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PRESS RELEASES

2018 Government Financial Statement

  • DivisionFiscal Management Bureau - Government Accounting Policy and Financial Report Division
  • DateApril 2, 2019
  • Tel0442155431

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

[2] Which includes spending on bond redemption worth 0.5 trillion won

[3] Which includes spending on bond redemption worth 4.0 trillion won

 

 

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.

 

 

Please refer to the attached pdf