The nation posted an average fiscal deficit of more than 30 trillion won in February and March due to reduced tax revenues.

According to the Finance Ministry on Sunday, the government posted a fiscal deficit of 38-point-two trillion won in February and a shortfall of 23-point-one trillion won in March, with the average surpassing 30 trillion won.

In January, the fiscal balance posted a surplus of seven-point-three trillion won, with the fiscal deficit reaching 54 trillion won in the first quarter.

Last year, the nation posted a fiscal deficit of 117 trillion won and some observers say that this year is also likely to witness a deficit of over 100 trillion won.

However, the government is still sticking to its deficit estimate of 58-point-two trillion won for this year, which was projected last fall when compiling this year's budget. Some fiscal experts project the deficit is likely to reach at least 70 trillion won this year.