Yoon Administration's 656.6 Trillion Won Budget Passed by National Assembly for Next Year... National Deficit at 92 Trillion Won

The Yoon Suk-yeol administration's budget for next year has been finalized at 656.6 trillion won. This is 300 billion won less than the government's proposal.

The Ministry of Economy and Finance announced on the 21st that the 2024 budget bill with these details was approved at the National Assembly plenary session. This budget bill passed the National Assembly after exceeding the legal budget processing deadline (December 2) by 19 days.

On the 21st, the 2024 budget bill is being passed in the National Assembly plenary session.
[Image source=Yonhap News]

During the National Assembly review process, 4.2 trillion won was cut and 3.9 trillion won was added compared to the government's proposal. The resulting total expenditure growth rate was 2.8% compared to the previous year, maintaining the government's proposed level.

Total expenditure increased by 17.9 trillion won compared to the previous year. The total expenditure growth rate remained at the government's proposed level (2.8%). Total revenue was 612.2 trillion won, 100 billion won higher than the government's proposal. However, it decreased by 13.5 trillion won (2.2%) compared to the previous year.

Next year's national debt is expected to be around 1,195.8 trillion won, 400 billion won less than the government's proposal of 1,196.2 trillion won. The national debt ratio to Gross Domestic Product (GDP) remained at 51.0%.

The integrated fiscal balance (total revenue minus total expenditure) deficit is 44.4 trillion won, improved by 400 billion won compared to the government's proposal. The integrated fiscal balance ratio to GDP is projected at -1.9%.

The managed fiscal balance deficit, which excludes social security funds such as the National Pension and Employment Insurance from the integrated fiscal balance, is 91.6 trillion won, improved by 400 billion won compared to the government's proposal. Compared to the previous year (-58.2 trillion won), the deficit increased by 33.4 trillion won. The managed fiscal balance is considered an indicator that gauges the government's actual financial condition. The managed fiscal balance ratio to GDP is about -3.9%.

This content was produced with the assistance of AI translation services.