SEJONG, May 29 (Korea Bizwire) — South Korea’s national debt surpassed the 1,200 trillion won (US$1.08 trillion) mark in 2014 due to increased fiscal spending for the economic recovery and a rise in pension payments for government employees and service members, a government report showed Friday.
Gross national debt, including appropriations for pension payments, stood at 1,212.7 trillion won last year, up 94.8 trillion won from the previous year, according to the report by the finance ministry submitted to the National Assembly.
The total was 1.5 trillion won more than the government’s initial estimate of 1,211.2 trillion won.
The ministry said total assets owned by the state grew 90.5 trillion won to 1,756.8 trillion won last year, with the government net worth reaching 544.1 trillion won.
The ministry added that total revenue from taxes stood at 298.7 trillion won last year, while tax expenditures came to 291.5 trillion won.
Under South Korean law the fiscal settlement report has been screened by the Board of Audit and Inspection, with lawmakers obliged to check the data by Sept. 1.