SEOUL, Aug. 13 (Xinhua) -- South Korea's fiscal deficit narrowed to a multi-year low in the first half on the back of robust tax revenue, government data showed Thursday.
The consolidated fiscal balance, or gross revenue minus gross expenditure, posted a deficit of 43.9 trillion won (31.0 billion U.S. dollars) in the January-June period, down from 68.6 trillion won (48.4 billion dollars) in the same period of last year, according to the Ministry of Planning and Budget.
The managed fiscal balance, which excludes social security funds, recorded a deficit of 84.4 trillion won (59.6 billion dollars) in the first half, down from 94.3 trillion won (66.6 billion dollars) a year earlier.
The consolidated and managed fiscal deficits marked the lowest levels since 2019 and 2023, respectively.
Gross revenue, including tax revenue, soared 61.3 trillion won (43.3 billion dollars) from a year earlier to 381.9 trillion won (269.7 billion dollars) in the first half.
The tax revenue jumped 33.0 trillion won (23.3 billion dollars) to 223.0 trillion won (157.5 billion dollars).
Income tax collections expanded by 10.4 trillion won (7.3 billion dollars), driven by higher earned income tax coming from increased performance bonuses alongside stronger capital gains tax from rebounding real estate transactions.
Corporate tax grew by 4.3 trillion won (3.0 billion dollars) on improved corporate earnings, and securities transaction tax advanced by 5.2 trillion won (3.7 billion dollars) due to a spike in stock trading volumes.
Gross expenditure rose 36.6 trillion won (25.8 billion dollars) over the year to 425.8 trillion won (300.6 billion dollars) in the first half.
Central government debt stood at 1,338.5 trillion won (945.1 billion dollars) at the end of June, up 70.3 trillion won (49.6 billion dollars) from six months earlier. ■