South Korea’s national debt swelled in 2019 compared to a year earlier on increased issuance of state bonds, stretching fiscal deficit to its record level, a report released by the Ministry of Economy and Finance showed Tuesday.

National liabilities amounted to 1,743.6 trillion won ($1.4 trillion) in 2019, up 60.2 trillion won, according to the statement of national accounts reviewed and endorsed by the government during a Cabinet meeting on Tuesday.

Central and local government debts called D1 totaled 728.8 trillion won, up 47.2 trillion won from the previous year. The figure surpassed the 700 trillion won mark for the first time. It equals about 14.09 million won in per capita debt.

The ratio of the government debt against its gross domestic product (GDP) came to 38.1 percent.

The consolidated fiscal balance showed 12 trillion won in the red, the biggest since 2009 during the Wall Street meltdown. The operational fiscal balance, which excludes social security funds from the consolidated balance, recorded an all-time high deficit of 54.4 trillion won.

National debt grew sharply last year due to a 51.2 trillion won gain in determinable liabilities including government bonds. Outstanding government bonds rose by 50.9 trillion won from a year ago amid reduced tax revenue. .

By Choi Mira

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