New data found that South Korea saw some of the sharpest growth in its household debt-to-nominal gross domestic product(GDP) ratio among major economies. 

According to data compiled by the Bank for International Settlements(BIS) on Wednesday, the rate of growth in South Korea’s household debt was not high compared to other major economies. However the rate of growth in household debt-to-GDP ratio was among the highest.  

The BIS said that South Korea’s household debt amounted to some one-thousand-790-and-a-half trillion won at the end of the third quarter last year, up four-and-a-half percent from a year ago. Such growth was the 25th largest among 43 countries, meaning South Korea’s household debt growth was relatively small compared to those seeing a surge.  

South Korea’s household debt-to-GDP ratio, meanwhile, grew two-point-seven percentage points on-year to stand at 93-point-nine percent at the end of the third quarter last year. Such growth was the fourth highest to be posted among major economies. 

South Korea saw the ratio rise in such a way as growth in its nominal GDP last year was known to be standing at near bottom levels compared to key economies.  

Last year, South Korea’s nominal GDP posted growth of one-point-one percent on-year to stand at nearly one-thousand-914 trillion won, or similar to the amount of household debt. That growth was the lowest to be posted since 1998 when the nation was suffering through the Asian financial crisis.