South Korea’s fiscal deficit rose in the first four months of 2024 from a year earlier amid weak corporate performances and other uncertainties, the finance ministry said Thursday.

The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 64.6 trillion won (US$47.19 billion) in the January-April period, larger than the shortfall of 45.4 trillion won a year earlier, according to the finance ministry.

It reached the largest figure ever for any January-April period.

The total revenue came to 213.3 trillion won during the cited period, up from 211.8 trillion won from a year earlier, as non-tax income went up.

But tax revenue fell 8.4 trillion won to 125.6 trillion won due to the sharp fall in the government’s collection of corporate taxes on their weak performances.

Total expenditure rose by 19.6 trillion won on-year to 260.4 trillion won.

The government’s debt reached 1,128.9 trillion won as of April, up 13.4 trillion won from a month earlier, the data also
showed.

Source: Yonhap News Agency