South Korea's Q1 2024 tax revenue dropped 2.2 trillion won, leading to a record-high fiscal deficit of 75.3 trillion won due to government spending increases.

South Korea's tax revenue dropped 2.2 trillion won (1.6 billion USD) in Q1 2024, due to lower corporate earnings and household income, leading to a record-high fiscal deficit of 75.3 trillion won ($55.07 billion), as the government increased spending to support economic recovery. Total expenditures rose by 25.4 trillion won to 212.2 trillion won. Central government debt stood at 1,115.5 trillion won at end-March.

May 09, 2024
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