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| ▲ This March 2, 2024, file photo shows a sign about loan programs in front of a bank in Seoul. (Yonhap) |
household debt-GDP ratio
Household debt-to-GDP ratio down for 5th consecutive quarter in Q4: BOK
SEOUL, April 10 (Yonhap) -- The ratio of household debt to nominal gross domestic product (GDP) fell for the fifth consecutive quarter in the fourth quarter of last year, data showed Thursday.
According to the data compiled by the Bank of Korea (BOK), the ratio stood at 90.1 percent at the end of last year, down from 90.8 percent three months earlier.
The ratio fell 3.5 percentage points last year from a year earlier, the data showed.
The ratio has been on a steady decline since spiking to 99.2 percent in the third quarter of 2023.
The BOK expected the ratio to have fallen further in the first quarter of this year given a slowdown in household debt growth during the period.
The BOK said excessive funds held by households and nonprofit organizations climbed to a record high of 215.5 trillion won (US$147 billion) as of the end of last year, up 55 trillion won from a year ago.
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