In 2024, the value of household debt in South Korea amounted to about 91.28 million South Korean won, slightly down from about 91.89 million South Korean won in the previous year. Household debt in South Korea has risen steadily in recent years.

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.

In 2023, South Korean households' debt-to-gross disposable income ratio was about 186.5 percent. This ratio has been on an overall upward trend over the past few years. Household debt mainly includes loans, primarily home mortgages, and other types of liabilities such as consumer credit (e.g., credit card debt, automobile loans). A ratio above 100 percent indicates that the debt owed is greater than the annual disposable income. According to the source, South Korea had one of the highest household debt-to-income ratios among OECD countries in 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.

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.

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.

In 2023, the total value of household debt in South Korea amounted to about ***** trillion South Korean won, up from about ***** trillion South Korean won in the previous year. Household debt has risen steadily in recent years.

Key information about South Korea Household Debt

• South Korea Household Debt reached 1,742.9 USD bn in Mar 2023, compared with the reported number of 1,847.0 USD bn in the previous quarter
• South Korea Household Debt: USD mn data is updated quarterly, available from Dec 2002 to Mar 2023
• The data reached an all-time high of 1,914.2 USD bn in Jun 2021 and a record low of 428.3 USD bn in Mar 2003

CEIC converts quarterly Household Debt into USD. The Bank of Korea provides Household Debt in local currency based on SNA 2008. The Federal Reserve Board period end market exchange rate is used for currency conversions. Household Debt includes NPISH. Household Debt prior to Q4 2008 is based on SNA 1993.


Further information about South Korea Household Debt

• In the latest reports, South Korea Household Debt accounted for 104.5 % of the country's Nominal GDP in Mar 2023
• Money Supply M2 in South Korea increased 2,818.1 USD bn YoY in Apr 2023
• South Korea Foreign Exchange Reserves was measured at 397.2 USD bn in Jun 2023
• The Foreign Exchange Reserves equaled 7.5 Months of Import in Jun 2023
• South Korea Domestic Credit reached 3,287.4 USD bn in Apr 2023, representing an increased of 4.2 % YoY

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.

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

In 2023, households with a head of household aged 65 and above in South Korea had an average debt of about ** million South Korean won, up from about ** million in the previous year. Elderly household debt in South Korea has increased in recent years.

South Korea Household Debt to GDP: 18 years of historical data from 2005 to 2023.

In 2024, the debt of households with five persons or more in South Korea amounted to around ***** million South Korean won. Households with four persons followed, with around ***** million South Korean won in debt.

Graph and download economic data for Outstanding International Private Debt Securities to GDP for Republic of Korea (DDDM05KRA156NWDB) from 1983 to 2020 about Korea, debt, securities, private, and GDP.

Korea CSI: Expectations: Household Debt: 40-50 Years Old data was reported at 99.000 Point in Jul 2018. This records an increase from the previous number of 98.000 Point for Jun 2018. Korea CSI: Expectations: Household Debt: 40-50 Years Old data is updated monthly, averaging 102.000 Point from Jul 2008 (Median) to Jul 2018, with 121 observations. The data reached an all-time high of 112.000 Point in Mar 2009 and a record low of 98.000 Point in Jun 2018. Korea CSI: Expectations: Household Debt: 40-50 Years Old data remains active status in CEIC and is reported by The Bank of Korea. The data is categorized under Global Database’s Korea – Table KR.H030: Consumer Survey Index: The Bank of Korea: Consumer Sentiment Index.

Korea CSI: Expectations: Household Debt: Other Cities data was reported at 98.000 Point in Jul 2018. This records an increase from the previous number of 97.000 Point for Jun 2018. Korea CSI: Expectations: Household Debt: Other Cities data is updated monthly, averaging 100.000 Point from Jul 2008 (Median) to Jul 2018, with 121 observations. The data reached an all-time high of 109.000 Point in Jul 2008 and a record low of 96.000 Point in May 2018. Korea CSI: Expectations: Household Debt: Other Cities data remains active status in CEIC and is reported by The Bank of Korea. The data is categorized under Global Database’s Korea – Table KR.H030: Consumer Survey Index: The Bank of Korea: Consumer Sentiment Index.

Key information about South Korea Debt Service Ratio: Private Non-Financial Sector

• South Korea Debt Service Ratio: Private Non-Financial Sector was reported at 20.300 % in Sep 2024
• This records a decrease from the previous number of 20.500 % for Jun 2024
• South Korea Debt Service Ratio: Private Non-Financial Sector data is updated quarterly, averaging 18.100 % from Mar 1999 to Sep 2024, with 103 observations
• The data reached an all-time high of 23.000 % in Mar 1999 and a record low of 15.300 % in Dec 2004
• South Korea Debt Service Ratio: Private Non-Financial Sector data remains active status in CEIC and is reported by Bank for International Settlements
• The data is categorized under World Trend Plus’s Association: Banking Sector – Table RC.BIS.DSR: G1 Private Non-Financial Sector (PNF): Quarterly

The data for household debt comprise debt incurred by resident households of the economy only. This FSI measures the overall level of household indebtedness (commonly related to consumer loans and mortgages) as a share of GDP.

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According to a survey conducted in South Korea in 2023, around 21 percent of respondents reported that their household debt had increased compared to the previous year. Over the past decade, most households so no change in their debt.