SKorea's GDP tops $1 trillion in 2010: estimate

South Korea's gross domestic product is estimated to have exceeded $1 trillion last year, driven by a faster-than-expected economic recovery from the global downturn, preliminary government data showed today.

According to the data by the Ministry of Strategy and Finance, the nation's nominal GDP slightly surpassed the mark last year for the first time in three years.

It is based on its local-currency GDP estimate of 1,140-1, 150 trillion won.

Experts expect South Korea's global economic standing to edge up as the nation will likely compete with Australia and Mexico for the world's 13th-14th largest economy.

It currently stands as the world's 15th.

South Korea's GDP has been on a steady rise over the past decade both in terms of the won and the dollar.

In 2007, it rose as high as $1. 05 trillion, statistics showed.

But the global financial crisis sent the won's value plunging against the greenback, dragging down the figures to $931 billion and $833 billion in 2008 and 2009, respectively, despite improvements in the local currency term.

Government officials said the latest GDP improvement is driven mostly by the nation's faster-than-expected economic rebound from the global downturn.

According to the finance ministry, the Korean economy grew 6.1 per cent last year following a 0.2 per cent advance the previous year.

It earlier forecast a 5 per cent growth for this year, citing robust exports and recovering domestic demand.

Meanwhile, based on the latest figures, the nation's income per capita is estimated to have reached $20,500 last year, exceeding the $20,000 mark for the first time in three years.

Finance ministry officials expect the figure could increase further to around $23,000 this year if the government "achieves its annual growth target and the currency market remains stable.