2018 Government Financial Statement
Consolidated Fiscal Account
Posts a 31.2 trillion won Surplus in 2018
Fiscal balance
The consolidated fiscal account posted a surplus of 31.2 trillion won, an increase of 7.1 trillion won (0.4 percent points to GDP) compared with the previous year. Excluding social security funds ([1]), the fiscal account registered a deficit of 10.6 trillion won, deficits falling 7.9 trillion won (0.5 percentage points to GDP) compared with the previous year.
2018 Government Financial Statement
(trillion won)
|
|
2017
|
2018
|
Change
|
|
Revenues and Expenditures
|
General and special accounts
|
- Total revenues (A)
- Total expenditures (B)
- Surplus (A-B)
- Carry-over from last year (C)
- Budget surplus (A-B-C)
|
359.5
342.9
16.2([2])
4.9
11.3
|
385.0
364.5
16.5([3])
3.3
13.2
|
25.4
21.6
0.3
-1.6
1.9
|
|
Funds
|
619.3
|
569.9
|
-49.4
|
|
Fiscal balance
|
- Consolidated fiscal account (a)
- Social security funds (b)
- Consolidated fiscal account excluding social security funds (a-b)
|
24.0
42.5
-18.5
|
31.2
41.7
-10.6
|
7.1
-0.8
7.9
|
|
Assets
|
Central government debt
|
627.4
|
651.8
|
24.4
|
|
Assets in debt instruments
|
316.9
|
342.8
|
25.9
|
|
National properties
|
1,075.8
|
1,076.6
|
0.8
|
|
Tangible personal property
|
11.6
|
12.4
|
0.8
|
|
Assets and liabilities
|
Assets (c)
|
2,062.5
|
2,123.7
|
61.2
|
|
Liabilities (d)
|
Government bonds, housing fund liabilities
|
710.0
|
742.8
|
32.8
|
|
Pension fund liabilities
|
845.8
|
939.9
|
94.1
|
|
Total
|
1,555.8
|
1,682.7
|
126.9
|
|
Net assets (c-d)
|
506.7
|
441.0
|
-65.7
|
| |
|
|
|
|
|
|
1] National Pension Fund, Private School Teachers’ Pension Fund, Industrial Accident Compensation Insurance Fund, Unemployment Benefit Insurance Fund
The consolidated fiscal account improved for the third consecutive year in 2018 backed by increased corporate earnings and strong asset markets.
Fiscal Account, 2013 - 2018
(trillion won)
|
|
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
|
Consolidated fiscal account
- % to GDP
|
14.2
1.0
|
8.5
0.6
|
-0.2
-0.01
|
16.9
1.0
|
24.0
1.4
|
31.2
1.7
|
|
Consolidated fiscal account excluding social security funds
- % to GDP
|
-21.1
-1.5
|
-29.5
-2.0
|
-38.0
-2.4
|
-22.7
-1.4
|
-18.5
-1.1
|
-10.6
-0.6
|
Government debt
Central government debt was 651.8 trillion won in 2018 (36.6 percent to GDP), an increase of 24.4 trillion won compared with 2017 (627.4 trillion won, or 36.3 percent to GDP). Debt grew at the slowest pace since 2009.
Assets and liabilities
Net national assets were 441.0 trillion won, national assets worth 2,123.7 trillion won and national liabilities worth 1,682.7 trillion won.
