(Xinhua)
Updated: 2008-04-01 10:12

SEOUL - South Korea's state debt amounted to 298.9 trillion won, or 300.9 billion US dollars, by the end of 2007, the Korea Times quoted government statistics as saying on Tuesday.

According to the Ministry of Strategy and Finance, the East Asian country's national debt grew over 16 trillion won, or 16.1 billion US dollars, in 2007 as the government raised more funds to stabilize the local currency market.

Per capita debt came to 6.16 million won (6,200 US dollars) based on South Korea's population of 48.4 million as of the end of 2007, the ministry said in the settlement of accounts for fiscal 2007.

The ministry attributed the 2007 debt growth to bond issuance aimed at stabilizing the local currency market and covering the deficit in the general account of the national budget.

In 2007, the South Korean government issued 11.2 trillion won ( 11.3 billion US dollars) worth of bonds for the currency market, the ministry said.

Of the total debt, 171.9 trillion won (173 billion US dollars) can be paid through the sale of assets and retrieval of loans, while 117.3 trillion won (118.1 billion US dollars) should be paid through taxes, the ministry said.

Meanwhile, the ministry said the nation's total revenue, including both general and special accounts, reached 216.3 trillion won (217.7 billion US dollars) in 2007, while expenditures came to 196.9 trillion won (198.2 billion US dollars).

During the reported year, state holdings in land, buildings and stocks gained 2.2 percent from a year earlier to 276 trillion won (277.8 billion US dollars), it said.