As of the end of August, the national debt amounted to one-point-11 quadrillion won, or 821-point-52 billion U.S. dollars, to exceed the government’s annual forecast.

As of the same month, total government revenue fell 44-point-two trillion won from last year to 394-point-four trillion won, of which tax revenue came to 241-point-six trillion won, a 47-point-six trillion-won drop from a year earlier.

Revenue from all three major taxes – income tax, corporate tax and value-added tax – decreased, leading to a significant impact on the decline.

During the same January-to-August period, the government’s total expenditure came to 425-point-eight trillion won, 63-point-five trillion won less than the same period last year.

However, the consolidated fiscal balance, which subtracts total expenditure from total revenue, recorded a deficit of 31-point-three trillion won as of the end of August.