SEOUL, Sept. 23 (Xinhua) -- South Korea's public account logged deficit for the fifth consecutive year due to lower tax revenue, central bank data showed Tuesday.
The public account balance, including the central and local governments, social security funds, and public companies, recorded a deficit of 48.9 trillion won (35.1 billion U.S. dollars) in 2024, according to the Bank of Korea (BOK).
The balance stayed in red since 2020 on the back of a reduction in tax revenue, which declined 7.6 trillion won last year.
The public sector's total income, including tax revenue, grew 2.8 percent to 1,150.0 trillion won in 2024 compared to the previous year.
The total expenditure gained 2.6 percent to 1,198.9 trillion won last year.
The central government's total spending amounted to 510.3 trillion won in 2024, higher than its total income of 433.7 trillion won.
Expenditure by non-financial public companies totaled 247.8 trillion won last year, higher than their total income of 231.6 trillion won. (1 won equals 0.00072 dollars) ■
