South Korea's public account deficit narrowed 2023 from a year earlier with the public account shortfall at 46.4 trillion won ($34.8 billion) last year and the shortfall narrowed from a deficit of 58.7 trillion won tallied a year earlier, Korean central bank data showed Tuesday.
The public sector's total spending fell 2 percent on-year to 1,153 trillion won, while its total income also slipped 1 percent to 1,106 trillion won over the cited period, according to the preliminary data from the Bank of Korea (BOK).
The BOK said the increase in the collection of social insurance offset a fall in tax revenue.
Source: Qatar News Agency