Seoul: South Korea reported a public account deficit for the fifth straight year in 2024, though the shortfall narrowed slightly from a year earlier, led by the collection of property income and social contributions, central bank data showed Tuesday. The country's public account shortfall came to 48.9 trillion won (US$35.06 billion) last year, compared with a 49.1 trillion-won deficit logged in 2022, according to the preliminary data from the Bank of Korea (BOK).

According to Yonhap News Agency, the country has logged a deficit since 2020. The public sector's total spending rose 2.6 percent on-year to 1,198.9 trillion won in 2024, while total income climbed 2.8 percent to 1,150 trillion won during the same period.

"Despite falling tax revenue, property income receipts and social contributions increased," the BOK said in a release, adding that the rise in total expenditures was due mainly to social welfare benefits and public spending.