S. Korea's national debt hit W486t in Nov.

By 정주원
  • Published : Feb 16, 2014 - 15:58
  • Updated : Feb 16, 2014 - 15:58

South Korea's national debt came to 486.4 trillion won ($458.9 billion) as of the end of November, slightly more than the 2013 annual forecast made earlier, a government report showed Sunday.

According to the monthly financial report from the Ministry of Strategy and Finance, the national debt increased from 443.1 trillion won tallied at the end of 2012.

The November tally is slightly more than the 480.3 trillion won projected earlier by the government, but ministry officials said the year-end tally will likely match the estimate, noting national debt generally tends to decrease in the second half of the year.

The amount, however, does not include liabilities held by public enterprises, which came to about 378 trillion won at the end of 2012.

Of the total national debt owed by the central and regional governments, 467.9 trillion won is owed by the central government and the remaining 18.5 trillion won by regional governments.

As of the end of November, national income amounted to 320.6 trillion won with spending coming to 303.7 trillion won, according to the report.

Tax revenues in the first 11 months of 2013 dropped slightly to 187.9 trillion won from 190.4 trillion won over the same period in 2012.

As of the end of January this year, national assets were valued at 912 trillion won with land and other properties accounting for 435 trillion won, or 47.8 percent of the total.

Reports are to be published on a monthly basis from now on. The government previously issued yearly reports only.

"Financial reports had been unable to provide timely measures as they had been issued annually," a ministry official said. "The monthly reports are expected to allow the government check its standing while also helping strengthen public awareness." (Yonhap News)