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Debts of households, companies and the government in Korea in the third quarter amounted to nearly triple the country’s GDP last year, data showed Friday.
The financial liabilities of households, nonprofit organizations, non-financial companies and the government stood at 3.59 quadrillion won ($3.34 trillion) in the three months to September, up 49.2 trillion won from the previous quarter, according to the Bank of Korea data.
This is about 2.9 times the nation’s GDP last year of 1.24 quadrillion won.
The main economic agents’ debts totaled to about 2.1 times the GDP in the first quarter of 2005, but jumped to triple in just about seven years.
Liabilities of households and nonprofit organizations gained 14 trillion won from the previous quarter to 1.14 quadrillion won in the three months to September. Nonprofit organizations here refer to small, privately owned businesses, consumer groups, charity and relief groups.
Non-financial firms’ financial debts jumped 31.7 trillion won on-quarter to 1.98 quadrillion won, while the government debt rose by 3.4 trillion won to 474.5 trillion won.
The entire financial assets of households, companies and the government stood at 5.18 quadrillion won in the third quarter.
Households’ assets increased by 65.1 trillion won to 2.45 quadrillion won. The assets of companies and the government amounted to 781.9 trillion won and 947.3 trillion won, respectively.
Households’ investment in insurance and pension products surged from 16.2 trillion won in the three months to June to 24.1 trillion won in the third quarter.
“Demand for pension and insurance products greatly increased as the tax-free benefits on these products are expected to be reduced under a revised bill unveiled by the Finance Ministry in August,” the BOK said.
Companies’ bond issuances rose from 7.9 trillion won in the second quarter to 15.1 trillion won on sluggish sales and the policy rate cut in July.
Some 10.1 trillion won flowed into the Korean stock market from overseas between July and September as the country’s credit rating was upgraded, according to the central bank.
By Kim So-hyun (sophie@heraldcorp.com)
The financial liabilities of households, nonprofit organizations, non-financial companies and the government stood at 3.59 quadrillion won ($3.34 trillion) in the three months to September, up 49.2 trillion won from the previous quarter, according to the Bank of Korea data.
This is about 2.9 times the nation’s GDP last year of 1.24 quadrillion won.
The main economic agents’ debts totaled to about 2.1 times the GDP in the first quarter of 2005, but jumped to triple in just about seven years.
Liabilities of households and nonprofit organizations gained 14 trillion won from the previous quarter to 1.14 quadrillion won in the three months to September. Nonprofit organizations here refer to small, privately owned businesses, consumer groups, charity and relief groups.
Non-financial firms’ financial debts jumped 31.7 trillion won on-quarter to 1.98 quadrillion won, while the government debt rose by 3.4 trillion won to 474.5 trillion won.
The entire financial assets of households, companies and the government stood at 5.18 quadrillion won in the third quarter.
Households’ assets increased by 65.1 trillion won to 2.45 quadrillion won. The assets of companies and the government amounted to 781.9 trillion won and 947.3 trillion won, respectively.
Households’ investment in insurance and pension products surged from 16.2 trillion won in the three months to June to 24.1 trillion won in the third quarter.
“Demand for pension and insurance products greatly increased as the tax-free benefits on these products are expected to be reduced under a revised bill unveiled by the Finance Ministry in August,” the BOK said.
Companies’ bond issuances rose from 7.9 trillion won in the second quarter to 15.1 trillion won on sluggish sales and the policy rate cut in July.
Some 10.1 trillion won flowed into the Korean stock market from overseas between July and September as the country’s credit rating was upgraded, according to the central bank.
By Kim So-hyun (sophie@heraldcorp.com)
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Articles by Korea Herald
