South Korea’s national debt inched up to come closer to 1,110 trillion won (US$824.68 billion) as of end-November, and the fiscal deficit logged an on-month growth, data showed Thursday.

The country’s debt as measured in outstanding state bonds came to 1,109.5 trillion won as of end-November, up 4 trillion won from a month earlier, according to the Ministry of Economy and Finance.

From the end of last year, the figure rose by 76 trillion won.

The government forecast the national debt to reach 1,101.7 trillion won for the whole of 2023.

Last year, 165.7 trillion won worth of government bonds were sold, the ministry said.

The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 64.9 trillion won through November, up from 52.2 trillion won a month earlier.

The figure surpassed the government’s forecast for this year of 58.2 trillion won.

The government’s total revenue came to 524.2 trillion won in the January-November period, down 42.4 trillion won on-ye
ar, as tax revenue fell 49.4 trillion won amid weak corporate performances and the property market slump.

Total expenditures also fell 15.5 percent to 548.6 trillion won on-year during the cited period, as the government spent less on pandemic-related subsidies and projects, according to the ministry.

In an on-year term, the managed fiscal balance narrowed by 33.1 trillion won from 98 trillion won logged during the first 11 months of 2022, the data showed.

Source: Yonhap News Agency