Net incurrence of liabilities, total (% of GDP) in South Korea
South Korea: Net incurrence of liabilities, total (% of GDP) was 2.0% 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 % of GDP.
Analysis
In 2024, net incurrence of liabilities, total in South Korea stood at 2.0%.
That represents a change of down 22.5% on the previous year and down 26.0% over ten years.
Over the whole period, net incurrence of liabilities, total in South Korea peaked at 6.3% in 2020 and was at its lowest, -3.2%, in 2003.
South Korea ranks 91st of 136 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Net incurrence of liabilities, total (% of GDP) in South Korea, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1972 | 3.6% | — |
| 1973 | 1.3% | -63.7% |
| 1974 | 2.2% | +68.7% |
| 1975 | 2.5% | +11.1% |
| 1976 | 2.5% | +1.4% |
| 1977 | 2.1% | -17.8% |
| 1978 | 2.2% | +8.8% |
| 1979 | 1.8% | -19.7% |
| 1980 | 1.6% | -10.1% |
| 1981 | 3.7% | +129.2% |
| 1982 | 3.2% | -14.7% |
| 1983 | 1.5% | -54.2% |
| 1984 | 1.3% | -11.9% |
| 1985 | 0.7% | -44.9% |
| 1986 | 0.3% | -58.0% |
| 1987 | 0.6% | +119.3% |
| 1988 | -0.0% | -102.2% |
| 1989 | 0.0% | -150.3% |
| 1990 | 0.3% | +4097.9% |
| 1991 | 0.5% | +84.9% |
| 1992 | 0.1% | -72.6% |
| 1993 | -0.2% | -200.3% |
| 1994 | 0.3% | -273.3% |
| 1995 | -0.4% | -238.8% |
| 1996 | -0.1% | -83.4% |
| 1997 | 1.0% | -1790.9% |
| 1998 | 3.1% | +209.5% |
| 1999 | 2.5% | -21.4% |
| 2000 | -0.9% | -135.6% |
| 2001 | -2.0% | +129.3% |
| 2002 | -3.0% | +49.9% |
| 2003 | -3.2% | +5.3% |
| 2004 | -1.6% | -50.2% |
| 2005 | -0.4% | -76.7% |
| 2006 | -0.5% | +43.5% |
| 2007 | -2.1% | +302.5% |
| 2008 | 3.5% | -262.3% |
| 2009 | 4.6% | +32.0% |
| 2010 | 1.2% | -74.4% |
| 2011 | 1.0% | -10.9% |
| 2012 | 2.4% | +129.3% |
| 2013 | 3.5% | +47.6% |
| 2014 | 2.7% | -22.8% |
| 2015 | 2.7% | +1.0% |
| 2016 | 2.0% | -27.2% |
| 2017 | 1.3% | -35.0% |
| 2018 | 1.0% | -22.5% |
| 2019 | 2.7% | +166.4% |
| 2020 | 6.3% | +135.0% |
| 2021 | 5.2% | -17.0% |
| 2022 | 3.7% | -28.9% |
| 2023 | 2.6% | -30.2% |
| 2024 | 2.0% | -22.5% |
South Korea compared with similar countries
- South Korea's 2.0% is below the median for high income countries, which is 3.5%, 58% of the median. (41 countries reporting)
- South Korea's 2.0% is above the median for East Asia & Pacific, which is 2.0%, 1.0× the median. (24 countries reporting)
Biggest year-on-year movements
Years where Net incurrence of liabilities, total (% of GDP) in South Korea changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1990 | +4097.9% | 0.0% | 0.3% |
| 1997 | +1790.9% | -0.1% | 1.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 2.3% | 1.3% | 3.6% | 8 |
| 1980s | 1.3% | -0.0% | 3.7% | 10 |
| 1990s | 0.7% | -0.4% | 3.1% | 10 |
| 2000s | -0.6% | -3.2% | 4.6% | 10 |
| 2010s | 2.0% | 1.0% | 3.5% | 10 |
| 2020s | 4.0% | 2.0% | 6.3% | 5 |
Countries ranked near South Korea
More public sector data for South Korea
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- Chief executive of the government is elected, annual growth rate 0 % change on previous year (2025)
- Elected parliament, annual growth rate 0 % change on previous year (2025)
- Men's universal right to vote, annual growth rate 0 % change on previous year (2025)
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- Arms imports 222.00 million SIPRI trend indicator values (2025)
- Arms imports (SIPRI trend indicator values), per capita 19.5 SIPRI trend indicator values per person (2024)
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- Arms imports (SIPRI trend indicator values), annual growth rate 362.84 % change on previous year (2024)
Frequently asked questions
- What is net incurrence of liabilities, total in South Korea?
- Net incurrence of liabilities, total in South Korea was 2.0% 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 6.3% in 2020.
- What is the lowest net incurrence of liabilities, total recorded in South Korea?
- The lowest recorded value was -3.2% in 2003.
- How does South Korea rank for net incurrence of liabilities, total?
- South Korea ranks 91st 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 down 26.0%. 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 (% of GDP). Statizoid updates them automatically from the source API.
Download this data
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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 as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.