South Korea's annual budget is likely to surpass 500 trillion won for the first time next year.

According to sources from the Ministry of Economy and Finance on Sunday, the government plans to continue expanding expenditures next year to play an active role in revitalizing the economy.

This year's budget, including the extra budget, marks 476-point-three trillion won. An increase of just five percent would easily raise next year's budget to above 500 trillion won.

Meanwhile, the national debt is expected to exceed 780 trillion won next year and the national debt-to-gross domestic product is projected to reach the 40 percent level for the first time next year.