South Korea’s government debt neared 470 trillion won ($437.2 billion) in 2011 under new accounting rules adopted to reflect international norms, government data showed Monday.

According to the data offered by the finance ministry, South Korea’s ordinary government debt came to 468.6 trillion won last year. The ratio of the debt to the country’s gross domestic product stood at 37.9 percent.

The figures were calculated on an accrual basis, different from the existing cash basis accounting rules under which the national debt was 420.5 trillion won. Its debt-to-GDP ratio was 34 percent.

The new debt figures were provided as the government has been pushing to offer more objective data on national debt by reflecting international norms. Since 2008, the government has run a related task force to work on the modification.

Under the new accounting rules, debts of the central and regional governments and non-profit public organizations were included. Accounts payable and deposits received were also included.

The ministry expected that the new national debt numbers will help it more accurately assess its fiscal health through objective comparison with other countries, allowing the government to map out more effective fiscal operation plans down the road. (Yonhap News)

South Korea’s debt-to-GDP ratio remained far lower than many other advanced countries such as the U.S., Japan and Germany whose corresponding ratios was 102.2 percent, 205.3 and 86.4 percent, according to the ministry.

The average ratio for member countries of the Organization for Economic Cooperation and Development stood at 102.9. (Yonhap News)