South Korea’s finance minister has hinted at the possibility that the country’s consolidated fiscal balance will be in the red this year. 

In a press conference at the government complex in Sejong City on Monday, Finance Minister Hong Nam-ki said that despite the initial prediction of over one trillion won in surplus, the consolidated fiscal balance may hover below zero due in part to fiscal spending aimed at boosting the sluggish economy. 

The country's consolidated fiscal balance is determined by fiscal spending against tax revenue and returns from public fund management. 

Hong said he also expected fewer tax revenues this year but added that the shortages will amount to less than one percent of the revenue budget.