Government Spending in South Korea decreased to 99958.70 KRW Billion in the first quarter of 2025 from 100029 KRW Billion in the fourth quarter of 2024. This dataset provides - South Korea Government Spending - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2025, the South Korean central government is expected to have a total expenditure of around 673 trillion South Korean won. This is an increase from approximately 657 trillion won in 2024. Over the past few decades, the total government expenditure has consistently risen.

South Korea military spending/defense budget for 2022 was 46.37 billion US dollars, a 8.86% decline from 2021.

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

<li>South Korea military spending/defense budget for 2021 was <strong>50.87 billion US dollars</strong>, a <strong>10.31% increase</strong> from 2020.</li>
<li>South Korea military spending/defense budget for 2020 was <strong>46.12 billion US dollars</strong>, a <strong>4.57% increase</strong> from 2019.</li>
<li>South Korea military spending/defense budget for 2019 was <strong>44.10 billion US dollars</strong>, a <strong>2.4% increase</strong> from 2018.</li>
</ul>Military expenditures data from SIPRI are derived from the NATO definition, which includes all current and capital expenditures on the armed forces, including peacekeeping forces; defense ministries and other government agencies engaged in defense projects; paramilitary forces, if these are judged to be trained and equipped for military operations; and military space activities. Such expenditures include military and civil personnel, including retirement pensions of military personnel and social services for personnel; operation and maintenance; procurement; military research and development; and military aid (in the military expenditures of the donor country).

Government spending in South Korea was last recorded at 37.0 percent of GDP in 2022 . This dataset provides - South Korea Government Spending To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

The ratio of government expenditure to GDP in South Korea was forecast to increase between 2024 and 2030 by in total 0.55 percentage points. This overall increase does not happen continuously, notably not in 2026 and 2028. The ratio is estimated to amount to 23.38 percent in 2030. Shown here is the general government expenditure as a share of the national gross domestic product. As defined by the International Monetary Fund, the general government expenditure consists of total expense and the net acquisition of nonfinancial assets. The gross domestic product represents the total value of final goods and services produced during a year.Find more key insights for the ratio of government expenditure to GDP in countries like Mongolia, China, and Taiwan.

Military Expenditure in South Korea decreased to 47571.30 USD Million in 2024 from 47801.90 USD Million in 2023. South Korea Military Expenditure - values, historical data, forecasts and news - updated on July of 2025.

In 2025, South Korea allocated approximately 61.25 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.

In 2023, South Korea's defense spending accounted for about 2.4 percent of its gross domestic product (GDP), which was similar to the share recorded in the previous year. Defense spending made up about 13.2 percent of the national budget that year.

South Korea: Military spending, percent of total government spending : The latest value from 2022 is 10.57 percent, a decline from 10.75 percent in 2021. In comparison, the world average is 6.44 percent, based on data from 139 countries. Historically, the average for South Korea from 1995 to 2022 is 13.36 percent. The minimum value, 10.57 percent, was reached in 2022 while the maximum of 20.31 percent was recorded in 1995.

South Korea consumer spending for 2023 was 838.03 billion US dollars, a 4.12% increase from 2022.

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

<li>South Korea consumer spending for 2022 was <strong>804.83 billion US dollars</strong>, a <strong>3.7% decline</strong> from 2021.</li>
<li>South Korea consumer spending for 2021 was <strong>835.72 billion US dollars</strong>, a <strong>9.56% increase</strong> from 2020.</li>
<li>South Korea consumer spending for 2020 was <strong>762.81 billion US dollars</strong>, a <strong>5.02% decline</strong> from 2019.</li>
</ul>Household final consumption expenditure (formerly private consumption) is the market value of all goods and services, including durable products (such as cars, washing machines, and home computers), purchased by households. It excludes purchases of dwellings but includes imputed rent for owner-occupied dwellings. It also includes payments and fees to governments to obtain permits and licenses. Here, household consumption expenditure includes the expenditures of nonprofit institutions serving households, even when reported separately by the country. Data are in current U.S. dollars.

Military expenditure (% of GDP) in South Korea was reported at 2.812 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. South Korea - Military expenditure (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

Government expenditure, billion currency units in South Korea, March, 2025 The most recent value is 118271.4 billion South Korean Won as of Q1 2025, an increase compared to the previous value of 111135.2 billion South Korean Won. Historically, the average for South Korea from Q1 1960 to Q1 2025 is 24425.45 billion South Korean Won. The minimum of 8.35 billion South Korean Won was recorded in Q3 1960, while the maximum of 118271.4 billion South Korean Won was reached in Q1 2025. | TheGlobalEconomy.com

Government expenditure on education, total (% of GDP) in South Korea was reported at 4.8663 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. South Korea - Public spending on education, total (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on May of 2025.

Korea Military Expenditure: % of GDP data was reported at 2.555 % in 2017. This records a decrease from the previous number of 2.618 % for 2016. Korea Military Expenditure: % of GDP data is updated yearly, averaging 4.085 % from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 7.158 % in 1960 and a record low of 2.315 % in 2002. Korea Military Expenditure: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s South Korea – Table KR.World Bank.WDI: Defense and Official Development Assistance. Military expenditures data from SIPRI are derived from the NATO definition, which includes all current and capital expenditures on the armed forces, including peacekeeping forces; defense ministries and other government agencies engaged in defense projects; paramilitary forces, if these are judged to be trained and equipped for military operations; and military space activities. Such expenditures include military and civil personnel, including retirement pensions of military personnel and social services for personnel; operation and maintenance; procurement; military research and development; and military aid (in the military expenditures of the donor country). Excluded are civil defense and current expenditures for previous military activities, such as for veterans' benefits, demobilization, conversion, and destruction of weapons. This definition cannot be applied for all countries, however, since that would require much more detailed information than is available about what is included in military budgets and off-budget military expenditure items. (For example, military budgets might or might not cover civil defense, reserves and auxiliary forces, police and paramilitary forces, dual-purpose forces such as military and civilian police, military grants in kind, pensions for military personnel, and social security contributions paid by one part of government to another.); ; Stockholm International Peace Research Institute (SIPRI), Yearbook: Armaments, Disarmament and International Security.; Weighted average; Data for some countries are based on partial or uncertain data or rough estimates.

Consumer Spending in South Korea decreased to 274619.70 KRW Billion in the first quarter of 2025 from 274758.30 KRW Billion in the fourth quarter of 2024. This dataset provides - South Korea Consumer Spending - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Historical chart and dataset showing South Korea healthcare spending per capita by year from 2000 to 2023.

Korea Government Expenditure on Education: Total: % of GDP data was reported at 5.065 % in 2015. This records an increase from the previous number of 5.057 % for 2014. Korea Government Expenditure on Education: Total: % of GDP data is updated yearly, averaging 3.677 % from Dec 1970 (Median) to 2015, with 39 observations. The data reached an all-time high of 6.377 % in 1982 and a record low of 2.097 % in 1975. Korea Government Expenditure on Education: Total: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Korea – Table KR.World Bank: Education Statistics. General government expenditure on education (current, capital, and transfers) is expressed as a percentage of GDP. It includes expenditure funded by transfers from international sources to government. General government usually refers to local, regional and central governments.; ; United Nations Educational, Scientific, and Cultural Organization (UNESCO) Institute for Statistics.; Median;

Key information about South Korea Private Consumption: % of GDP

• South Korea Private Consumption accounted for 47.7 % of its Nominal GDP in Dec 2024, compared with a ratio of 48.5 % in the previous quarter.
• South Korea Private Consumption contribution to Nominal GDP ratio is updated quarterly, available from Mar 1960 to Dec 2024, with an average share of 54.3 %.
• The data reached an all-time high of 116.4 % in Mar 1964 and a record low of 46.4 % in Dec 2020.

CEIC calculates Private Consumption as % of Nominal GDP from quarterly Private Consumption Expenditure and quarterly Nominal GDP. The Bank of Korea provides Private Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about South Korea Private Consumption: % of GDP

• In the latest reports, South Korea GDP expanded 1.0 % YoY in Mar 2023.
• Its Nominal GDP reached 429.2 USD bn in Mar 2023.
• South Korea GDP Per Capita reached 36,113.0 USD in Dec 2024.
• Its Gross Savings Rate was measured at 29.9 % in Mar 2023.

Key information about South Korea Private Consumption Expenditure

• South Korea Private Consumption Expenditure was reported at 222.690 USD bn in Dec 2024. This records a decrease from the previous number of 229.149 USD bn for Sep 2024.
• South Korea Private Consumption Expenditure data is updated quarterly, averaging 43.962 USD bn from Mar 1960 to Dec 2024, with 260 observations.
• The data reached an all-time high of 233.702 USD bn in Jun 2021 and a record low of 453.231 USD mn in Jun 1961.
• South Korea Private Consumption Expenditure data remains in an active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Private Consumption Expenditure: USD: Quarterly: Seasonally Adjusted.

CEIC converts quarterly Private Consumption Expenditure into USD. The Bank of Korea provides Private Consumption Expenditure in local currency. Federal Reserve Board average market exchange rate is used for currency conversions.

In 2024, households in South Korea spent an average of over one million South Korean won per month on non-consumption expenditures. In total, each household spent around 3.8 million South Korean won per month.