South Korea's managed fiscal deficit hits three-year low

South Korea's managed fiscal balance deficit for the first half of the year reached 84.4 trillion won, the lowest level in three years. According to data from the Ministry of Economy and Finance, this represents a 9.9 trillion won improvement compared to the same period last year.

Total revenue for the period rose to 381.9 trillion won, an increase of 61.3 trillion won year-on-year. This growth was driven by higher tax revenues, including increases in income tax (75.7 trillion won), corporate tax (49.3 trillion won), and value-added tax (44.8 trillion won). Notable surges were seen in securities transaction taxes, which rose by 5.2 trillion won due to increased trading volume.

Total expenditures amounted to 425.8 trillion won, up 36.6 trillion won from the previous year. While the deficit has narrowed, central government debt stood at 1,338.5 trillion won as of the end of June, an increase of over 70 trillion won compared to the end of last year.