Korea’s fiscal deficit will continue during the first 11 months of 2024
SEOUL, 9 January 2024 – The Ministry of Finance of the Republic of Korea said on Thursday that Korea continued to record a fiscal deficit over the first eleven months of 2024, amid a slowdown in corporate tax revenues due to weak profits.
The Korean “Yonhap” news agency reported that the managed financial balance, which is a key measure of financial health that is calculated with more stringent conditions, recorded a deficit of 81.3 trillion won (55.6 billion US dollars) during the period from January to November last year, which is larger than the deficit of 64.9. trillion won recorded in the previous year, according to the Korean Ministry of Economy and Finance.
Total revenues rose by 12.8 trillion won year-on-year to 542 trillion won during the aforementioned period, driven by higher non-tax revenues, while tax revenues decreased by 8.5 trillion won to 315.7 trillion won.
The data showed that government debt reached 1,159.5 trillion won as of the end of last November, an increase of 4.1 trillion won from the previous month.
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