South Korea recorded a Government Budget deficit equal to 2.60 percent of the country's Gross Domestic Product in 2019. source: Statistics Korea

Government Budget in South Korea averaged -0.42 percent of GDP from 1988 until 2019, reaching an all time high of 3.47 percent of GDP in 2007 and a record low of -4.10 percent of GDP in 2009. This page provides - South Korea Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea Government Budget - values, historical data and charts - was last updated on December of 2020.

Government Budget in South Korea is expected to reach -3.50 percent of GDP by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Government Budget is projected to trend around -2.50 percent of GDP in 2021 and -2.80 percent of GDP in 2022, according to our econometric models.

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South Korea Government Budget

Actual Previous Highest Lowest Dates Unit Frequency
-2.60 -0.60 3.47 -4.10 1988 - 2019 percent of GDP Yearly

South Korea Government Last Previous Highest Lowest Unit
Government Debt to GDP 37.70 36.60 39.90 8.24 percent [+]
Government Budget -2.60 -0.60 3.47 -4.10 percent of GDP [+]
Government Budget Value -58956.00 -80461.00 42914.00 -89971.00 KRW Billion [+]
Government Spending 80247.40 80151.90 80247.40 2925.40 KRW Billion [+]
Government Revenues 382798.00 330364.00 443853.00 14987.00 KRW Billion [+]
Fiscal Expenditure 441754.00 410825.00 455850.00 7012.00 KRW Billion [+]
Military Expenditure 41157.00 39171.00 41157.00 190.00 USD Million [+]
Credit Rating 86.00 [+]
Asylum Applications 839.00 1059.00 2260.00 1.00 Persons [+]
Government Spending To GDP 30.27 30.30 34.90 18.60 percent [+]


South Korea Government Budget
Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). A budget deficit occurs when an government spends more money than it takes in. The opposite of a budget deficit is a budget surplus.