Friday, April 4th, 2014
SEOUL, KOREA - As of 2012, Korea's public sector expenditure was 671.9 trillion won, accounting for 48.8 percent of the nominal GDP. According to a report "New Public Sector Accounting" published by the Bank of Korea on April 3, the total expenditure by the public sector was 671.9 trillion won in 2012, up 46 percent from 460.1 trillion won in 2007. This is equivalent to 48.8 percent of the nation's nominal GDP, up 4.7 percentage points from that of 2007.
For the six-year period between 2007 and 2012, the public sector expenditure has grown 7.9 percent a year on average. By segment, general government expenditure took the largest portion at 450.8 trillion won (67.0%), followed by non-financial state-run enterprises at 189.1 trillion won (28.1%), and financial state-run enterprises at 35.9 trillion won (5.3%).
The average percentage for the Organization for Economic Cooperation and Development member countries is 42.4 percent. By individual nation, the United States is 39.7 percent, the United Kingdom 48.0 percent, Germany 44.7 percent, and Japan 43.0 percent.
