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 July 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

Actual Previous Highest Lowest Dates Unit Frequency
-6.10 -2.60 3.47 -6.10 1988 - 2020 percent of GDP Yearly

South Korea Government Last Previous Highest Lowest Unit
Government Debt to GDP 42.60 36.40 42.60 8.24 percent of GDP [+]
Government Budget -6.10 -2.60 3.47 -6.10 percent of GDP [+]
Government Budget Value -20477.00 -16347.00 42914.00 -89971.00 KRW Billion [+]
Government Spending 81349.10 79988.00 81349.10 2925.40 KRW Billion [+]
Government Revenues 247759.00 206719.00 443853.00 14987.00 KRW Billion [+]
Fiscal Expenditure 268236.00 223066.00 472025.00 7012.00 KRW Billion [+]
Credit Rating 86.00 [+]
Military Expenditure 46056.00 43891.00 46056.00 189.00 USD Million [+]
Asylum Applications 6684.00 15451.00 16173.00 4.00 Persons [+]
Government Spending To GDP 31.15 30.27 32.28 17.90 percent of GDP [+]


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.