Doha: South Korea’s fiscal deficit reached over 88 trillion won (US$61.8 billion) in the first eight months of the year, the finance ministry said Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, posted a deficit of 88.3 trillion won in the cited period, according to data from the Ministry of Economy and Finance.
According to Qatar News Agency, total revenue grew by 35 trillion won from the same period last year to 431.7 trillion won. Tax revenue specifically expanded by 28.6 trillion won on-year to reach 260.8 trillion won, contributing significantly to the total revenue increase.
Total expenditures increased by 38.4 trillion won on-year, reaching 485.4 trillion won. This surge in expenditures further contributed to the fiscal deficit observed during the period.
The government had earlier projected that the shortfall would align with the original annual target of around 111.6 trillion won toward the end of the year.