Gov't Debt Reaches W700 Trillion

  • By Kim Sung-mo

    September 11, 2019 11:52

    Government debt has reached W700 trillion as state spending increased amid dwindling tax revenues due to a slow economy (US$1=W1,192).

    The Ministry of Economy and Finance said Tuesday that tax revenues in the first seven months of this year reached just W189.4 trillion, down W800 billion from the same period last year.

    The rate of tax collection fell 0.6 percentage points over the same period to just 64.2 percent of what the government had initially targeted.

    But public spending from January to July soared W35.5 trillion on-year to W318.2 trillion. That hiked total government debt as of the end of July to W692.2 trillion, up by W5.4 trillion from June.

    "Government spending increased as we frontloaded the budget in the first half to bolster the economy, but we expect the deficit to narrow in the second half," a ministry official said.

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