S. Korea hits highest budget deficit in record in H1 amid COVID-19 pandemic
- 4 years ago
상반기 재정적자 111조 '역대최대'…세금 23조 덜 걷혀
The South Korean government posted the biggest budget deficit in history in the first half of this year on a combination of high spending to stop COVID-19... and a drop in tax revenue.
According to the finance ministry, the government's gross revenue came to about 191 billion U.S. dollars in the period between January to June, a drop on year of around 16-point-9 billion dollars.
Government spending soared by around 26-and-a-half billion dollars to more than 266 billion.
That increase was largely because of the government's disaster relief payouts.
The South Korean government posted the biggest budget deficit in history in the first half of this year on a combination of high spending to stop COVID-19... and a drop in tax revenue.
According to the finance ministry, the government's gross revenue came to about 191 billion U.S. dollars in the period between January to June, a drop on year of around 16-point-9 billion dollars.
Government spending soared by around 26-and-a-half billion dollars to more than 266 billion.
That increase was largely because of the government's disaster relief payouts.