Korea, Rep.'s taxes on goods and services (current LCU) was 114.81 trillion in 2024, the latest year in the World Bank's World Development Indicators. That is up 32.31% from 86.77 trillion in 2014 (2.84% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 114.81 trillion | 2024 |
| Five years earlier | 108.04 trillion | 2019 |
| Ten years earlier | 86.77 trillion | 2014 |
| Highest | 118.3 trillion | 2022 |
| Lowest | 241.5 billion | 1972 |
| Average since 2015 | 107.84 trillion | 2015–2024 |
| First recorded | 241.5 billion |
What the numbers say
In 2024, Korea, Rep.'s taxes on goods and services (current LCU) rose 6.5% on 2023 (from 107.85 trillion to 114.81 trillion).
Across the 30 yearly changes before that (1994 to 2023), the average change was +6.6% and a typical year strayed about 8.4% from that (the standard deviation). This year's change was 0.0 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
On record, the biggest yearly rise was 57.4% in 1974 and the biggest yearly fall was 11.4% in 1998. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2015 to 2024 the straight-line trend is upward, about 2.31 trillion a year. A straight line explains 60% of the movement over 10 observed years.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
How it compares
In 2024, Korea, Rep. had the 3rd highest value of the 91 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
Closest to Korea, Rep. in the 2024 ranking
What this measures
General taxes on goods and services are taxes levied on the production, leasing, delivery, sale, purchase or other change of ownership of a wide range of goods and the provision of a wide range of services. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.
Limitations: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD).
All 53 values
| Year | Taxes on goods and services (current LCU) |
|---|---|
| 2024 | 114,811,101,502,240 |
| 2023 | 107,849,624,599,831 |
| 2022 | 118,303,751,832,880 |
| 2021 | 117,699,502,778,418 |
| 2020 | 107,264,536,897,229 |
| 2019 | 108,042,347,972,102 |
| 2018 | 111,336,653,688,500 |
| 2017 | 105,370,123,497,602 |
| 2016 | 99,360,141,855,856 |
| 2015 | 88,352,814,003,310 |
Taxes on goods and services (current LCU) in nearby economies
- Australia — 110.61 billion (2022)
- Cambodia — 10.87 trillion (2023)
- China — 5.69 trillion (2024)
- Fiji — 1.69 billion (2024)
- Kiribati — 46.08 million (2023)
- Lao PDR — 17.31 trillion (2022)
- Macao SAR, China — 96.35 billion (2024)
- Malaysia — 73.29 billion (2024)
- Marshall Islands — 14.36 million (2020)
- Micronesia, Fed. Sts. — 4.69 million (2020)
More public sector data for Korea, Rep.
- Arms imports (SIPRI trend indicator values) — 222 million (2025)
- Military expenditure (current USD) — 47.77 billion (2025)
- Military expenditure (current LCU) — 67.92 trillion (2025)
- Military expenditure (% of GDP) — 2.6% (2025)
- Net incurrence of liabilities, total (current LCU) — 51.22 trillion (2024)
- Net incurrence of liabilities, total (% of GDP) — 2% (2024)
- Net investment in nonfinancial assets (current LCU) — 33.54 trillion (2024)
- Net investment in nonfinancial assets (% of GDP) — 1.31% (2024)
- Net lending (+) / net borrowing (-) (current LCU) — -45.65 trillion (2024)
Reading data like this
Questions people ask
- What is Korea, Rep.'s taxes on goods and services (current LCU)?
- 114.81 trillion in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 1972?
- It is up 47,441% from 241.5 billion in 1972 (12.59% a year on average, compounded). The highest value was 118.3 trillion in 2022 and the lowest 241.5 billion in 1972.
- How does Korea, Rep. rank?
- 3rd highest of 91 economies with data for 2024.
- Is the latest change in taxes on goods and services (current LCU) unusual for Korea, Rep.?
- In 2024, Korea, Rep.'s taxes on goods and services (current LCU) rose 6.5% on 2023 (from 107.85 trillion to 114.81 trillion). Across the 30 yearly changes before that (1994 to 2023), the average change was +6.6% and a typical year strayed about 8.4% from that (the standard deviation). This year's change was 0.0 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
Source
World Bank, World Development Indicators, indicator GC.TAX.GSRV.CN, licensed CC BY 4.0. Original source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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