Korea’s budget surplus amounts to 9.1 trillion won | Economic Bulletin

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News Briefing

Korea’s budget surplus amounts to 9.1 trillion won

May 2023

News_May_2.pdf

Korea’s budget surplus reached 9.1 trillion won in the 2022 fiscal year. The budget surplus is a total tax revenue of 573.9 trillion won minus a total tax expenditure of 559.7 trillion won and a carry-forward amount of 5.1 trillion won. According to the Article 90 of the National Finance Act, the general accounts of 6 trillion won out of the budget surplus of 9.1 trillion won are expected to be spent on payment for local subsidy (400 billion won), repayment of public finance (1.7 trillion won), debt repayment (1.2 trillion won), and transfer to tax revenue and others (2.8 trillion won).

The consolidated fiscal balance posted a deficit of 64.6 trillion won (3.0% to GDP). The managed fiscal balance recorded a deficit of 117 trillion won (5.4% to GDP).

The national debt that totals up the central and local government debt amounted to 1,067.7 trillion won (49.6% to GDP). The net national assets came to 510 trillion won as the national assets posted 2,836.3 trillion won and the national liabilities were 2,326.2 trillion won.