South Korea recorded a Government Budget deficit equal to 6.10 percent of the country's Gross Domestic Product in 2020. source: Statistics Korea

Government Budget in South Korea averaged -0.59 percent of GDP from 1988 until 2020, reaching an all time high of 3.47 percent of GDP in 2007 and a record low of -6.10 percent of GDP in 2020. 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 October of 2021.

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

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South Korea Government Budget


South Korea Last Unit Reference Previous Highest Lowest
Government Budget -6.10 percent of GDP Dec/20 -2.60 3.47 -6.10


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.