Seoul: South Korea's fiscal deficit reached over 102 trillion won (US$69.4 billion) in the first nine months of the year, the finance ministry said Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, posted a deficit of 102.4 trillion won in the cited period, according to data from the Ministry of Economy and Finance.

According to Yonhap News Agency, the figure marks the second largest on record for the January-September period after that of 2020, as reported by the ministry. Total revenue increased by 41.4 trillion won from the same period last year to reach 480.7 trillion won. Tax revenue grew by 34.3 trillion won on-year, totaling 289.6 trillion won.

Total expenditures rose by 51.9 trillion won, amounting to 544.2 trillion won. The government had earlier projected the shortfall to align with the original annual target of around 111.6 trillion won toward the end of the year.