's per capita GDP was calculated using a nominal growth rate of 5.9% from the nominal GDP of 2.4 quadrillion won ($1.65 trillion) in 2023, alongside the average won-dollar exchange rate of 1,363.98 won last year. The country's total population in 2024 was estimated at 51.75 million.

For the current year, the country's per capita GDP is projected to rise above the $37,000 threshold if it achieves the forecasted growth. Previously, Seoul recorded a per capita GDP of over $30,000 for the first time in 2016, reaching a peak of $37,503 in 2021 before decreasing to $34,810 the following year.