National debt of 826 trillion won in 4 additional additions… Financial deficit of 100 trillion won’before’

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As of November last year, government debt surpassed 826 trillion won as government spending increased due to the fourth additional correction budget to respond to the novel coronavirus infection (Corona 19). Total revenue, including national and non-tax revenue, increased by 2.4 trillion won compared to the previous year, while spending increased to 57 trillion won in response to Corona 19.

According to the’Monthly Fiscal Trends January 2021 issue’ released by the Ministry of Strategy and Finance on the 12th, the total government revenue from January to November this year recorded 437 trillion won, an increase of 2.4 trillion won from a year ago. During the same period, total expenditure increased by 57.8 trillion won to 501.1 trillion won.

The integrated fiscal balance, which subtracted expenses from income, recorded a deficit of 63 trillion won, and the administrative fiscal balance excluding the Social Security Fund recorded a deficit of 98.3 trillion won.

Until November of last year, national tax revenue was 26.7 trillion won, down 8 trillion won compared to the same period last year. Due to the economic downturn, corporate tax decreased by 16.4 trillion won from a year ago, and VAT also decreased by 4.1 trillion won.

For the month of November, national tax revenue was 14 trillion won, down 2.1 trillion won from the same period a year ago. Income and corporate taxes were similar to those of the same month of the previous year, but transportation tax due to the tax assistance was reduced by 1.3 trillion won and VAT also decreased by 800 billion won.

As of the end of November, the central government’s debt was 86.2 trillion won, an increase of 13.4 trillion won from the previous month. The balance of treasury bonds amounting to 1.3 trillion won increased, and the balance of national housing bonds also increased by 300 billion won.

The execution results were 28.83 trillion won by November out of 39.3 trillion won in 2020 early execution management target projects of central ministries and public institutions. The annual execution rate is 92.1%.

The government predicted that this year’s administrative fiscal balance will record a deficit of 111.6 trillion won and the national debt will increase to 84.6 trillion won.

The Ministry of Science and Technology said, “The fiscal balance for October recorded a deficit due to a decrease in total income due to a decrease in national tax revenues and an increase in total expenditures such as the execution of the fourth supplement.” Revealed.

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