The nation’s fiscal deficit increased sharply during the first seven months of the year, the result of a steep decline in corporate tax revenue. 

According to the finance ministry on Thursday, the nation’s managed fiscal balance posted a deficit of 83-point-two trillion won in the January-July period, up 15 trillion won from the 69-point-nine trillion won shortfall posted in the same period last year. 

This year's figure represents the country’s third-largest deficit. 

The record was 98-point-one trillion won in 2020, followed by 88-point-eight trillion won in 2022, reflecting the influence of the COVID-19 pandemic.

The managed fiscal balance, a measure of the government’s actual fiscal status, is calculated by subtracting the balance of the four major social security funds, including the national pension, from the consolidated fiscal balance. 

Total revenue rose by three-point-nine trillion won year over year to 357-point-two trillion won during the seven-month period.

Tax revenue, however, slipped by eight-point-eight trillion won to 208-point-eight trillion won due to a 15-point-five trillion won drop in corporate tax revenue.