South Korea’s national debt was one-point-43 quadrillion won last year, or a bit more than one-point-two trillion U.S. dollars.

A new fiscal 2016 accounting report says national assets totaled one-point-96 quadrillion won based on consolidated financial statements.

Subtracting the national debt leaves net assets worth 529 trillion won, down 34 trillion won from a year ago.

Last year's debt increase of 140 trillion won was driven by 38 trillion won worth of debt raised by state bonds, and about 93 trillion won worth of public officials’ pension liabilities.

Civil servant liabilities and veterans' pensions accounted for more than 50 percent of the national debt.