S. Korea’s public account logs deficit for 4th year in 2023

SEOUL, Sept. 24 (Xinhua) — South Korea’s public account logged deficit for the fourth straight year due to economic uncertainties at home and abroad, central bank data showed Tuesday.
The public account balance, including the central and local governments, social security funds, and public companies, recorded a deficit of 46.4 trillion won (34.8 billion U.S. dollars) in 2023, according to the Bank of Korea (BOK).
The balance stayed in red since 2020, but last year’s shortfall was lower than a deficit of 58.7 trillion won (44 billion dollars) in the previous year.
The public sector’s total income fell 1.0 percent to 1,106.7 trillion won (830.4 billion dollars) in 2023 compared with the previous year as economic slowdown reduced tax revenue.
The total expenditure shrank 2.0 percent to 1,153.1 trillion won (865.2 billion dollars) last year on the back of lower government grants for merchants and microbusinesses affected by the COVID-19 pandemic.
The central government’s total spending amounted to 493.2 trillion won (370.1 billion dollars) in 2023, higher than its total income of 428.3 trillion won (321.4 billion dollars).
Total expenditure by non-financial public corporations came in at 265.0 trillion won (198.8 billion dollars) last year, higher than their total income of 225.0 trillion won (168.8 billion dollars). ■