Shipping containers are stacked at a port in the southeastern city of Busan, in this file photo taken Nov. 29. (Yonhap)

South Korea's economy grew at an annualized rate of nearly 7 percent after a change in the base year for economic growth data compilation, central bank data showed Wednesday.

According to the data from the Bank of Korea, Asia's fourth-largest economy expanded at an average 6.9 percent per year from 1954 to last year under the new base year of 2020, up from a 6.8 percent advance under the previous base year of 2015.

The data also showed that the nominal gross domestic product (GDP) stood at 2,401 trillion won in 2023, sharply up from 47.7 billion won in 1953, with per capita gross national income spiking to $36,194 from a meager $6.7 over the cited period. (Yonhap)