Korea - Expense (% of GDP)

Expense (% of GDP) in Korea was 27.51 as of 2019. Its highest value over the past 47 years was 27.51 in 2019, while its lowest value was 11.31 in 1973.

Definition: Expense is cash payments for operating activities of the government in providing goods and services. It includes compensation of employees (such as wages and salaries), interest and subsidies, grants, social benefits, and other expenses such as rent and dividends.

Source: International Monetary Fund, Government Finance Statistics Yearbook and data files, and World Bank and OECD GDP estimates.

See also:

Year Value
1972 15.49
1973 11.31
1974 12.36
1975 13.84
1976 14.57
1977 13.62
1978 13.60
1979 14.65
1980 15.01
1981 14.88
1982 15.91
1983 14.17
1984 13.70
1985 13.89
1986 13.24
1987 12.66
1988 12.22
1989 13.11
1990 13.26
1991 13.18
1992 13.42
1993 13.12
1994 13.19
1995 13.05
1996 13.25
1997 13.05
1998 15.27
1999 14.85
2000 15.39
2001 16.33
2002 15.44
2003 17.30
2004 17.17
2005 17.82
2006 18.55
2007 18.02
2008 18.32
2009 19.30
2010 17.63
2011 18.14
2012 24.63
2013 24.03
2014 23.62
2015 23.49
2016 23.50
2017 23.96
2018 24.92
2019 27.51

Limitations and Exceptions: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD). Despite IMF efforts to standardize data collection, statistics are often incomplete, untimely, and not comparable across countries.

Statistical Concept and Methodology: The IMF's Government Finance Statistics Manual 2014, harmonized with the 2008 SNA, recommends an accrual accounting method, focusing on all economic events affecting assets, liabilities, revenues, and expenses, not just those represented by cash transactions. It accounts for all changes in stocks, so stock data at the end of an accounting period equal stock data at the beginning of the period plus flows over the period. The 1986 manual considered only debt stocks. Government finance statistics are reported in local currency. Many countries report government finance data by fiscal year; see country metadata for information on fiscal year end by country.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Public Sector Indicators

Sub-Topic: Government finance