Goods and services expense in Republic of Korea
Republic of Korea: Goods and services expense was 12.5% in 2023. ▼ Falling
Goods and services expense in Republic of Korea, 1972–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of expense.
Analysis
In 2023, goods and services expense in Republic of Korea stood at 12.5%.
Compared with earlier readings it is up 14.8% on the previous year and down 5.2% over ten years.
Over the whole period, goods and services expense in Republic of Korea peaked at 37.8% in 1978 and was at its lowest, 6.5%, in 2007.
That places Republic of Korea 91st out of 154 countries with data for 2023, putting it in the middle of the range.
The long-run direction has been consistently falling across the 52 years of available data.
Goods and services expense in Republic of Korea, year by year
| Year | % of expense | Change |
|---|---|---|
| 1972 | 24.7% | — |
| 1973 | 29.0% | +17.4% |
| 1974 | 32.5% | +12.4% |
| 1975 | 31.9% | -2.1% |
| 1976 | 31.3% | -1.9% |
| 1977 | 34.1% | +9.1% |
| 1978 | 37.8% | +10.7% |
| 1979 | 28.5% | -24.5% |
| 1980 | 32.0% | +12.4% |
| 1981 | 32.4% | +1.2% |
| 1982 | 29.8% | -8.1% |
| 1983 | 30.5% | +2.5% |
| 1984 | 27.9% | -8.5% |
| 1985 | 28.8% | +3.2% |
| 1986 | 28.8% | +0.0% |
| 1987 | 28.6% | -0.6% |
| 1988 | 27.4% | -4.3% |
| 1989 | 25.2% | -8.0% |
| 1990 | 23.5% | -6.8% |
| 1991 | 23.2% | -1.1% |
| 1992 | 22.4% | -3.6% |
| 1993 | 21.3% | -4.7% |
| 1994 | 19.3% | -9.8% |
| 1995 | 15.6% | -19.1% |
| 1996 | 15.4% | -1.2% |
| 1997 | 15.6% | +1.6% |
| 1998 | 14.2% | -8.9% |
| 1999 | 11.1% | -22.3% |
| 2000 | 13.5% | +22.2% |
| 2001 | 12.0% | -11.4% |
| 2002 | 12.2% | +2.1% |
| 2003 | 10.1% | -17.2% |
| 2004 | 10.0% | -0.9% |
| 2005 | 9.7% | -3.0% |
| 2006 | 9.8% | +0.4% |
| 2007 | 6.5% | -33.6% |
| 2008 | 6.8% | +5.2% |
| 2009 | 10.8% | +58.7% |
| 2010 | 11.1% | +2.3% |
| 2011 | 10.9% | -1.7% |
| 2012 | 12.0% | +10.3% |
| 2013 | 13.2% | +9.4% |
| 2014 | 13.4% | +1.4% |
| 2015 | 14.8% | +10.6% |
| 2016 | 14.8% | +0.3% |
| 2017 | 13.9% | -6.1% |
| 2018 | 11.6% | -16.5% |
| 2019 | 10.9% | -5.8% |
| 2020 | 10.9% | -0.4% |
| 2021 | 12.0% | +10.5% |
| 2022 | 10.9% | -9.5% |
| 2023 | 12.5% | +14.8% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 31.2% | 24.7% | 37.8% | 8 |
| 1980s | 29.1% | 25.2% | 32.4% | 10 |
| 1990s | 18.2% | 11.1% | 23.5% | 10 |
| 2000s | 10.2% | 6.5% | 13.5% | 10 |
| 2010s | 12.7% | 10.9% | 14.8% | 10 |
| 2020s | 11.6% | 10.9% | 12.5% | 4 |
Countries ranked near Republic of Korea
More public sector data for Republic of Korea
- Arms imports 1.01 billion SIPRI trend indicator values (2024)
- Arms imports (SIPRI trend indicator values), per capita 19.5 SIPRI trend indicator values per person (2024)
- Arms imports (SIPRI trend indicator values), per unit of GDP 0.0005 SIPRI trend indicator values per US$ of GDP (2024)
- Arms imports (SIPRI trend indicator values), annual growth rate 362.84 % change on previous year (2024)
- Arms imports (SIPRI trend indicator values), gaps filled 1.01 billion SIPRI trend indicator values (2024)
- Military expenditure (current USD), per capita 919.23 current USD per person (2024)
- Military expenditure (current USD), per unit of GDP 0.0254 current USD per US$ of GDP (2024)
- Military expenditure (current USD), annual growth rate -0.4824 % change on previous year (2024)
- Military expenditure (current USD), gaps filled 47.57 billion current USD (2024)
- Arms imports (SIPRI trend indicator values), per square kilometre 2,234 SIPRI trend indicator values per square kilometre (2023)
Frequently asked questions
- What is goods and services expense in Republic of Korea?
- Goods and services expense in Republic of Korea was 12.5% in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest goods and services expense recorded in Republic of Korea?
- The highest recorded value was 37.8% in 1978.
- What is the lowest goods and services expense recorded in Republic of Korea?
- The lowest recorded value was 6.5% in 2007.
- How does Republic of Korea rank for goods and services expense?
- Republic of Korea ranks 91st out of 154 countries with data for 2023.
- Is goods and services expense rising or falling in Republic of Korea?
- Over the last ten years it is down 5.2%. The long-run trend across the full record is falling.
- Where does this Republic of Korea data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Goods and services expense (% of expense). Statizoid updates them automatically from the source API.
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About this data
Goods and services include all government payments in exchange for goods and services used for the production of market and nonmarket goods and services. Use of goods and services for own account capital formation is excluded. This indicator is expressed as percentage of total expenses which is any decrease in net worth resulting from a transaction.