Korea's fiscal deficit widens through November

Finance Minister Choo Kyung-ho, who doubles as the deputy prime minister for economic affairs, speaks during an emergency meeting on the economy at the government complex in Seoul, Jan. 12. Yonhap

Korea's fiscal deficit widened 21 trillion won ($16.8 billion) in the first 11 months of last year due to increased expenditures amid the pandemic.

The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 98 trillion won in the January-November period, larger than a shortfall of 77 trillion won a year earlier, the finance ministry's Monthly Public Finance report showed.

The country's tax revenue came to 373.6 trillion won during the cited period, up 50.2 trillion won from a year earlier, on the back of a rise in income and corporate taxes.

It brought the total revenue to 571.6 trillion won for the first 11 months of 2022, up 47.7 trillion won from a year earlier.

The total expenditures, meanwhile, rose to 622.5 trillion won from 546.3 trillion won logged in the same period a year earlier due to the increased spending for the government's COVID-19 response.

Its debt came to 1,045.5 trillion won as of end-November, up 7.3 trillion won from a month earlier, the ministry said. (Yonhap)