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 -2.84 percent, based on data from 141 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.
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
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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 | 106,513.00 | Q3/2024 | billion |
| Long-term interest rate | 3.00 | 8/2024 | 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 |