National debt exceeds 1,100 trillion won through August: data

South Korea's national debt issued exceeded 1,100 trillion won (US$826.2 billion) as of end-August, though the fiscal deficit narrowed on-year on falling pandemic-related expenditures, data showed Thursday.

The country's debt as measured in outstanding state bonds came to 1,110 trillion won in August, up 12.1 trillion won from a month earlier, according to the Ministry of Economy and Finance.

It rose by 76.5 trillion won from the end of last year and surpassed the government's forecast of 1,102 trillion won for the whole of 2023.

But the figure is expected to meet the forecast by year-end given the repayment timetable of the government bonds, the ministry said.

During the January-September period, a total of 144.4 trillion won worth of government bonds were sold, or 86.1 percent of this year's limit.

The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 66 trillion won through August, compared with 85.3 trillion won tallied a year earlier.

The government's total revenue came to 394.4 trillion won in the January-August period, down 44.2 trillion won on-year.

The decrease came as tax revenue fell 16.5 percent on-year to 241.6 trillion won due to less income and corporate taxes collected.

Total expenditures also fell 63.5 trillion won to 425.8 trillion won during the cited period, as the government spent less on pandemic-related subsidies and projects, the ministry said.

Source: Yonhap News Agency

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