Seoul: The combined debt of the government, companies, and households in South Korea has reached an all-time high amid weak domestic demand and falling revenue, data showed Thursday. The country's total government debt and corporate and household borrowing amounted to a record 6,222 trillion won (US$4.27 trillion) as of the end of the third quarter.
According to Yonhap News Agency, this figure marks a 4.1 percent increase from a year earlier and a 0.9 percent rise from the previous quarter. It amounts to 247.2 percent of nominal gross domestic product (GDP), which logged its lowest level since the second quarter of 2021.
Of the total debt, corporate debt reached 2,798 trillion won as of end-September, reflecting a 2.9 percent increase from a year earlier. Household borrowing grew 2.1 percent year-on-year to 2,283 trillion won. Government debt surged 11.8 percent from a year earlier to 1,141 trillion won, the data showed.