Korea's fiscal deficit narrows on-year through June

Ministry of Economy and Finance's headquarters in the central city of Sejong is seen in this file photo provided by the ministry. Yonhap

Korea's fiscal deficit narrowed on-year over the first six months of 2023, data showed Thursday, amid lower revenue and expenditures.

The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 83 trillion won ($62.9 billion) through June, compared with 101.9 trillion won tallied a year earlier, according to the Ministry of Economy and Finance.

Korea's tax revenue came to 178.5 trillion won during the cited period, down 39.7 trillion won on-year due to a lower amount of income and corporate taxes collected.

The total revenue dropped to 296.2 trillion won in the January-June period, down 38.1 trillion won on-year.

Total expenditures came to 351.7 trillion won over the period, down 57.7 trillion won on-year, as the government spent less on pandemic-related projects.

The government's debt had reached 1,083.4 trillion won as of June, down 5.3 trillion won on-year. (Yonhap)