The country's fiscal deficit came to over 74 trillion won, or about 53-point-six billion U.S. dollars, in the first five months of the year to post the second largest figure for the five-month period. 

According to the finance ministry on Thursday, the government’s total revenue rose by one-point-six trillion won on-year to 258-point-two trillion won during the January-May period.

Tax revenue, however, slipped nine-point-one trillion won to 151 trillion won due to a sharp fall in the government’s collection of corporate taxes. 

Total expenditures increased 23 trillion won on-year to 310-point-four trillion won amid a rise in the government’s spending on welfare programs.

Accordingly, the consolidated fiscal balance logged a deficit of 52-point-two trillion won. 

The managed fiscal balance, which measures fiscal soundness after excluding the balance of social safety funds, posted a deficit of 74-point-four trillion won, the second largest after a shortfall of 77-point-nine trillion won logged in the first five months of 2020.