South Korea recorded a Government Budget deficit equal to 3.90 percent of the country's Gross Domestic Product in 2024. Government Budget in South Korea averaged -0.89 percent of GDP from 1988 until 2024, reaching an all time high of 3.47 percent of GDP in 2007 and a record low of -5.60 percent of GDP in 2021. source: Statistics Korea
Government Budget in South Korea is expected to reach -4.00 percent of GDP by the end of 2026, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Government Budget is projected to trend around -3.60 percent of GDP in 2027 and -3.20 percent of GDP in 2028, according to our econometric models.