Fiscal Balance in Korea
The Republic of Korea maintained a relatively sound fiscal position from 2013 to 2019, with moderate deficits. However, the COVID-19 pandemic led to increased fiscal spending to support the economy, resulting in a larger deficit. Since the end of the pandemic budget deficits have been small by developed-economy standards, reflecting the government's prudent fiscal management.
In the year 2024, the fiscal balance in Korea was -1.71%, compared to 0.52% in 2014 and -1.53% in 2023. It averaged -0.66% over the last decade. For more fiscal balance information, visit our dedicated page.
Korea Fiscal Balance Chart
Note: This chart displays Fiscal Balance (% of GDP) for Korea from 2024 to 2023.
Source: Macrobond.
Korea Fiscal Balance Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | -0.6 | -3.5 | -1.4 | -2.8 | -1.5 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Korean fiscal balance projections for the next ten years from a panel of 10 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable fiscal balance forecast available for Korean fiscal balance.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Korean fiscal balance projections.
Want to get access to the full dataset of Korean fiscal balance forecasts? Send an email to info@focus-economics.com.