Post: S. Korea’s Fiscal Deficit Widens during First 7 Months of 2024

South Korea's fiscal deficit grew markedly during the first seven months of 2024 amid weak corporate performances and growing state expenditures, the Finance Ministry in South Korea said Tuesday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 83.2 trillion won about (US$62 billion) in the January-July period, larger than the shortfall of 67.9 trillion won a year earlier, according to the finance ministry. The total revenue went up by 3.9 trillion won on-year to 357.2 trillion won during the cited period this year, led by the increase in nontax income. But tax revenue fell 8.8 percent to 208.8 trillion won due to the sharp decrease in the government's collection of corporate taxes on their weak performances. Total expenditures went up by 18.3 trillion won on-year to 409.5 trillion won as the government spent more on various welfare programs, according to the ministry. The government's debt had reached 1,159.3 trillion won as of end-July, up 13.4 trillion won from a month earlier, the data showed. (QNA) Source: Qatar News Agency