ELI5 for graphs:
* 1st graph: Nominal GDP likely to reach 30% YoY in Q3. First time since the late 1970s
* 2nd graph: Korea's current account surplus in August reached 25% of GDP, 46.1 billion USD
* 3rd graph: Household debt has fallen from 100% of GDP to 80%, government debt back to 40% of GDP
* 4th graph: All domestic sectors of the economy have become a net saver in Q2
* 5th graph: Real national income growth has reached +15%, real GDP growth is expected to reach +4%.
RNI = measures real purchasing power rather than physical unit output by calculating total income earned by citizens and corps, regardless of where in the world that income was earned. It captures the trading gain from exports, while stripping out domestic inflation to ensure fake wealth is not measured.
Real GDP = measures 100% of the physical volume output of all final goods and services within a country using previous year prices, by stripping out inflation and deflation to see how many units were made (true economic growth). Useful to see growth across different years.
Nominal GDP: Total output is measured using current market prices and doesn't adjust for inflation. Useful to compare debt-to-GDP in today's dollars or total output of different countries in a given year.