South Korea faces a fiscal deficit as tax revenue drops despite slight overall revenue rise.

South Korea's tax revenue fell by 8 billion USD in the first nine months of 2024, mainly due to a 12.4 billion USD drop in corporate taxes, though income and value-added taxes saw increases. Total revenue rose slightly to 312.2 billion USD, but spending increased by 17.6 billion USD, leading to a fiscal deficit of 65 billion USD. The country's central government debt was 816.2 billion USD at the end of September.

November 14, 2024
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