South Korea: Fiscal balance, percent of GDP
* indicates monthly or quarterly data series
| South Korea |
Fiscal balance, percent of GDP |
|---|---|
| Latest value | -1.60 |
| Year | 2023 |
| Measure | percent |
| Data availability | 2013 - 2023 |
| Average | -0.17 |
| Min - Max | -3.70 - 1.60 |
| Source | Ministry of Economy and Finance of South Korea |
The latest value from 2023 is -1.6 percent, a decline from 0 percent in 2022. In comparison, the world average is -2.82 percent, based on data from 143 countries. Historically, the average for South Korea from 2013 to 2023 is -0.17 percent. The minimum value, -3.7 percent, was reached in 2020 while the maximum of 1.6 percent was recorded in 2018.
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Definition: The fiscal (budget) balance is the difference between government revenue and government expenditure. We express the value as percent of GDP to relate it to the size of the economy.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Government spending, percent of GDP | 18.90 | 2023 | percent |
| Government spending, in dollars | 323.69 | 2023 | billion U.S. dollars |
| Fiscal balance, percent of GDP | -1.60 | 2023 | percent |
| Government debt | 46.90 | 2023 | percent |
| Government expenditure | 109,050.90 | Q4/2024 | billion |
| Long-term interest rate | 2.80 | 3/2025 | percent |
| Tax revenue | 18.44 | 2022 | percent |
| Commercial tax rate | 33.20 | 2019 | percent |
| Tax preparation time | 174 | 2019 | hours |
| Number of taxes | 12 | 2019 | taxes |
| Taxes on goods and services | 16.89 | 2022 | percent |
| Taxes on international trade | 1.40 | 2022 | percent |
| Income and profits taxes | 33.88 | 2022 | percent |
| Foreign aid | -71.54 | 2004 | million U.S. dollars |