The Korea Herald

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[Graphic News] Government seeks to 3% budget increase for 2017

By Korea Herald

Published : June 12, 2016 - 18:32

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The government is seeking to increase its budget spending by 3 percent to total 398.1 trillion won ($338.3 billion) next year, the lowest increase in six years, according to Finance Ministry officials.

They said requests for an increase in budget have been on a steady decline in recent years as the government continues to reform and innovate its spending.

According to the preliminary requests, the culture sector’s budget increased the most, by 5.8 percent, which is consistent with the plans to expand the high-value tourism industry.

On the other hand, the diplomacy and unification sectors saw a combined decrease in budget spending of5.5 percent, attributable to the closure of the Gaeseong Industrial Complex, and the budget request for infrastructure was down by 15.4 percent.