South Korea's fiscal deficit surpassed 100 trillion won, or around 74 billion U.S. dollars, in the first half of the year, largely due to reduced revenue from corporate taxes amid poor business performance and rising state expenditures.

According to the finance ministry on Wednesday, total cumulative revenue as of late June stood at 296 trillion won, with a budget execution rate of 48-point-three percent.

National tax revenue between January and June reached 168-point-six trillion won, down ten trillion won compared to a year earlier, as the decline of 16-point-one trillion won in corporate taxes outweighed the five-point-seven trillion won increase in value-added and income taxes.

The cumulative total expenditure as of June reached 371-point-nine trillion won, up 20-point-three trillion won on-year, reflecting rapid budget execution and increased welfare spending.

The consolidated budget balance, which is calculated by subtracting total expenditure from total revenue, posted a deficit of 76 trillion won, the second largest on record.

The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, posted a deficit of 103-point-four trillion won, greater than the government's previous forecast of 91 trillion won.