Korea's financial situation strengthens
South Korea experienced a significant improvement in its fiscal balance during the first seven months of the year, as the fiscal deficit was reduced by 22 trillion won to reach 64.8 trillion won ($47.9 billion) by the end of July, marking the lowest level since 2021. This improvement is attributed to strong growth in tax revenues, which increased by 41.4 trillion won compared to last year, with corporate tax revenues rising by 4.4 trillion won, income tax revenues up by 12.2 trillion won, and securities transaction revenues increasing by 6.4 trillion won. Non-tax revenues and financial fund incomes also rose, amid a 7.1% increase in government spending. As of the end of July, the central government's public debt stood at 1,354.2 trillion won, an increase of 15.7 trillion won from the previous month.
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