South Korea’s fiscal deficit narrowed on-year in the first seven months of 2023, data showed Thursday, as the government cut pandemic-related expenditures.

The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 67.9 trillion won (US$51.1 billion) through July, compared with 86.8 trillion won tallied a year earlier, according to the Ministry of Economy and Finance.

South Korea’s tax revenue came to 217.6 trillion won during the cited period, down 43.4 trillion won on-year due to a lower amount of income and corporate taxes collected.

The total revenue came to 353.4 trillion won in the January-July period, down 40.7 trillion won on-year.

Total expenditures came to 391.2 trillion won over the period, down 59.1 trillion won on-year, as the government spent less on pandemic-related projects.

The government’s debt had reached 1,097.8 trillion won as of July, up 14.5 trillion won on-year.

Source: Yonhap News Agency