In 2023, South Korea's national debt accounted for approximately 46.9 percent of the country's gross domestic product (GDP), which was a slight increase from about 45.9 percent in the previous year. The debt-to-GDP ratio of South Korea has been slowly but steadily increasing over the years. With the implementation of emergency relief funds and increased government spending during the COVID-19 outbreak in 2020, it was expected that the debt ratio would continue to grow in the future.

Key information about South Korea Government Debt: % of GDP

• South Korea Government debt accounted for 45.7 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 46.1 % in the previous quarter.
• South Korea government debt to GDP ratio data is updated quarterly, available from Sep 2002 to Sep 2024.
• The data reached an all-time high of 46.4 % in Sep 2023 and a record low of 15.3 % in Mar 2003.

CEIC calculates quarterly Government Debt as % of Nominal GDP from quarterly Government Debt and rolling sum of quarterly Nominal GDP. The Ministry of Finance and Economy provides Government Debt in local currency. The Bank of Korea provides Nominal GDP in local currency. Government Debt covers Central Government only.


Related information about South Korea Government Debt: % of GDP

• In the latest reports, South Korea National Government Debt reached 873.5 USD bn in Sep 2024.
• The country's Nominal GDP reached 429.2 USD bn in Mar 2023.

South Korea recorded a Government Debt to GDP of 46.80 percent of the country's Gross Domestic Product in 2024. This dataset provides - South Korea Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The ratio of national debt to gross domestic product (GDP) in South Korea was forecast to continuously increase between 2024 and 2030 by in total 6.7 percentage points. After the tenth consecutive increasing year, the ratio is estimated to reach 59.19 percent and therefore a new peak in 2030. Notably, the ratio of national debt to gross domestic product (GDP) was continuously increasing over the past years.This indicator describes the general government gross debt in relation to the country's GDP. According to the International Monetary Fund, gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. The GDP, on the other hand, refers to the total value of final goods and services produced during a year.Find more key insights for the ratio of national debt to gross domestic product (GDP) in countries like China, Japan, and Taiwan.

South Korea debt to gdp ratio for 2022 was 51.18%, a 2.22% increase from 2021.

<ul style='margin-top:20px;'>

<li>South Korea debt to gdp ratio for 2021 was <strong>48.96%</strong>, a <strong>2.52% increase</strong> from 2020.</li>
<li>South Korea debt to gdp ratio for 2020 was <strong>46.43%</strong>, a <strong>6.46% increase</strong> from 2019.</li>
<li>South Korea debt to gdp ratio for 2019 was <strong>39.97%</strong>, a <strong>2.41% increase</strong> from 2018.</li>
</ul>Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.

Key information about South Korea Household Debt: % of GDP

• South Korea household debt accounted for 93.7 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 93.9 % in the previous quarter.
• South Korea household debt to GDP ratio is updated quarterly, available from Dec 2002 to Sep 2024.
• The data reached an all-time high of 101.9 % in Sep 2021 and a record low of 61.4 % in Mar 2005.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. The Bank of Korea provides Household Debt in local currency and Nominal GDP in local currency, based on SNA 2008. Household Debt includes NPISH. Household Debt prior to Q4 2008 is based on SNA 1993.


Related information about South Korea Household Debt: % of GDP

• In the latest reports, South Korea Household Debt reached 1,742.9 USD bn in Mar 2023.
• Money Supply M2 in South Korea increased 6.7 % YoY in Sep 2024.
• South Korea Foreign Exchange Reserves was measured at 391.9 USD bn in Dec 2024.
• The Foreign Exchange Reserves equaled 7.1 Months of Import in Dec 2024.
• South Korea Domestic Credit reached 3,624.4 USD bn in Sep 2024, representing an increased of 5.3 % YoY.
• The country's Non Performing Loans Ratio stood at 0.4 % in Sep 2024, compared with the ratio of 0.4 % in the previous quarter.

Households Debt in South Korea decreased to 90.10 percent of GDP in the fourth quarter of 2024 from 90.70 percent of GDP in the third quarter of 2024. This dataset provides - South Korea Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Private Debt to GDP in South Korea decreased to 163 percent in 2024 from 166.80 percent in 2023. This dataset provides - South Korea Private Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2023, South Korea's household debt accounted for about ***** percent of its gross domestic product (GDP). While the household debt-to-GDP ratio has decreased compared to the previous year, it remains very high in international comparisons.

Key information about South Korea External Debt: Short Term: % of GDP

• South Korea External Debt: Short Term accounted for 7.9 % of the country's Nominal GDP in 2024, compared with the ratio of 7.7 % in the previous year.
• South Korea External Debt: Short Term: % of Nominal GDP data is updated yearly, available from 1994 to 2024.
• The data reached an all-time high of 14.8 % in 2009 and a record low of 5.9 % in 2001.

CEIC calculates Short Term External Debt as % of Nominal GDP from quarterly Short Term External Debt and annual Nominal GDP. The Bank of Korea provides Short Term External Debt in USD and Nominal GDP in local currency. Federal Reserve Board average market exchange rate is used for currency conversions.


Related information about South Korea External Debt: Short Term: % of GDP

• In the latest reports of South Korea, Current Account recorded a surplus of 9.6 USD bn in Dec 2024.
• Foreign Direct Investment (FDI) increased by 2.6 USD bn in Jun 2023.
• South Korea Direct Investment Abroad expanded by 7.0 USD bn in Dec 2024.
• Its Foreign Portfolio Investment fell by 4.9 USD bn in Dec 2024.
• South Korea External Debt: Short Term value stood at 146.9 USD bn in Dec 2024.
• The country's Nominal GDP was reported at 429.2 USD bn in Mar 2023.

Graph and download economic data for Household Debt to GDP for Republic of Korea (HDTGPDKRQ163N) from Q4 2005 to Q1 2023 about Korea, debt, households, and GDP.

Key information about South Korea Total Debt: % of GDP

• South Korea Total Debt accounted for 703.3 % of the country's GDP in 2024, compared with the ratio of 701.8 % in the previous quarter.
• South Korea Total Debt: % of GDP data is updated quarterly, available from Dec 2008 to Sep 2024.
• The data reached an all-time high of 717.5 % in Sep 2022 and a record low of 532.4 % in Dec 2008.

CEIC calculates quarterly Total Debt as % of Nominal GDP from quarterly Total Debt and quarterly Nominal GDP. Total Debt is calculated as Total Liabilities less Equity & Investment Fund Shares and Financial Derivatives. Liabilities of the Rest of the World are subtracted from Total Liabilities. The Bank of Korea provides Total Debt in local currency and Nominal GDP in local currency.

Graph and download economic data for Central government debt, total (% of GDP) for the Republic of Korea (DEBTTLKRA188A) from 1990 to 2023 about Korea, debt, government, and GDP.

As of the second quarter of 2024, South Korea's private credit-to-nominal GDP ratio was 202.7 percent. The ratio had peaked at 209.2 percent in the third quarter of 2023 before decreasing once again.

Key information about South Korea Private Debt: % of Nominal GDP

• South Korea Private Debt accounted for 161.34 % of its Nominal GDP in Dec 2024, compared with a ratio of 162.16 % in the previous quarter
• South Korea Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Mar 1991 to Dec 2024, with an average share of 126.36 %
• The data reached an all-time high of 165.71 % in Sep 2023 and a record low of 98.67 % in Sep 1991

CEIC calculates quarterly Private Debt as % of Nominal GDP from monthly Private Debt and quarterly Nominal GDP. Private Debt is calculated as the sum of Credits to Non Financial Corporations and Households. The Bank of Korea provides Private Debt in local currency and Nominal GDP in local currency.

Household debt to GDP, in percent in South Korea, December, 2024 The most recent value is 90.1 percent as of December 2024, a decline compared to the previous value of 90.7 percent. Historically, the average for South Korea from March 1999 to December 2024 is 73.11 percent. The minimum of 43.5 percent was recorded in December 1999, while the maximum of 99.2 percent was reached in September 2021. | TheGlobalEconomy.com

As of the second quarter of 2024, the nominal GDP growth rate for South Korea stood at *** percent. This figure was significantly larger than the private credit growth rate for the same period.

Outstanding international public debt securities to GDP (%) in South Korea was reported at 0.5375 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. South Korea - Outstanding international public debt securities to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

International debt issues to GDP (%) in South Korea was reported at 13.8 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. South Korea - International debt issues to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

Key information about South Korea National Government Debt

• South Korea National Government Debt reached 874.0 USD bn in Sep 2024, compared with 832.6 USD bn in the previous quarter.
• South Korea National Government Debt data is updated quarterly, available from Sep 2002 to Sep 2024.
• The data reached an all-time high of 874.0 USD bn in Sep 2024 and a record low of 99.9 USD bn in Sep 2002.

CEIC calculates quarterly Government Debt from monthly Government Debt and converts it into USD. Statistics Korea provides Government Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions. Government Debt covers Central Government only. Government Deb prior to Q1 2014 is calculated from quarterly Government Debt.


Related information about South Korea National Government Debt

• In the latest reports, South Korea Consolidated Fiscal Balance recorded a deficit equal to 1.1 % of its Nominal GDP in Dec 2024.
• The country's Government debt accounted for 45.7 % of its Nominal GDP in Sep 2024.
• South Korea Nominal GDP reached 429.2 USD bn in Mar 2023.