Seoul: South Korea's fiscal deficit reached over 86 trillion won (US$58.8 billion) in the first ten months of the year, as reported by the finance ministry on Thursday. The managed fiscal balance, which is a critical measure of fiscal health calculated on stricter terms, showed a deficit of 86.1 trillion won during this period, based on data from the Ministry of Economy and Finance.

According to Yonhap News Agency, total revenue saw an increase of 42.1 trillion won compared to the same period last year, totaling 540.8 trillion won. This growth was primarily driven by tax revenue, which expanded by 37.1 trillion won year-on-year, amounting to 330.7 trillion won.

Total expenditures rose by 55.6 trillion won, reaching 584.8 trillion won. Meanwhile, the central government's outstanding debt stood at 1,275.3 trillion won as of the end of October.

The government had earlier forecasted the fiscal shortfall to align with the original annual target of approximately 111.6 trillion won by the year's end.