The national finances posted a 14 trillion won deficit through February this year, but the shortfall narrowed from a year earlier. It was the 10th largest on record.
According to the Monthly fiscal trends April issue released by the Ministry of Planning and Budget on the 9th, cumulative total revenue for January–February was tallied at 121.6 trillion won. That was an increase of 18.6 trillion won from the same period a year earlier. National tax revenue rose by 10 trillion won on higher income taxes, value-added taxes, and security transaction tax, while non-tax revenue (+5.3 trillion won) and fund revenue (+3.3 trillion won) also increased.
Total expenditure over the same period was 128.7 trillion won. It increased by 12 trillion won from a year earlier, with the rise in total revenue larger.
The consolidated fiscal balance, which subtracts total expenditure from total revenue, recorded a 7.1 trillion won deficit. After deducting social security funds such as the National Pension Service to show the government's underlying fiscal status, the consolidated fiscal balance without social security fund came to a 14 trillion won deficit. The consolidated fiscal balance without social security fund deficit narrowed by 3.9 trillion won from a year earlier.
Central government debt stood at 1,312.5 trillion won at the end of February, up 26.5 trillion won from the previous month. On the back of expanded Treasury bond issuance, it was 44.3 trillion won higher than at the end of last year.
Meanwhile, Treasury bond issuance for January–March totaled 61.5 trillion won, or about 27.2% of the annual issuance limit. Treasury bond yields in March rose from a month earlier due to geopolitical risks stemming from the Middle East and higher oil prices.