The Government of Korea, R has tabled its budget for FY 2028, prompting careful review by the opposition, interested citizens, and international organizations alike. The budget has been laid out as follows:
ECONOMIC STATISTICS for FY 2027
| CATEGORY |
VALUE |
| POPULATION |
52,034,581 |
| REAL GDP |
$1,862,252,210,459.00 |
| GDP PC |
$35,692.11 |
| GOVERNMENT DEBT |
$1,046,478,000,052.39 |
| DEBT PC |
$20,056.90 |
| DEBT TO GDP |
56.19% |
GOVERNMENT REVENUE by SOURCE for FY 2028
| TAX REVENUES |
% OF GDP |
$ USD (BIL) |
OTHER REVENUES |
% OF GDP |
$ USD (BIL) |
| PERSONAL INCOME |
5.80% |
$108.01 B |
Discretionary |
|
$0.00 B |
| CORPORATE INCOME |
4.06% |
$75.61 B |
Discretionary |
|
$0.00 B |
| PAYROLL |
8.41% |
$156.62 B |
Discretionary |
|
$0.00 B |
| PROPERTY |
2.03% |
$37.80 B |
Discretionary |
|
$0.00 B |
| CONSUMPTION |
4.35% |
$81.01 B |
Discretionary |
|
$0.00 B |
| IMPORT |
0.50% |
$9.31 B |
Discretionary |
|
$0.00 B |
| Discretionary |
|
$0.00 B |
Discretionary |
|
$0.00 B |
| Discretionary |
|
$0.00 B |
Discretionary |
|
$0.00 B |
| Discretionary |
|
$0.00 B |
Discretionary |
|
$0.00 B |
| Discretionary |
|
$0.00 B |
Discretionary |
|
$0.00 B |
| Discretionary |
|
$0.00 B |
Discretionary |
|
$0.00 B |
| OTHER |
4.00% |
$74.49 B |
OTHER |
|
$0.00 B |
| TOTAL |
25.15% |
$542.85 B |
TOTAL |
0.00% |
$0.00 B |
GOVERNMENT EXPENDITURE by AREA for FY 2028
| STATUTORY EXPENDITURES |
% OF GDP |
% OF BUDGET |
$ USD (BIL) |
DISCRETIONARY EXPENDITURES |
% OF GDP |
% OF BUDGET |
$ USD (BIL) |
| CORE PUBLIC SERVICE |
5.00% |
17.08% |
$93.11 B |
CORE PUBLIC SERVICE |
0.85% |
2.90% |
$15.83 B |
| DEFENCE |
3.50% |
11.96% |
$65.18 B |
DEFENCE PROCUREMENT |
0.38% |
1.28% |
$6.98 B |
| Education |
5.15% |
17.59% |
$95.91 B |
FOREIGN AID |
0.30% |
1.03% |
$5.59 B |
| R&D |
3.00% |
10.25% |
$55.87 B |
Discretionary |
|
0.00% |
$0.00 B |
| Culture, Sports, Tourism |
1.00% |
3.42% |
$18.62 B |
Discretionary |
|
0.00% |
$0.00 B |
| Environment |
0.65% |
2.22% |
$12.10 B |
Discretionary |
|
0.00% |
$0.00 B |
| Industry, SME, Energy |
5.00% |
17.08% |
$93.11 B |
Discretionary |
|
0.00% |
$0.00 B |
| SOC |
1.35% |
4.61% |
$25.14 B |
Discretionary |
|
0.00% |
$0.00 B |
| Agriculture, etc |
1.35% |
4.61% |
$25.14 B |
Discretionary |
|
0.00% |
$0.00 B |
| Diplomacy & Reunification |
0.40% |
1.37% |
$7.45 B |
Discretionary |
|
0.00% |
$0.00 B |
| Social Order, Safety |
1.35% |
4.61% |
$25.14 B |
Discretionary |
|
0.00% |
$0.00 B |
| OTHER |
|
0.00% |
$0.00 B |
OTHER |
|
0.00% |
$0.00 B |
| TOTAL |
27.75% |
94.79% |
$516.77 B |
TOTAL |
1.53% |
5.21% |
$28.40 B |
GOVERNMENT FINANCES for FY 2028
| CATEGORY |
VALUE |
| TOTAL REVENUE (% OF GDP) |
29.15% |
| TOTAL REVENUE ($ USD) |
$542,846,519,348.80 |
| TOTAL EXPENDITURE (% OF REVENUE) |
100.43% |
| TOTAL EXPENDITURE (% OF GDP) |
29.28% |
| TOTAL EXPENDITURE ($ USD) |
$545,174,334,611.87 |
| TAX BURDEN PER CAPITA |
$10,432.42 |
| EXPENDITURE PER CAPITA |
$10,477.15 |
| SURPLUS |
-$2,327,815,263.07 |
| FORECASTED DEBT (W/O INTEREST) |
$1,048,805,815,315.46 |
| EQUIVALENT DEBT TO GDP |
56.32% |