April 25, 2024

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[THE INVESTOR] Korea’s national debt surpassed the 650 trillion-won (US$602 billion) mark to hit a record high last year due to a shortfall in general fiscal accounts, the Finance Ministry said on March 26.

The national debt that covers the central and provincial governments‘ accounts and funds reached 660.7 trillion won in 2017, up 33.8 trillion won from a year earlier, according to the 2017 settlement of accounts endorsed by the Cabinet. The report will be submitted to the National Assembly by May after a review by the Board of Audit and Inspection.

The debt growth seen last year marks the slowest in 13 years, the ministry said.

It accounted for 38.6 percent of the country’s gross domestic product, up 0.3 percentage point from a year earlier.

The ministry said the 33.8 trillion won on-year gain included 29.8 trillion won worth of state debt raised by Treasury bonds.

Meanwhile, the gross revenue that the government brought in last year came to 430.6 trillion won, as its tax earnings expanded on an economic recovery, while its expenditures totaled 406.6 trillion won.

As a result, its surplus reached 24 trillion won last year, widening from a surplus of 16.9 trillion won in 2016.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)