S. Korea - rose back to world's 11th largest economy in 2015: World Bank data: ARIRANG NEWS

ARIRANG NEWS

Published on Aug 15, 2016

한국 작년 GDP 1조3천779억달러…9년 만에 세계 11위 회복
South Korea's economy has been on a turbulent ride in recent years with exports sagging and key industries suffering.

But as our Kim Mok-yeon reports,... South Korea actually rose on the world GDP rankings in 2015... when compared with other economies.

Local investment banks revealed Tuesday that data by the World Bank shows South Korea's Gross Domestic Product reached one-point-three-eight trillion U.S. dollars in 2015.

That makes South Korea the eleventh largest economy in the world.

South Korea's GDP rank hit tenth in 2005, but it had fallen back to 15th by 2008.

Between 2009 and 2013,... South Korea remained 14th. 

From 2014, it started to bounce back, climbing one notch to 13th, and finally climbed two notches back to 11th last year.

However, the results don't mean South Korea's economy actually grew, as Russia and Australia's economies -- in 10th and 12th respectively in 2004 -- contracted last year.

Experts say South Korea's GDP last year actually dropped two-point-four percent from one-point-four-one trillion dollars in 2014 and its Gross National Income per capita at purchasing power parity dropped six notches to 48th.

An investment strategy manager from Seoul-based HI Investment & Securities said that, though it's difficult to read too much into the rise of South Korea's GDP rank, it's possible to say South Korea's economy did relatively well compared to other countries.

The United States topped the GDP list with almost 18 trillion dollars, followed by China, Japan and Germany and Britain.

Kim Mok-yeon, Arirang News.