2020 Government Financial Statement

 

Consolidated Fiscal Account

Posts a 71.2 Trillion Won Deficit in 2020

 

 

Fiscal balance

 

The consolidated fiscal account posted a deficit of 71.2 trillion won (3.7 percentage to GDP), an increase of 59.2 trillion won (3.1 percentage points to GDP) from a year ago amid efforts to overcome the pandemic.  Excluding social security funds ^([1]), the fiscal account registered a deficit of 112.0 trillion won (5.8 percent to GDP), deficits rising 57.5 trillion won (3.0 percentage points to GDP) compared with the previous year. 

 

 

2020 Government Financial Statement

 

(trillion won)

		2019 (a)	2020		Change
			Supplementary budget (b)	Settlement (c)	c-a	c-b
Revenues and Expenditures¹	- Total revenues (A) - Total expenditures (B)	473.1 485.1	470.7 554.7	478.8 549.9	5.7 64.9	8.1 -4.8
Fiscal balance	- Consolidated fiscal account (A-B)  (% to GDP)² - Social security funds (C) - Consolidated fiscal account excluding funds (A-B-C)  (% to GDP)²	-12.0 (-0.6) 42.4 -54.4 (-2.8)	-84.0 (-4.4) 34.6 -118.6 (-6.1)	-71.2 (-3.7) 40.8 -112.0 (-5.8)	-59.2 (-3.1%p) -1.6 -57.5 (-3.0%p)	12.8 (0.7%p) 6.2 6.6 (0.3%p)
Central government debt  (% to GDP)²		699.0 (36.4)	814.9 (42.2)	819.2 (42.6)	120.2 (17.2%) (6.1%p)	4.2 (0.3%p)

1. General and special accounts + funds – internal transactions – indemnification

2. 2020 nominal GDP of 1,924.5 trillion won (March 4, 2021, BOK)

 

(trillion won)

		2019 (a)	2020 (b)	Change (b-a)
Assets	Central government debt  (% to GDP)	699.0 (36.4)	819.2 (42.6)	120.2 (17.2%) (6.1%p)
	Assets in debt instruments	379.3	411.3	32.0 (8.5%)
	National properties	1,125.0	1,156.3	31.3 (2.8%)
	Tangible personal property	12.86	13.82	0.96 (7.5%)
Assets and liabilities	Assets (A)	2,299.4	2,490.2	190.8
	Liabilities (B)	1,743.7	1,985.3	241.6
	Net assets (A-B)	555.7	504.0	-50.8

 

Government debt

 

Central government debt was 819.2 trillion won in 2020 (42.6 percent to GDP), an increase of 120.2 trillion won from a year ago.  Government debt grew due to the four extra budgets to finance corona relief packages.  In addition, housing bonds increased in line with brisk home sales and FX stabilization fund bonds also rose.

 

Assets and liabilities

 

National assets increased 190.8 trillion won to 2,490.2 trillion won as the National Pension Fund post investment returns of 147.5 trillion won and national properties increased by 29.1 trillion won.  Liabilities rose 241.6 trillion won to 1,985.3 trillion won in line with increased national pension liabilities (up 100.5 trillion won) and public bonds (up 111.6 trillion won).