The government's total expenditure last year was tentatively estimated at 600 trillion won, the largest ever.
Although total revenue increased significantly last year due to the economic recovery, total expenditure exceeded total revenue, and the fiscal deficit was estimated to reach 30 trillion won.
According to the 'February Fiscal Trend' announced by the Ministry of Strategy and Finance today (17th), the annual fiscal revenue of last year reached 570 trillion won, an increase of 55.4 trillion won compared to the second supplementary budget (514.6 trillion won) in July. was estimated as
Among them, national tax revenue was 344.1 trillion won, an increase of 29.8 trillion won from the supplementary budget.
Income tax increased by KRW 14.6 trillion thanks to the increase in the number of employed people and the booming real estate market. As the economy continued to recover, corporate tax and value-added tax also increased.
The fund's revenue is expected to reach 196 trillion won, up 25 trillion won from the second supplementary budget.
This is the result of an increase of 21 trillion won from the budget of the national pension asset management income (about 40 trillion won).
As a result, the reserve of the National Pension Fund increased to 924.1 trillion won as of November last year, and the operating rate of return was 8.13%.
Non-tax revenue was estimated at 30 trillion won, an increase of about 1 trillion won from the original budget.
Total expenditure last year was estimated at 600 trillion won, up about 50 trillion won from the previous year.
Total expenditure exceeded 600 trillion won for the first time as the largest-ever fiscal execution, including compensation for losses resulting from COVID-19 quarantine measures.
The consolidated fiscal balance after subtracting total expenses from total revenues last year is expected to record a deficit of 30 trillion won.
However, the annual deficit last year was reduced by about 60 trillion won compared to the estimate (-90.3 trillion won) at the time of the second supplementary budget.
The managed fiscal balance, which shows the actual financial status of the government by subtracting the four protection-type funds from the integrated fiscal balance, has not yet been compiled.
As for the government bond market, the government assessed that the interest rate on government bonds has risen sharply due to a sense of caution over the parliamentary supplementary budget discussion.
As the KTB market volatility increased, the KTB bid rate (277%) in January also fell by 15 percentage points compared to the same month of the previous year.
The government said, "The additional issuance of KTBs according to the supplementary budget will be issued as evenly as possible for the remainder of this year, and we will continue to cooperate with policies so that the Bank of Korea's simple purchase of additional KTBs can be implemented in a timely manner."