2019 Government Financial Statement

 

Consolidated Fiscal Account

Posts a 12.0 Trillion Won Deficit in 2019

 

 

Fiscal balance

 

The consolidated fiscal account posted a deficit of 12.0 trillion won, shifting from a 31.2 trillion won surplus in 2018, as surpluses plunged by 43.2 trillion won (0.6 percentage points to GDP) to a negative territory.  Excluding social security funds ^([1]), the fiscal account registered a deficit of 54.4 trillion won, deficits rising 43.8 trillion won (2.8 percentage points to GDP) compared with the previous year. 

 

 

2019 Government Financial Statement

(trillion won)

			2018	2019	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)	385.0 364.5 16.5([2]) 3.3 13.2	402.0 397.3 4.7 2.6 2.1	17.0 32.8 -11.8 -0.7 -11.1
	Funds		569.9	621.6	51.7
Fiscal balance	- Consolidated fiscal account (a) - Social security funds (b) - Consolidated fiscal account excluding social security funds (a-b)		31.2 41.7 -10.6	-12.0 42.4 -54.4	-43.2 0.7 -43.8
Assets	Central government debt		651.8	699.0	47.2
	Assets in debt instruments		342.8	379.3	36.4
	National properties		1,081.8	1,124.5	42.8
	Tangible personal property		12.5	12.9	0.4
Assets and liabilities	Assets (c)		2,126.6	2,299.7	173.1
	Liabilities (d)		1,683.4	1,743.6	60.2
	Net assets (c-d)		443.2	556.1	112.9

 

 

The consolidated fiscal account shifted to a deficit in 2019 due to rising grants to municipal governments and tax revenue shortages.

 

 

Fiscal Account, 2015 - 2019

(trillion won)

	2015	2016	2017	2018	2019
					Budget	Balance
Consolidated fiscal account - % to GDP	-0.2 -0.01	16.9 1.0	24.0 1.3	31.2 1.6	1.0 0.05	-12.0 -0.6
Consolidated fiscal account excluding social security funds - % to GDP	-38.0 -2.3	-22.7 -1.3	-18.5 -1.0	-10.6 -0.6	-42.3 -2.2	-54.4 -2.8

 

 

Government debt

 

Central government debt was 699.0 trillion won in 2019 (36.5 percent to GDP), an increase of 47.2 trillion won compared with 2018 (651.8 trillion won, or 34.4 percent to GDP).  Debt grew as the government increased bond issuance to finance deficits.

 

 

Government Debt, 2015 - 2019

(trillion won)

	2014	2015	2016	2017	2018	2019
Central government debt - % to GDP	503.0 32.2	556.5 33.6	591.9 34.0	627.4 34.2	651.8 34.4	699.0 36.5

 

 

Assets and liabilities

 

Net national assets were 556.1 trillion won, national assets worth 2,299.7 trillion won and national liabilities worth 1,743.6 trillion won.