S. Korea's fiscal deficit narrows on-year through JuneBy Yonhap
Published : Aug. 10, 2023 - 10:21
South Korea's fiscal deficit narrowed on-year over the first six months of 2023, data showed Thursday, amid lower revenue and expenditures.
The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 83 trillion won ($63.9 billion) through June, compared with 101.9 trillion won tallied a year earlier, according to the Ministry of Economy and Finance.
South Korea's tax revenue came to 178.5 trillion won during the cited period, down 39.7 trillion won on-year due to a lower amount of income and corporate taxes collected.
The total revenue dropped to 296.2 trillion won in the January-June period, down 38.1 trillion won on-year.
Total expenditures came to 351.7 trillion won over the period, down 57.7 trillion won on-year, as the government spent less on pandemic-related projects.
The government's debt had reached 1,083.4 trillion won as of June, down 5.3 trillion won on-year. (Yonhap)
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