The combined debt of households, corporations and government agencies in the country has surpassed six-point-two quadrillion won, about four-point-25 trillion U.S. dollars.

According to data from the Bank for International Settlements on Thursday, the country’s credit to the nonfinancial sector in South Korean won amounted to six-point-222 quadrillion as of the end of the third quarter last year. 

Credit to the nonfinancial sector refers to the sum of the debts of key economic entities — households, corporations and government bodies — allowing for comparisons between countries.

The third-quarter figure represents an on-year increase of four-point-one percent and an on-quarter rise of zero-point-nine percent. 

Of the total, corporate debt amounted to two-point-798 quadrillion won, household debt to two-point-283 quadrillion won and government debt to one-point-141 quadrillion won. 

Meanwhile, the total debt-to-gross domestic product ratio reached 247-point-two percent at the end of the third quarter last year, the lowest figure since the second quarter of 2021.