Korea - Domestic credit to private sector (% of GDP)

Domestic credit to private sector (% of GDP) in Korea was 164.78 as of 2020. Its highest value over the past 60 years was 164.78 in 2020, while its lowest value was 5.74 in 1960.

Definition: Domestic credit to private sector refers to financial resources provided to the private sector by financial corporations, such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment. For some countries these claims include credit to public enterprises. The financial corporations include monetary authorities and deposit money banks, as well as other financial corporations where data are available (including corporations that do not accept transferable deposits but do incur such liabilities as time and savings deposits). Examples of other financial corporations are finance and leasing companies, money lenders, insurance corporations, pension funds, and foreign exchange companies.

Source: International Monetary Fund, International Financial Statistics and data files, and World Bank and OECD GDP estimates.

See also:

Year Value
1960 5.74
1961 12.04
1962 12.72
1963 10.54
1964 8.83
1965 10.23
1966 11.14
1967 16.82
1968 25.50
1969 31.92
1970 32.87
1971 34.94
1972 34.28
1973 34.37
1974 36.20
1975 33.70
1976 30.77
1977 30.08
1978 32.82
1979 35.45
1980 40.37
1981 40.79
1982 44.23
1983 43.71
1984 43.25
1985 45.83
1986 45.16
1987 45.83
1988 43.89
1989 48.64
1990 50.77
1991 50.36
1992 48.92
1993 48.76
1994 49.34
1995 48.61
1996 51.87
1997 56.67
1998 61.78
1999 66.85
2000 71.75
2001 103.23
2002 112.65
2003 111.12
2004 105.86
2005 110.30
2006 122.22
2007 129.14
2008 141.95
2009 138.09
2010 130.04
2011 132.54
2012 130.75
2013 128.49
2014 131.56
2015 132.14
2016 134.83
2017 136.49
2018 141.16
2019 151.26
2020 164.78

Development Relevance: Private sector development and investment - tapping private sector initiative and investment for socially useful purposes - are critical for poverty reduction. In parallel with public sector efforts, private investment, especially in competitive markets, has tremendous potential to contribute to growth. Private markets are the engine of productivity growth, creating productive jobs and higher incomes. And with government playing a complementary role of regulation, funding, and service provision, private initiative and investment can help provide the basic services and conditions that empower poor people - by improving health, education, and infrastructure.

Limitations and Exceptions: Credit to the private sector may sometimes include credit to state-owned or partially state-owned enterprises.

Statistical Concept and Methodology: Credit is an important link in money transmission; it finances production, consumption, and capital formation, which in turn affect economic activity. The data on domestic credit provided to the private sector are taken from the financial corporations survey (line 52D) of the International Monetary Fund's (IMF) International Financial Statistics or, when unavailable, from its depository survey (line 32D). The banking sector includes monetary authorities (the central bank) and deposit money banks, as well as other financial corporations where data are available (including institutions that do not accept transferable deposits but do incur such liabilities as time and savings deposits). Examples of other financial corporations are finance and leasing companies, money lenders, insurance corporations, pension funds, and foreign exchange companies.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Financial Sector Indicators

Sub-Topic: Assets