SEOUL: South Korea’s public account deficit hit a record high last year owing to increased government handouts for merchants hit by the COVID-19 pande...
: South Korea’s public account deficit hit a record high last year owing to increased government handouts for merchants hit by the COVID-19 pandemic and higher raw material prices, central bank data showed Wednesday, reported Xinhua.
The public account balance, including the central and local governments, social security funds, and public companies, logged a deficit of 95.8 trillion won in 2022, according to the Bank of Korea .The public sector’s total income gained 11.0 per cent in 2022 from a year earlier, while the total expenditure soared 17.
The central government’s total spending amounted to 551.8 trillion won in 2022, higher than its total income of 471.1 trillion won . Total expenditure by non-financial public corporations came to 286.7 trillion won last year, far higher than their total income of 222.8 trillion won .-Bernama
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