South Korea's public sector debt hit 1,673.3 trillion won in 2023, which is equivalent to 69.7% of the country's gross domestic product, the Ministry of Economy and Finance said Thursday.

The figure was the highest since tracking began in 2011. Central government bonds and higher debt among non-financial state firms led to the increase in the country's public sector debt, Yonhap News said in a same-day report.

General government debt, or D2, also hit a record 1,217.3 trillion won, 50.7% of the GDP. The government has implemented austerity measures, including raising electricity and gas prices, to curb rising debt, which is forecasted to grow through 2028, the report said.