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South Korea Debt to GDP Ratio

South Korea's government debt-to-GDP ratio hit 46.8% in 2024, up from 45.5% in 2023. This increase marks the highest level since 2021. The rise stems from a widening fiscal deficit, fueled by lower tax revenue particularly from corporate income taxes. Government spending supported livelihood projects despite revenue shortfalls. The national fiscal deficit exceeded 100 trillion won in 2024, contributing to the elevated debt-to-GDP ratio. South Korea's record low government debt to gdp was 8.24% in 1996 and record high was 48% in 2021.

Yearly Historical Data (1991-2024)

(in %)
Year Debt to GDP Ratio
2024 46.8%
2023 45.5%
2022 44.5%
2021 48%
2020 45.9%
2019 39.7%
2018 37.9%
2017 36.3%
2016 39.9%
2015 39.5%
2014 37.3%
2013 35.4%
2012 32.2%
2011 31.5%
2010 30.8%
2009 31.4%
2008 28.2%
2007 28.7%
2006 29.3%
2005 27%
2004 23.3%
2003 20.4%
2002 17.6%
2001 17.7%
2000 17.1%
1999 16.7%
1998 14.7%
1997 10.2%
1996 8.2%
1995 8.9%
1994 10.1%
1993 11.4%
1992 12.2%
1991 12.5%
South Korea Debt to GDP Ratio : Definition
South Korea's government debt to GDP shows its debt relative to its economic output. It's calculated by dividing the total government debt by the gross domestic product. A higher ratio indicates a greater debt burden.
Indicator Last Value Prior Value Period
Current Account to GDP Ratio 5.3% 1.8% Dec'24
Interest Rate 2.5% 2.5% Oct'25
Private Credit (% GDP) 176.12% 174.97% 2023