South Korea’s economy grew at an annualised average of nearly 7% after a revision in the base year for economic growth data, central bank figures showed on Wednesday. The Bank of Korea said Asia’s fourth-largest economy expanded by an average of 6.9% per year from 1954 to 2022 under the new 2020 base year, compared with a previously recorded 6.8% pace when 2015 served as the benchmark. The data also showed nominal gross domestic product (GDP) reached KRW2,401tr in 2023, surging from KRW47.7bn in 1953. Per capita gross national income climbed to USD36,194 in the same period, up from just USD6.7. The revisions highlight the economy’s rapid expansion over the past several decades.