In recent years, Korea has moved away from the planned, government-controlled economy to a more liberal market based economy. Privatization of some major banks and a restructuring of the chaebols (conglomerates) contributed greatly to the opening up of the economy.
The US Central Intelligence Agency (CIA) estimates that in 2000 South Korea's central government took in revenues of approximately $118.1 billion and had expenditures of $95.7 billion including capital expenditures of $22.6 billion. Overall, the government registered a surplus of approximately $22.4 billion. External debt totaled $128.2 billion.
The following table shows an itemized breakdown of government expenditures. The percentages were calculated from data reported by the International Monetary Fund. The dollar amounts (millions) are based on the CIA estimates provided above.
|General public services||5.1%||4,842|
|Public order and safety||6.1%||5,801|
|Housing and community amenities||2.3%||2,159|
|Recreation, cultural, and religious affairs||0.9%||815|
|Economic affairs and services||23.7%||22,659|