SEOUL, Oct. 8 (Xinhua) -- Liabilities owed by the South Korean government, including pension payment for public servants, reached 71 percent of the country's GDP in 2012, much higher than the ratio for sovereign debts used to compare the country's state debts with those of other nations, data by the Finance Ministry showed Tuesday.
As of the end of 2012, debt liabilities of the South Korean government came to 902.1 trillion won (840 billion U.S. dollars), accounting for 70.9 percent of the country's GDP, according to data submitted by the Ministry of Strategy and Finance to Rep. Kim Tae-ho of the ruling Saenuri Party.
The figure exceeded 443.1 trillion won in sovereign debts, or 34.8 percent of the GDP, last year. The calculation of the government liabilities involves such debts, which will likely be realized and defined in the future, as pension payment for government officials and military officers.
"Liabilities on the state balance sheet include pension provisions to comprehensively manage assets and liabilities of the central government for the accounting purpose," the Finance Ministry said in a statement.
The ministry, however, noted that sovereign debts, excluding pension provisions, have been usually used to compare fiscal soundness among nations.