The amount of outstanding state bonds issued by South Korea has exceeded 450 trillion won ($418.2 billion) as the government is raising money to make up for tax revenue shortfalls caused by the prolonged economic slump, data showed Thursday.

According to the data provided by the finance ministry, the outstanding state bonds, including Treasurys and currency stabilization bonds, stood at 457.3 trillion won as of August. This marked the first time that the amount has topped the 450 trillion won mark.

The latest figure is up from 412.4 trillion won tallied at end-2012. It is also much higher than the 258 trillion won reported at the end of 2006.

The increase is attributable to a spike in the issuance of Treasurys aimed at raising money to make up for revenue shortfalls caused by the prolonged economic slump. Expanded fiscal spending aimed at boost the economy also led to more debt sales by the government.

The data showed that the amount of outstanding Treasurys came to 398.5 trillion won as of August, up from 206.8 trillion won tallied in 2006.

The ratio of Treasurys to the total government debt also jumped from 73.2 percent in 2006 to 83 percent in August, according to the data. (Yonhap News)