Household debt in South Korea grew at the third fastest pace among the world’s 43 major economies.

According to the Bank of International Settlement on Sunday, South Korea’s ratio of household debt to gross domestic product (GDP) stood at 92-point-eight percent at the end of last year, up four-point-seven percentage points from a year earlier.

The growth is the third largest after Norway and China, which posted six-point-three percentage points and five-point-six percentage points, respectively.

South Korea's household debt to GDP ratio came in eighth among the 43 countries, but ranked first among emerging economies for 14 straight years.