Go to Contents Go to Navigation

Gist of proposed state budget for 2023

All News 10:00 August 30, 2022

SEOUL, Aug. 30 (Yonhap) -- The following is the gist of the 639 trillion-won (US$473.5 billion) state budget for next year that the finance ministry proposed Tuesday. The government also gave estimates on total revenue and mid-term fiscal management plans.

-- To increase fiscal spending by 5.2 percent on-year to 639 trillion won
-- Proposed budget marks 6 percent on-year fall from total expenditures for 2022
-- 226.6 trillion won on health, welfare and labor, up 4.1 percent from 2022
-- 111.7 trillion won on administration, up 13.9 percent on-year
-- 96.1 trillion won on education, up 14.2 percent on-year
-- 57.1 trillion won on national defense, up 4.6 percent
-- 30.7 trillion won on research and development, up 3 percent
-- 25.7 trillion won on industrial sectors, SMEs and energy, down 18 percent
-- 25.1 trillion won on social overhead capital, down 10.2 percent
-- 24.2 trillion won on agriculture, fisheries, food, up 2.4 percent
-- 22.9 trillion won on public security and safety, up 2.4 percent
-- 12.4 trillion won on environment, up 3.9 percent
-- 8.5 trillion won on culture, sports and tourism, down 6.5 percent
-- 6.4 trillion won on diplomacy, inter-Korean affairs, up 7.3 percent
-- To seek average annual increase of 4.6 percent in government spending under 2022-26 fiscal management plan

-- Collection of 625.9 trillion won in gross revenue for next year, up 2.8 percent from 609.1 trillion won estimated for this year
-- 400.5 trillion won in total national taxes, up 1 percent from 396.6 trillion won projected for 2022

Fiscal health:
-- Managed fiscal balance to post deficit of 58.2 trillion won for next year, smaller than a shortfall of 110.8 trillion won for this year
-- National debt expected to reach 1,134.8 trillion won in 2023, up from 1,068.8 trillion won estimated for this year

Issue Keywords
Most Liked
Most Saved
Most Viewed More
Send Feedback
How can we improve?
Thanks for your feedback!