ID :
184779
Fri, 05/27/2011 - 05:50
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Shortlink :
https://oananews.org//node/184779
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S. Korea's Q1 fiscal deficit narrows on more tax revenue
SEOUL, May 27 (Yonhap) -- South Korea's fiscal deficit in the first quarter of this year shrank from a year earlier as economic recovery helped boost the government's tax revenue, the finance ministry said Friday.
The consolidated fiscal account, which reflects the central government's total income and expenditure, posted a 4.4 trillion won (US$4.04 billion) deficit during the January-March period, down 2.6 trillion won from a year earlier, the ministry said in a press release.
The shrinkage stemmed mostly from increased tax revenue buoyed by continued economic recovery. A decline in government contributions to social welfare funds also helped the on-year contraction.
The government's total income came to 78.7 trillion won, up 2.3 trillion won from a year earlier, with tax revenue growing 4.7 trillion won over the same period, the ministry said. The nation's expenditure edged down to 83.1 trillion won from 83.4 trillion won.
The fiscal account "subject to the government's management" also posted a smaller deficit compared with a year earlier.
The deficit, which excludes social welfare and public fund operations from the consolidated fiscal account to better gauge the government's fiscal status, came to 13.3 trillion won during the first quarter, down 6.2 trillion won from a year earlier, the ministry said.
South Korea's economy expanded 1.4 percent on-quarter during the January-March period, accelerating from a 0.5 percent growth in the fourth quarter of last year. From a year earlier, the economy grew 4.2 percent, according to the nation's central bank.
kokobj@yna.co.kr
(END)
The consolidated fiscal account, which reflects the central government's total income and expenditure, posted a 4.4 trillion won (US$4.04 billion) deficit during the January-March period, down 2.6 trillion won from a year earlier, the ministry said in a press release.
The shrinkage stemmed mostly from increased tax revenue buoyed by continued economic recovery. A decline in government contributions to social welfare funds also helped the on-year contraction.
The government's total income came to 78.7 trillion won, up 2.3 trillion won from a year earlier, with tax revenue growing 4.7 trillion won over the same period, the ministry said. The nation's expenditure edged down to 83.1 trillion won from 83.4 trillion won.
The fiscal account "subject to the government's management" also posted a smaller deficit compared with a year earlier.
The deficit, which excludes social welfare and public fund operations from the consolidated fiscal account to better gauge the government's fiscal status, came to 13.3 trillion won during the first quarter, down 6.2 trillion won from a year earlier, the ministry said.
South Korea's economy expanded 1.4 percent on-quarter during the January-March period, accelerating from a 0.5 percent growth in the fourth quarter of last year. From a year earlier, the economy grew 4.2 percent, according to the nation's central bank.
kokobj@yna.co.kr
(END)
