S. Korea Posts Fifth Consecutive Public Account Deficit
(MENAFN) South Korea's public account posted a deficit for the fifth consecutive year in 2024, primarily due to a decline in tax revenue, according to central bank figures released Tuesday by the Bank of Korea (BOK).
The overall public account, which includes central and local governments, social security funds, and public enterprises, registered a deficit of 48.9 trillion won ($35.1 billion) in 2024. The deficit has persisted since 2020, largely driven by a reduction in tax revenue, which dropped by 7.6 trillion won last year.
Despite this, the public sector’s total income, which encompasses tax revenue, rose by 2.8% to 1,150.0 trillion won in 2024 compared to the previous year.
On the expenditure side, the public sector saw a 2.6% increase in spending, reaching 1,198.9 trillion won in 2024.
The central government alone spent 510.3 trillion won, exceeding its total income of 433.7 trillion won.
Non-financial public companies also faced a shortfall, with their total expenditure of 247.8 trillion won surpassing their total income of 231.6 trillion won.
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