Seoul: South Korea's fiscal deficit reached over 94 trillion won (US$68.2 billion) in the first six 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 94.3 trillion won in the cited period, according to data from the Ministry of Economy and Finance.

According to Yonhap News Agency, this deficit marks an improvement from the over 100 trillion-won shortfall recorded during the same period last year, yet it remains the fourth-largest on record. A ministry official explained that the deficit typically widens in June due to the lack of major revenue inflows and the impact of front-loaded spending.

Total revenue increased by 24.7 trillion won on-year, reaching 320.6 trillion won in the first half. Specifically, tax revenue rose by 21.5 trillion won to 190 trillion won. Meanwhile, total expenditures grew by 17.3 trillion won on-year, amounting to 389.2 trillion won.

The figures currently account only for the first supplementary budget passed in May. The second supplementary budget, implemented in July, is anticipated to be reflected in the figures released in September. The government expects the second supplementary budget to cause a moderate increase in the managed fiscal deficit but still projects the shortfall to align with the original annual target of around 111.6 trillion won by year-end.