Korea’s fiscal deficit further widens through August

The Republic of Korea's fiscal deficit grew markedly during the first eight months of 2024 amid weak corporate performances, the finance ministry said Thursday. Yonhap New Agency quoted the finance ministry as saying that the managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, posted a deficit of 84.2 trillion won (US$62.43 billion) in the January-August period, larger than the shortfall of 65.8 trillion won a year earlier. Total revenue went up by 2.3 trillion won on-year to 396.7 trillion won during the cited period this year, led by an increase in non-tax income. Source: Emirates News Agency