SEOUL– The following is the gist of the 639 trillion-won (US$473.5 billion) state budget for next year that the finance ministry proposed Tuesday. The government also gave estimates on total revenue and mid-term fiscal management plans.
Spending:
— To increase fiscal spending by 5.2 percent on-year to 639 trillion won
— Proposed budget marks 6 percent on-year fall from total expenditures for 2022
— 226.6 trillion won on health, welfare and labor, up 4.1 percent from 2022
— 111.7 trillion won on administration, up 13.9 percent on-year
— 96.1 trillion won on education, up 14.2 percent on-year
— 57.1 trillion won on national defense, up 4.6 percent
— 30.7 trillion won on research and development, up 3 percent
— 25.7 trillion won on industrial sectors, SMEs and energy, down 18 percent
— 25.1 trillion won on social overhead capital, down 10.2 percent
— 24.2 trillion won on agriculture, fisheries, food, up 2.4 percent
— 22.9 trillion won on public security and safety, up 2.4 percent
— 12.4 trillion won on environment, up 3.9 percent
— 8.5 trillion won on culture, sports and tourism, down 6.5 percent
— 6.4 trillion won on diplomacy, inter-Korean affairs, up 7.3 percent
— To seek average annual increase of 4.6 percent in government spending under 2022-26 fiscal management plan
Revenue:
— Collection of 625.9 trillion won in gross revenue for next year, up 2.8 percent from 609.1 trillion won estimated for this year
— 400.5 trillion won in total national taxes, up 1 percent from 396.6 trillion won projected for 2022
Fiscal health:
— Managed fiscal balance to post deficit of 58.2 trillion won for next year, smaller than a shortfall of 110.8 trillion won for this year
— National debt expected to reach 1,134.8 trillion won in 2023, up from 1,068.8 trillion won estimated for this year
Source: Yonhap News Agency