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Public sector debt hit record high in 2022

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Korea Electric Power Corp. logo is seen on it's main building in Naju, South Jeolla Province, May 12. Yonhap

Korea Electric Power Corp. logo is seen on it's main building in Naju, South Jeolla Province, May 12. Yonhap

Korea's public sector debt hovered above the 1,501 trillion-won ($1.16 trillion) mark for the first time in 2022, data showed Thursday, amid the weak performances of state-run energy firms.

The country's public sector debt, known as D3, came to 1,588.7 trillion won last year, rising 161.4 trillion won on-year, according to the Ministry of Economy and Finance.

The figure accounted for 73.5 percent of the country's gross domestic product (GDP), up 4.9 percentage points from the previous year.

D3 covers general government debts and debt holding of non-financial state-funded firms, including Korea Electric Power Corp.

The country's general government debt (D2) came to 1,157.2 trillion won, accounting for 53.5 percent of the GDP. It marked a 90.9 trillion-won rise on-year.

D2 covers debt by the central and provincial governments and nonprofit public institutions. (Yonhap)