South Korea’s real gross national income (GNI) saw the highest growth in a year in the second quarter.
The Bank of Korea said Thursday that the nation’s real GNI grew1.1% in the second quarter from the previous quarter, the highest growth since the second quarter of last year, according to Korea’s (KBS WORLD) website.
The central bank attributed the latest growth in the figure to improved trade conditions and growth in the net factor income (NFI) from the rest of the world.
NFI refers to the difference between income earned by South Koreans abroad through labor or capital, and similar income earned in South Korea by non-Koreans.
Unlike real gross domestic income (GDI), which focuses on domestic economic activities, GNI is a gauge of a population’s purchasing power from income earned both at home and abroad.