South Korea's national debt snowballed to a record high of one-thousand-985 trillion won last year due to a series of extra budgets drawn up to finance COVID-19 relief programs.

According to the Ministry of Economy and Finance on Tuesday, the amount of debt rose 13-point-nine percent from 2019.

For the first time, the amount of debt surpassed the country’s gross domestic product(GDP) since the current form of government financial statement began in 2012. Last year's GDP stood at one-thousand-924 trillion won.

The consolidated fiscal balance, or the difference between the government's total revenue and expenditure, fell to a record low of minus 71-point-two trillion won. The consolidated fiscal account to GDP ratio fell to a 38-year low of negative three-point-seven percent.

The fiscal balance, excluding social guarantee funds, also reached a record low of minus 112 trillion won, after plunging 57-point-five trillion won on-year.

The country's assets totaled two-thousand-490 trillion won, up eight-point-three percent from the previous year.

The Cabinet approved the settlement report on Tuesday.