SME Times is powered by   
Search News
Just in:   • A Step Forward for MSMEs – But Challenges Remain  • ED raids multiple locations in Kolkata for lottery scam  • GenAI a top priority for 70 pc Global Capability Centres in India: Report  • South Korea's fiscal deficit further widens this year  • Electronic toll collection in India soars to record Rs 6,115 crore in Oct 
Last updated: 14 Nov, 2024  

south-korma South Korea's fiscal deficit further widens this year

IANS | 14 Nov, 2024

South Korea's fiscal deficit grew markedly during the first nine months of 2024, the finance ministry here said on Thursday, partly due to increased expenditure.

The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, posted a deficit of 91.5 trillion won ($65.1 billion) in the January-September period, up 20.9 trillion won from the same period last year, according to the finance ministry.

This year's tally was the third-largest figure for the cited period, the ministry said. The shortfall came to 108.4 trillion won in the first nine months of 2020, reports Yonhap news agency.

The deficit is nearly in line with the 91.6 trillion won forecast for the year, as outlined in this year's budget.

"Given the ongoing revenue shortfalls, it is likely that the managed fiscal deficit will continue to grow as the year progresses," a ministry official said on condition of anonymity.

Total expenditure went up by 24.8 trillion won from a year earlier to 492.3 trillion won during the cited period as the government spent more on supporting health care insurance subscribers and welfare programs, according to the ministry.

Total revenue went up by 3.1 trillion won on-year to 439.4 trillion won over the same period.

South Korea's money supply rose for the 16th consecutive month in September from a month earlier amid an extended monetary tightening mode, central bank data showed.

The country's M2, a key gauge of the money supply, stood at 4,070.7 trillion won ($2.89 trillion) in September, up 0.2 percent from the previous month, according to the preliminary data from the Bank of Korea (BOK).

The figure has been on a constant increase since June 2023.

On a year-on-year basis, the money supply advanced 5.9 percent in September, a slight slowdown from a 6.1 percent on-year increase in August.

The M2 is a measure of the money supply that counts cash, demand deposits and other easily convertible financial instruments.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Will the new MSME credit assessment model simplify financing?
 Yes
 No
 Can't say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter