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News Briefing
Consolidated fiscal balance posts 30.4 trillion won deficit in 2021
May 2022
The consolidated fiscal balance posted a deficit of 30.4 trillion won (1.5 percent to GDP in 2021), 40.8 trillion won less than the previous year. Despite a record high fiscal expansion in 2021, the fiscal deficit narrowed due to increases in tax revenue and investment returns of the National Pension Fund.
An increase in national assets (up 352.8 trillion won) was much larger compared to the national debt (up 214.7 trillion won), making net assets soar by 138.1 trillion won, the highest increase to date. Liabilities rose by 214.7 trillion won to 2,196.4 trillion won due to increases in the issuance of national and public bonds and estimated liabilities.

The central government debt was 939.1 trillion won in 2021 (45.6 percent to GDP), 120.0 trillion won higher than a year ago. Government debt grew due to the two supplementary budgets to support those who have suffered from the COVID-19 impact and to facilitate economic recovery.