(MENAFN) South Korea's Finance Ministry said that in 2011, the country's national debt rose to 34 percent of gross domestic product (GDP), reported Xinhua News.
The ministry added that in the period, the ratio of the nation's debt to GDP rose 0.6 percentage points from 2010.
It also said that the central government debt, excluding local government borrowing, increased by USD25 billion to USD356 billion, raising the debt-to-GDP ratio to 32.6 percent.
The ministry explained that 2011's debt growth was mainly driven by a rise in government bond issuance, which grew by USD26 billion from 2010, reaching USD351 billion.
It is worth noting that South Korea's national debt reached USD370 billion in 2011 in value terms, with an increase of USD25 billion from a year earlier.
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