In January and February of this year, the total revenue of the country increased by 5.8 trillion won compared to the same period last year. This was primarily due to a significant increase in the surplus of the Bank of Korea compared to the previous year. On the other hand, total expenditure until February decreased by 10.5 trillion won.
The consolidated fiscal balance without social security fund, which shows the state of the national finances, recorded a deficit of 17.9 trillion won until February. The deficit amount decreased by 18.4 trillion won compared to the same period last year.
According to the 'Monthly Fiscal Trends - April Edition' released by the Ministry of Economy and Finance on the 10th, the cumulative total revenue (including national tax and non-tax income) for February this year was 103 trillion won, an increase of 5.8 trillion won compared to the same period last year.
Of this, national tax revenue was 61 trillion won, which is an increase of 2.9 trillion won compared to the same period last year. The increases in income tax and corporate tax were 2.7 trillion won and 700 billion won, respectively.
Cumulative non-tax revenue for February was 9.2 trillion won, an increase of 3.7 trillion won compared to the same period last year. Fund revenue recorded 32.8 trillion won, a decrease of 800 billion won compared to the same period last year.
Hwang Hee-jung, director of fiscal soundness at the Ministry of Economy and Finance, explained the increase in non-tax revenue by saying, "Last year, the Bank of Korea surplus was 900 billion won, but this year it increased to 5.4 trillion won."
Total expenditure from January to February was 116.7 trillion won, a decrease of 10.5 trillion won compared to the same period last year. The JINDO rate also recorded 17.3%, falling short of the previous year's February budget's JINDO rate (19.4%).
The government cited the 'difference in business days' as the reason for the decrease in total expenditure. The number of business days from January to February last year was 41 days, but this year it was only 38 days.
With the total revenue increasing and total expenditure decreasing, the consolidated fiscal balance recorded a deficit of 13.7 trillion won. Compared to the consolidated fiscal balance of January and February last year, the deficit decreased by 16.2 trillion won.
The consolidated fiscal balance without social security fund, which is a practical indicator of the national finances calculated after deducting the four major social security funds, was a deficit of 17.9 trillion won. The deficit amount decreased by 18.4 trillion won compared to a year ago.
As of the end of February, central government debt stood at 1,180.5 trillion won. This is an increase of 21.4 trillion won from the previous month and an increase of 39.4 trillion won from the end of last year.
The issuance of government bonds from January to March was 60.3 trillion won, accounting for 30.5% of the annual total issuance limit. In March, there was a net inflow of 700 billion won from foreign investments.