S. Korea's GDP to remain world's 15th largest in 2009: gov't data

SEOUL, Feb. 2 (Yonhap) -- South Korea is expected to retain its status as the
world's 15th largest economy last year thanks to its better-than-expected
economic performance amid a global slowdown, data showed Tuesday.
According to preliminary data provided by the Ministry of Strategy and Finance,
the nation's nominal GDP amounted to around 1,050 trillion won (US$820 billion)
last year, up from the previous year's 1,024 trillion won.
GDP is the broadest measure of goods and services produced in a country during a
certain period. Nominal figures are those unadjusted for inflation.
Last year, South Korea's economy grew 0.2 percent, avoiding what many feared
would be the first contraction in more than a decade. The finance ministry
forecast a 5 percent expansion for this year.
The latest GDP figures will likely keep South Korea in its status as the world's
15th largest economy, though final data have yet to be made available, the
ministry said.
South Korea's GDP in dollar terms, however, dropped by over $100 billion from the
previous year's $928.7 billion due to the weakened value of the local currency,
the data showed. In 2007, the nation's dollar-term GDP stood at $1.05 trillion.
The ministry predicted that the falling won-dollar exchange rate and rebounding
economic activity would bring the nation's nominal GDP back to the $1 trillion
mark in 2010 for the first time in three years.
kokobj@yna.co.kr
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