Net incurrence of liabilities, total in Republic of Korea
Republic of Korea: Net incurrence of liabilities, total was 2.0% in 2024. ◆ Volatile
Net incurrence of liabilities, total in Republic of 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 Republic of 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 Republic of Korea peaked at 6.3% in 2020 and was at its lowest, -3.2%, in 2003.
Republic of 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 in Republic of 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% |
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 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 net incurrence of liabilities, total in Republic of Korea?
- Net incurrence of liabilities, total in Republic of 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 Republic of Korea?
- The highest recorded value was 6.3% in 2020.
- What is the lowest net incurrence of liabilities, total recorded in Republic of Korea?
- The lowest recorded value was -3.2% in 2003.
- How does Republic of Korea rank for net incurrence of liabilities, total?
- Republic of Korea ranks 91st out of 136 countries with data for 2024.
- Is net incurrence of liabilities, total rising or falling in Republic of Korea?
- Over the last ten years it is down 26.0%. The long-run trend across the full record is volatile.
- 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 Net incurrence of liabilities, total (% of GDP). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 53 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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.