Seoul: Korea's fiscal deficit reached over 88 trillion won (US$61.8 billion) in the first eight months of the year, the finance ministry reported on Thursday. The managed fiscal balance, a vital measure of fiscal health calculated under stricter terms, posted a deficit of 88.3 trillion won during this period, as per data from the Ministry of Economy and Finance.
According to Emirates News Agency, this figure marks the second-largest deficit on record for the January-August period, surpassed only by the deficit seen in 2020. The total revenue for the period increased by 35 trillion won from the same period the previous year, reaching 431.7 trillion won. More specifically, tax revenue expanded by 28.6 trillion won year-on-year, totaling 260.8 trillion won.
In contrast, total expenditures rose by 38.4 trillion won compared to the previous year, amounting to 485.4 trillion won.