Photo : YONHAP News
Following another extra budget drawn up by the government, fiscal spending this year is set to surpass 620 trillion won, nearly 17 trillion more than last year.
As the 14-trillion-won supplementary budget will be mostly financed by the issuance of state bonds, the ratio of national debt in proportion to gross domestic product(GDP) has also increased.
According to details of the budget approved by the Cabinet on Friday, total government spending this year has risen to 621-point-seven trillion won.
Due to the extra budget, national debt has also increased by eleven-point-three trillion won to over one-thousand-75 trillion won, accounting for 50-point-one percent of the GDP.
Total government revenue for 2022 is 553-point-six trillion won, resulting in a fiscal deficit of over 68 trillion won. The finance ministry will use excess tax revenue from last year to pay off some debt after accounts are settled in April.
Extra Budget Pushes Up Fiscal Spending, National Debt
Source: Matira Matibay
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