The Korea Herald


S. Korea's fiscal deficit expands on-year in April

By Yonhap

Published : June 15, 2023 - 10:46

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South Korea's fiscal deficit expanded in the first four months of 2023 from a year earlier amid economic uncertainties, data showed Thursday.

The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 45.5 trillion won in the January-April period, larger than a shortfall of 37.9 trillion won a year earlier, according to the finance ministry.

South Korea's tax revenue came to 134 trillion won during the cited period, down 33.9 trillion won on-year due to the slump in the property market, which resulted in a decrease in capital gains tax revenue.

The total revenue dropped to 211.8 trillion won in the January-April period, down 34.1 trillion won on-year.

Total expenditures came to 240.8 trillion won, down 26.5 trillion won from a year earlier, as the government reduced its pandemic-related spending.

The government's debt reached 1,072.7 trillion won as of April, up 19.1 trillion won from a month earlier, the data also showed. (Yonhap)