The nation's private sector debt, including that held by households and corporations, has more than doubled South Korea's gross domestic product(GDP) in the third quarter. 

The Bank of Korea(BOK) said in a report released on Thursday that private sector debt accounted for 211-point-two percent of nominal GDP in the third quarter.

The ratio was the highest to be posted since related statistics began to be compiled in 1975. Compared to the second quarter, the ratio climbed four-point-eight percentage points and compared to the same period last year, it jumped 16-and-a-half percentage points. 

The central bank said household debt grew seven percent on-year in the third quarter to reach one-thousand-682 trillion won while disposable income climbed just point-three percent during a one-year period. 

As a result, the ratio of household debt to disposable income amounted to some 171 percent, the highest to be posted since the fourth quarter of 2002 when related statistics began to be compiled. 

The BOK warned that insolvency risks will rise if the household income situation fails to improve drastically due to a delayed economic recovery.