Seoul: South Korea's fiscal deficit exceeded 88 trillion won (US$61.8 billion) in the first eight months of the year, as reported by the finance ministry on Thursday. The managed fiscal balance, a significant indicator of fiscal health calculated using stricter criteria, recorded a deficit of 88.3 trillion won during this period, based on data from the Ministry of Economy and Finance.

According to Yonhap News Agency, this deficit represents the second largest for the January-August period, following the record set in 2020. Total revenue for the period increased by 35 trillion won from the previous year, reaching 431.7 trillion won. Specifically, tax revenue saw an on-year expansion of 28.6 trillion won, totaling 260.8 trillion won.

Total expenditures for the first eight months rose by 38.4 trillion won on-year, amounting to 485.4 trillion won. The government had previously projected the fiscal shortfall to align with the original annual target of approximately 111.6 trillion won by the year's end.