S. Korea’s public sector revenue drops 1.0% in ’23

South Korea’s public sector revenue dropped by 1.0 per cent in 2023 to 1,106.7 trillion won from 1,118.2 trillion won in 2022, the Bank of Korea (BOK) published a preliminary report on Tuesday.

Similarly, total expenditures of the public sector declined by 2.0 per cent in 2023, reaching 1,153.1 trillion won, down by 23.8 trillion won compared to the 2022 total of 1,176.9 trillion won.

As a result of the decline in both revenue and expenditures, the public sector’s net lending deficit narrowed in 2023. The deficit stood at 46.4 trillion won, a significant improvement from the 58.7 trillion won deficit recorded in the previous year.

Attribution: Bank of Korea’s preliminary report

Subediting: M. S. Salama