S. Korea's public account deficit narrows in 2021

public account-2021 data

S. Korea's public account deficit narrows in 2021

SEOUL, Sept. 15 (Yonhap) -- South Korea's public account deficit narrowed in 2021 thanks to a rise in tax income, central bank data showed Thursday.

The country's public account shortfall came to 35.7 trillion won (US$25.7 billion) last year, according to the preliminary data from the Bank of Korea (BOK).

The shortfall compared with a deficit of 58.4 trillion won tallied a year earlier.

The decline stemmed from increased income, especially a rise in tax income.

The public sector brought in 986.6 trillion won in total income last year, up 11 percent from a year earlier, the data showed.

Of the total income, tax income came to 458.3 trillion won, compared with 392.6 trillion won registered the previous year.

Total spending also grew 7.9 percent on-year to 1,022.3 trillion, as the government offered grants and subsidies for coronavirus-affected people, the data showed.

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