Net incurrence of liabilities, total in South Korea
South Korea: Net incurrence of liabilities, total was 51.22 trillion current LCU in 2024. ◆ Volatile
Net incurrence of liabilities, total in South Korea, 1972–2024
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in current LCU.
Analysis
South Korea recorded 51.22 trillion current LCU for net incurrence of liabilities, total in 2024.
That represents a change of down 17.8% on the previous year and up 15.5% over ten years.
Over the whole period, net incurrence of liabilities, total in South Korea peaked at 129.31 trillion current LCU in 2020 and was at its lowest, -27.55 trillion current LCU, in 2003.
South Korea ranks 4th of 136 countries on this measure, in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 325.25 billion current LCU | 74.00 billion current LCU | 594.00 billion current LCU | 8 |
| 1980s | 817.40 billion current LCU | -21.00 billion current LCU | 1.88 trillion current LCU | 10 |
| 1990s | 3.92 trillion current LCU | -1.63 trillion current LCU | 17.45 trillion current LCU | 10 |
| 2000s | -2.22 trillion current LCU | -27.55 trillion current LCU | 57.16 trillion current LCU | 10 |
| 2010s | 35.01 trillion current LCU | 15.01 trillion current LCU | 55.10 trillion current LCU | 10 |
| 2020s | 88.96 trillion current LCU | 51.22 trillion current LCU | 129.31 trillion current LCU | 5 |
Countries ranked near South Korea
More public sector data for South Korea
- Arms imports 1.01 billion SIPRI trend indicator values (2024)
- Tax revenue 13.3% (2024)
- Taxes on income, profits and capital gains 27.5% (2024)
- Taxes on goods and services 17.0% (2024)
- Net investment in nonfinancial assets 1.3% (2024)
- Net lending (+) / net borrowing (-) -1.8% (2024)
- Interest payments 5.3% (2024)
- Grants and other revenue 19.8% (2024)
- Interest payments 4.4% (2023)
- Other taxes 4.7% (2024)
Frequently asked questions
- What is net incurrence of liabilities, total in South Korea?
- Net incurrence of liabilities, total in South Korea was 51.22 trillion current LCU in 2024, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest net incurrence of liabilities, total recorded in South Korea?
- The highest recorded value was 129.31 trillion current LCU in 2020.
- What is the lowest net incurrence of liabilities, total recorded in South Korea?
- The lowest recorded value was -27.55 trillion current LCU in 2003.
- How does South Korea rank for net incurrence of liabilities, total?
- South Korea ranks 4th out of 136 countries with data for 2024.
- Is net incurrence of liabilities, total rising or falling in South Korea?
- Over the last ten years it is up 15.5%. The long-run trend across the full record is volatile.
- Where does this South Korea data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Net incurrence of liabilities, total (current LCU). Statizoid updates them automatically from the source API.
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About this data
Net incurrence of government liabilities includes foreign financing (obtained from nonresidents) and domestic financing (obtained from residents), or the means by which a government provides financial resources to cover a budget deficit or allocates financial resources arising from a budget surplus. The net incurrence of liabilities should be offset by the net acquisition of financial assets. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.