The Ministry of Economy and Finance reported on Thursday that South Korea’s fiscal deficit had decreased year-on-year in the first seven months of 2023. This was due to the government cutting pandemic-related expenditures.
The managed fiscal balance, a measure of fiscal health, showed a deficit of 67.9 trillion won (US$51.1 billion) as of July, compared to 86.8 trillion won in the same period of the previous year.
Tax revenue for the period was 217.6 trillion won, a decrease of 43.4 trillion won from the year before, mainly due to fewer income and corporate taxes being collected.
Total revenue for January-July was 353.4 trillion won, a reduction of 40.7 trillion won from the year before.
Total expenditures stood at 391.2 trillion won, a drop of 59.1 trillion won from the year before, as the government spent less on pandemic-related projects.
Government debt had reached 1,097.8 trillion won as of July, an increase of 14.5 trillion won from the year before.
This photo shows the headquarters of the Ministry of Economy and Finance in the central city of Sejong on Sept. 14, 2023. (PHOTO NOT FOR SALE)(Yonhap)
colin@yna.co.kr
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