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SEOUL, April 1 Asia Pulse - South Korea's national debt grew over 16 trillion won (US$16.1 billion) in 2007 as the government raised more funds to stabilize the local currency market, government officials said Tuesday.
According to the Ministry of Strategy and Finance, South Korea's state debt amounted to 298.9 trillion won last year, up 16.1 trillion won from a year ago. The figure is 33.2 per cent of the nation's gross domestic product, slightly down from 33.4 per cent a year ago.
Per capita debt came to 6.16 million won 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, approved by the Cabinet earlier in the day.
The ministry attributed the 2007 debt growth to bond issuance aimed at stabilizing the ...