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S. Korea's fiscal deficit widens through Sept.

Economy 10:00 November 17, 2022

SEJONG, Nov. 17 (Yonhap) -- South Korea's fiscal deficit widened 17.1 trillion won (US$12.8 billion) in the first nine months of 2022 compared to a year earlier as the country spent more on supporting vulnerable people amid the prolonged pandemic, data showed Thursday.

The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 91.8 trillion won in the January-September period, larger than a shortfall of 74.7 trillion won a year earlier, according to the Monthly Public Finance report released by the finance ministry.

The country's tax revenue came to 317.6 trillion won, up 43.1 trillion won from a year earlier, on the back of robust gains in corporate taxes and income taxes.

But the total expenditure over the nine months came to 536 trillion won, up 64 trillion won from a year earlier, due to the increased spending on pandemic-hit small merchants and other vulnerable groups.

S. Korea's fiscal deficit widens through Sept. - 1

colin@yna.co.kr
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