South Korea recorded a Government Budget deficit equal to 3.90 percent of the country's Gross Domestic Product in 2024. This dataset provides - South Korea Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The budget balance in relation to the GDP in South Korea was forecast to continuously increase between 2024 and 2030 by in total 0.23 percentage points. The budget balance is estimated to amount to -0.41 percent in 2030. The indicator describes the general government net lending/borrowing which is calculated as revenue minus total expenditure. The International Monetary Fund defines the general government expenditure as consisting of total expense and the net acquisition of nonfinancial assets. The general government revenue consists of the revenue from taxes, social contributions, grants receivable, and other revenue.Find more key insights for the budget balance in relation to the GDP in countries like Japan, Taiwan, and China.

South Korea recorded a government budget deficit of 35502 KRW Billion in May of 2025. This dataset provides - South Korea Government Budget Value - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, South Korea reported a government budget deficit of approximately **** trillion South Korean won. The fiscal deficit of South Korea worsened significantly following the outbreak of the COVID-19 pandemic.

Korea Budget Plan: GG: TE: Current: Year 3 data was reported at 328,100.000 KRW bn in 2017. This records an increase from the previous number of 289,200.000 KRW bn for 2016. Korea Budget Plan: GG: TE: Current: Year 3 data is updated yearly, averaging 248,900.000 KRW bn from Dec 2005 (Median) to 2017, with 13 observations. The data reached an all-time high of 328,100.000 KRW bn in 2017 and a record low of 177,900.000 KRW bn in 2005. Korea Budget Plan: GG: TE: Current: Year 3 data remains active status in CEIC and is reported by Ministry of Strategy and Finance. The data is categorized under Global Database’s Korea – Table KR.F009: Five Years Budget Plan Proposal: General Government .

South Korea: Budget balance forecast, percent of GDP: The latest value from 2030 is -0.4 percent, a decline from -0.36 percent in 2029. In comparison, the world average is -2.33 percent, based on data from 81 countries. Historically, the average for South Korea from 1995 to 2030 is 0.96 percent. The minimum value, -1.57 percent, was reached in 2022 while the maximum of 3.88 percent was recorded in 2000.

In 2025, South Korea allocated approximately ***** trillion South Korean won to its national defense budget. This was an increase compared to the previous year. South Korea's defense budget has steadily increased throughout the surveyed period.

Korea Budget Plan: GG: TE: Current: Year 2 data was reported at 313,300.000 KRW bn in 2017. This records an increase from the previous number of 281,300.000 KRW bn for 2016. Korea Budget Plan: GG: TE: Current: Year 2 data is updated yearly, averaging 239,100.000 KRW bn from Dec 2005 (Median) to 2017, with 13 observations. The data reached an all-time high of 313,300.000 KRW bn in 2017 and a record low of 166,000.000 KRW bn in 2005. Korea Budget Plan: GG: TE: Current: Year 2 data remains active status in CEIC and is reported by Ministry of Strategy and Finance. The data is categorized under Global Database’s Korea – Table KR.F009: Five Years Budget Plan Proposal: General Government .

In 2025, the South Korean local governments' planned budget for education amounted to approximately **** trillion South Korean won. The overall budget for educational expenses has increased in the last decade.

Korea Budget Plan: GG: TR: Current: Year 1 data was reported at 294,900.000 KRW bn in 2017. This records an increase from the previous number of 268,000.000 KRW bn for 2016. Korea Budget Plan: GG: TR: Current: Year 1 data is updated yearly, averaging 234,500.000 KRW bn from Dec 2005 (Median) to 2017, with 13 observations. The data reached an all-time high of 294,900.000 KRW bn in 2017 and a record low of 159,400.000 KRW bn in 2005. Korea Budget Plan: GG: TR: Current: Year 1 data remains active status in CEIC and is reported by Ministry of Strategy and Finance. The data is categorized under Global Database’s Korea – Table KR.F009: Five Years Budget Plan Proposal: General Government .

Forecast: R&D Budget for Defence in South Korea 2024 - 2028 Discover more data with ReportLinker!

Forecast: R&D Budget for Planet and Infrastructure in South Korea 2024 - 2028 Discover more data with ReportLinker!

The South Korean government allocated about **** trillion South Korean won to address the declining fertility rate, which was a ** percent increase compared to the previous year's budget. The budget was mainly allocated to support housing and related issues, followed by policies to improve work-family balance.

Forecast: R&D Budget for Health and Medical Sciences in South Korea 2024 - 2028 Discover more data with ReportLinker!

Forecast: Renewable Energy Public R&D Budget in South Korea 2024 - 2028 Discover more data with ReportLinker!

Korea Budget Plan: GG: TR: Capital: Year 1 data was reported at 152,200.000 KRW bn in 2017. This records an increase from the previous number of 146,600.000 KRW bn for 2016. Korea Budget Plan: GG: TR: Capital: Year 1 data is updated yearly, averaging 109,600.000 KRW bn from Dec 2005 (Median) to 2017, with 13 observations. The data reached an all-time high of 152,200.000 KRW bn in 2017 and a record low of 76,200.000 KRW bn in 2005. Korea Budget Plan: GG: TR: Capital: Year 1 data remains active status in CEIC and is reported by Ministry of Strategy and Finance. The data is categorized under Global Database’s Korea – Table KR.F009: Five Years Budget Plan Proposal: General Government .

The national budget for social overhead capital (SOC) in South Korea was set at around *********** South Korean won for 2024. Social overhead capital refers to basic facilities needed for society to function and includes but is not limited to roads, power, government buildings, and telecommunications.

South Korea jumped by 6.1% of Government Budget Appropriations or Outlays for R&D in Defence in 2019, compared to the previous year.

Korea Budget Plan: GG: Social Security Fund Balance: Year 3 data was reported at 53,700.000 KRW bn in 2017. This records an increase from the previous number of 51,100.000 KRW bn for 2016. Korea Budget Plan: GG: Social Security Fund Balance: Year 3 data is updated yearly, averaging 37,100.000 KRW bn from Dec 2005 (Median) to 2017, with 13 observations. The data reached an all-time high of 53,700.000 KRW bn in 2017 and a record low of 29,300.000 KRW bn in 2006. Korea Budget Plan: GG: Social Security Fund Balance: Year 3 data remains active status in CEIC and is reported by Ministry of Strategy and Finance. The data is categorized under Global Database’s Korea – Table KR.F009: Five Years Budget Plan Proposal: General Government .

In Korean society, regionalism has deep historical roots and has had a great influence on elections. A historic event occurred in 2014 when a conservative party candidate, Lee Jung-hyun, was elected as a member of the National Assembly in Suncheon-si, Jeollanam-do, where liberal parties have been in the midst of powerful political influence. This was possible because voters responded to the candidate’s appeal to vote based on benefits to the local economy, that is, securing greater funding from the central government. Exploiting the synthetic control method, this article identifies how this different choice has affected the budget of the local district. The results show that the community budget has increased dramatically, and a battery of robustness checks also support these basic results. On the basis of the empirical evidence, the study suggests the possibility of overcoming a long-standing parochial regionalism in Korean politics through economic voting and its practical benefits.