Expense in Republic of Korea
Republic of Korea: Expense was 28.3% in 2023. ▲ Rising
Expense in Republic of Korea, 1972–2023
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
The most recent figure for expense in Republic of Korea is 28.3%, measured in 2023.
Compared with earlier readings it is down 9.5% on the previous year and up 23.4% over ten years.
Over the whole period, expense in Republic of Korea peaked at 31.3% in 2022 and was at its lowest, 11.2%, in 1973.
Republic of Korea ranks 66th of 157 countries on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 52 years of available data.
Expense in Republic of Korea, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1972 | 15.3% | — |
| 1973 | 11.2% | -27.1% |
| 1974 | 12.2% | +9.0% |
| 1975 | 13.6% | +12.0% |
| 1976 | 14.3% | +5.3% |
| 1977 | 13.4% | -6.5% |
| 1978 | 13.4% | -0.2% |
| 1979 | 14.4% | +7.7% |
| 1980 | 14.8% | +2.4% |
| 1981 | 14.6% | -1.0% |
| 1982 | 15.6% | +6.8% |
| 1983 | 13.9% | -11.1% |
| 1984 | 13.4% | -3.5% |
| 1985 | 13.6% | +1.3% |
| 1986 | 12.9% | -4.9% |
| 1987 | 12.3% | -4.6% |
| 1988 | 11.9% | -3.5% |
| 1989 | 12.7% | +7.3% |
| 1990 | 12.9% | +1.0% |
| 1991 | 12.8% | -0.6% |
| 1992 | 13.0% | +1.7% |
| 1993 | 12.7% | -2.3% |
| 1994 | 12.8% | +0.5% |
| 1995 | 12.6% | -1.2% |
| 1996 | 12.8% | +1.6% |
| 1997 | 12.6% | -1.5% |
| 1998 | 14.7% | +16.8% |
| 1999 | 14.3% | -2.8% |
| 2000 | 14.8% | +3.6% |
| 2001 | 15.8% | +6.2% |
| 2002 | 14.9% | -5.5% |
| 2003 | 16.7% | +12.0% |
| 2004 | 16.5% | -0.9% |
| 2005 | 17.1% | +3.6% |
| 2006 | 17.8% | +4.1% |
| 2007 | 17.3% | -3.0% |
| 2008 | 17.6% | +1.5% |
| 2009 | 18.5% | +5.5% |
| 2010 | 16.9% | -8.8% |
| 2011 | 17.4% | +2.9% |
| 2012 | 23.6% | +35.6% |
| 2013 | 23.0% | -2.6% |
| 2014 | 22.5% | -1.9% |
| 2015 | 22.4% | -0.7% |
| 2016 | 22.3% | -0.2% |
| 2017 | 22.7% | +1.9% |
| 2018 | 23.6% | +3.6% |
| 2019 | 25.9% | +10.1% |
| 2020 | 28.0% | +8.0% |
| 2021 | 28.5% | +1.9% |
| 2022 | 31.3% | +9.6% |
| 2023 | 28.3% | -9.5% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 13.5% | 11.2% | 15.3% | 8 |
| 1980s | 13.6% | 11.9% | 15.6% | 10 |
| 1990s | 13.1% | 12.6% | 14.7% | 10 |
| 2000s | 16.7% | 14.8% | 18.5% | 10 |
| 2010s | 22.0% | 16.9% | 25.9% | 10 |
| 2020s | 29.0% | 28.0% | 31.3% | 4 |
Countries ranked near Republic of Korea
More economy & growth data for Republic of Korea
- GDP (constant 2015 US$), annual growth rate 1.01 % change on previous year (2025)
- GDP (constant 2015 US$), per unit of GDP 1.03 constant 2015 US$ per US$ of GDP (2025)
- GDP (constant 2015 US$), per capita 37,470 constant 2015 US$ per person (2025)
- GDP (constant LCU), annual growth rate 1.01 % change on previous year (2025)
- GDP (constant LCU), per unit of GDP 1,237 constant LCU per US$ of GDP (2025)
- GDP (constant LCU), per capita 44.80 million constant LCU per person (2025)
- Gross domestic savings (current US$), annual growth rate 0.7232 % change on previous year (2025)
- Gross domestic savings (current US$), per unit of GDP 0.3433 current US$ per US$ of GDP (2025)
- Gross domestic savings (current US$), per capita 12,437 current US$ per person (2025)
- Gross domestic savings (current LCU), annual growth rate 5.09 % change on previous year (2025)
Frequently asked questions
- What is expense in Republic of Korea?
- Expense in Republic of Korea was 28.3% in 2023, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest expense recorded in Republic of Korea?
- The highest recorded value was 31.3% in 2022.
- What is the lowest expense recorded in Republic of Korea?
- The lowest recorded value was 11.2% in 1973.
- How does Republic of Korea rank for expense?
- Republic of Korea ranks 66th out of 157 countries with data for 2023.
- Is expense rising or falling in Republic of Korea?
- Over the last ten years it is up 23.4%. The long-run trend across the full record is rising.
- Where does this Republic of Korea data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Expense (% of GDP). Statizoid updates them automatically from the source API.
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About this data
Expense is a decrease in net worth resulting from a transaction. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.