S.Korea's GDP Dips to 10th Place Globally in 2019

South Korea produced a nominal gross domestic product (GDP) valued at US$1.64 trillion in 2019 to rank 10th globally, down two spots from 2018.

The data was based on the Organization for Economic Cooperation's (OECD) analysis of 38 advanced and emerging economies.

The drop in GDP rankings came as South Korea posted a nominal economic growth rate of 1.4 percent last year, ranking the third-lowest among 47 countries analyzed.

The United States topped the global GDP list with $21.43 trillion, followed by China with $14.34 trillion and Japan with $5.08 trillion. Trailing them were Germany with $3.85 trillion, Britain with $2.83 trillion, and France with $2.71 trillion.

South Korea's per capita GDP dipped to $31,682 in 2019 from the $33,340 in the previous year, although it remained at 22nd among 35 major economies.

The International Monetary Fund sees the South Korean economy declining by 1.2 percent in 2020, while the Korea Development Institute projects a 0.2-percent expansion this year.