Financing of social security benefits in OECD member countries — Tax in Korea
Korea: Financing of social security benefits in OECD member countries — Tax was 7.66 Percentage of GDP in 2024. ◆ Volatile
Latest (2024)
7.66 Percentage of GDP
Change on year
down 2.6%
Rank
2nd
of 2 groups
All-time high
7.86 Percentage of GDP
in 2023
All-time low
0.0994 Percentage of GDP
in 1972
Years of data
53
1972–2024
Financing of social security benefits in OECD member countries — Tax in Korea, 1972–2024
Source: Organisation for Economic Co-operation and Development. Measured in Percentage of GDP.
Analysis
In 2024, financing of social security benefits in oecd member countries — tax in Korea stood at 7.66 Percentage of GDP.
The figure is down 2.6% on the previous year and up 27.8% over ten years.
Over the whole period, financing of social security benefits in oecd member countries — tax in Korea peaked at 7.86 Percentage of GDP in 2023 and was at its lowest, 0.0994 Percentage of GDP, in 1972.
The series is highly variable year to year, so single readings are best treated with caution.
Financing of social security benefits in OECD member countries — Tax in Korea, year by year
| Year | Percentage of GDP | Change |
|---|---|---|
| 1972 | 0.0994 Percentage of GDP | — |
| 1973 | 0.1082 Percentage of GDP | +8.8% |
| 1974 | 0.1049 Percentage of GDP | -3.0% |
| 1975 | 0.1226 Percentage of GDP | +16.8% |
| 1976 | 0.1319 Percentage of GDP | +7.6% |
| 1977 | 0.1436 Percentage of GDP | +8.8% |
| 1978 | 0.1579 Percentage of GDP | +10.0% |
| 1979 | 0.1768 Percentage of GDP | +11.9% |
| 1980 | 0.1779 Percentage of GDP | +0.7% |
| 1981 | 0.1697 Percentage of GDP | -4.6% |
| 1982 | 0.1852 Percentage of GDP | +9.1% |
| 1983 | 0.1856 Percentage of GDP | +0.2% |
| 1984 | 0.1939 Percentage of GDP | +4.5% |
| 1985 | 0.2265 Percentage of GDP | +16.8% |
| 1986 | 0.2322 Percentage of GDP | +2.5% |
| 1987 | 0.2488 Percentage of GDP | +7.1% |
| 1988 | 0.5618 Percentage of GDP | +125.8% |
| 1989 | 0.6377 Percentage of GDP | +13.5% |
| 1990 | 1.81 Percentage of GDP | +183.5% |
| 1991 | 1.83 Percentage of GDP | +1.5% |
| 1992 | 1.95 Percentage of GDP | +6.3% |
| 1993 | 2.38 Percentage of GDP | +22.3% |
| 1994 | 2.23 Percentage of GDP | -6.5% |
| 1995 | 2.19 Percentage of GDP | -1.9% |
| 1996 | 2.49 Percentage of GDP | +13.8% |
| 1997 | 2.59 Percentage of GDP | +4.2% |
| 1998 | 3.03 Percentage of GDP | +16.8% |
| 1999 | 3.18 Percentage of GDP | +5.0% |
| 2000 | 3.37 Percentage of GDP | +5.8% |
| 2001 | 3.75 Percentage of GDP | +11.2% |
| 2002 | 3.9 Percentage of GDP | +4.2% |
| 2003 | 4.19 Percentage of GDP | +7.3% |
| 2004 | 4.28 Percentage of GDP | +2.3% |
| 2005 | 4.41 Percentage of GDP | +3.0% |
| 2006 | 4.61 Percentage of GDP | +4.6% |
| 2007 | 4.72 Percentage of GDP | +2.4% |
| 2008 | 4.94 Percentage of GDP | +4.6% |
| 2009 | 5.09 Percentage of GDP | +3.1% |
| 2010 | 5.01 Percentage of GDP | -1.7% |
| 2011 | 5.33 Percentage of GDP | +6.5% |
| 2012 | 5.61 Percentage of GDP | +5.2% |
| 2013 | 5.83 Percentage of GDP | +4.0% |
| 2014 | 5.99 Percentage of GDP | +2.8% |
| 2015 | 6.01 Percentage of GDP | +0.4% |
| 2016 | 6.15 Percentage of GDP | +2.2% |
| 2017 | 6.19 Percentage of GDP | +0.7% |
| 2018 | 6.41 Percentage of GDP | +3.6% |
| 2019 | 6.86 Percentage of GDP | +7.1% |
| 2020 | 7.33 Percentage of GDP | +6.8% |
| 2021 | 7.3 Percentage of GDP | -0.4% |
| 2022 | 7.61 Percentage of GDP | +4.2% |
| 2023 | 7.86 Percentage of GDP | +3.3% |
| 2024 | 7.66 Percentage of GDP | -2.6% |
Biggest year-on-year movements
Years where Financing of social security benefits in OECD member countries — Tax in Korea changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1990 | +183.5% | 0.6377 Percentage of GDP | 1.81 Percentage of GDP |
| 1988 | +125.8% | 0.2488 Percentage of GDP | 0.5618 Percentage of GDP |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 0.1307 Percentage of GDP | 0.0994 Percentage of GDP | 0.1768 Percentage of GDP | 8 |
| 1980s | 0.2819 Percentage of GDP | 0.1697 Percentage of GDP | 0.6377 Percentage of GDP | 10 |
| 1990s | 2.37 Percentage of GDP | 1.81 Percentage of GDP | 3.18 Percentage of GDP | 10 |
| 2000s | 4.33 Percentage of GDP | 3.37 Percentage of GDP | 5.09 Percentage of GDP | 10 |
| 2010s | 5.94 Percentage of GDP | 5.01 Percentage of GDP | 6.86 Percentage of GDP | 10 |
| 2020s | 7.55 Percentage of GDP | 7.3 Percentage of GDP | 7.86 Percentage of GDP | 5 |
Countries ranked near Korea
More economy & growth data for Korea
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 2.03 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 2.2 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 16 - Public finances 24.21 Percentage of GDP (2029)
- Index of digital trade integration and openness 0.2301 Index (2024)
- Index of digital trade integration and openness (INDIGO) — A. 0.0475 Index (2024)
- Index of digital trade integration and openness (INDIGO) — B. Openess 0.0121 Index (2024)
- Index of digital trade integration and openness (INDIGO) — C. Trust 0.064 Index (2024)
- Index of digital trade integration and openness (INDIGO) — D. 0.0485 Index (2024)
- Index of digital trade integration and openness (INDIGO) — E. Wider 0.058 Index (2024)
- Corporate income tax (CIT) - statutory and targeted small business 27.5 Percentage of taxable income (2026)
Frequently asked questions
- What is financing of social security benefits in oecd member countries — tax in Korea?
- Financing of social security benefits in oecd member countries — tax in Korea was 7.66 Percentage of GDP in 2024, according to Organisation for Economic Co-operation and Development.
- What is the highest financing of social security benefits in oecd member countries — tax recorded in Korea?
- The highest recorded value was 7.86 Percentage of GDP in 2023.
- What is the lowest financing of social security benefits in oecd member countries — tax recorded in Korea?
- The lowest recorded value was 0.0994 Percentage of GDP in 1972.
- How does Korea rank for financing of social security benefits in oecd member countries — tax?
- Korea ranks 2nd out of 2 groups with data for 2024.
- Is financing of social security benefits in oecd member countries — tax rising or falling in Korea?
- Over the last ten years it is up 27.8%. The long-run trend across the full record is volatile.
- Where does this Korea data come from?
- The figures come from Organisation for Economic Co-operation and Development, published as part of Financing of social security benefits in OECD member countries — Tax revenue. Statizoid updates them automatically from the source API.
Download this data
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About this data
Compulsory payments conferring entitlement to future social benefits These are usually earmarked to finance social benefits and paid to institutions of general government.