2018 Government Revenues and Expenditures
Government Posts a 13.2 trillion won Surplus in 2018
The government ran a 13.2 trillion won surplus in 2018, following an 11.3 trillion won surplus in 2017 and an 8.0 trillion won surplus in 2016. The general and special accounts revenues amounted to 385.0 trillion won, while expenditures amounted to 364.5 trillion won. The surplus reflects 3.3 trillion won expenditures carried over to 2018.
2018 Revenues and Expenditures
(trillion won)
|
|
Revenue Target
(A)
|
Revenues
(B)
|
Revenue Surplus
(B-A)
|
Spending
(C)
|
Surplus
(B-C)
|
Spending Transferred (D)
|
Balance
(B-C-D)
|
Unused
|
|
Total
-General Account
-Special Account
|
371.3
304.0
67.3
|
385.0
316.2
68.8
|
13.7
12.3
1.5
|
364.5
299.9
64.6
|
16.51
12.3[1]
4.2
|
3.3
1.6
1.7
|
13.2
10.7
2.5
|
8.6
4.3
4.3
|
Total revenues amounted to 385.0 trillion won, an increase of 25.5 trillion won compared to the previous year and 13.7 trillion won more than the revenue target. The national tax revenues amounted to 293.6 trillion won, increasing 28.2 trillion won[2] from the previous year and exceeding the target by 25.4 trillion won. Nontax revenues totaled 91.4 trillion won, down 2.7 trillion won from the previous year and 11.7 trillion won[3] from the target.
2018 Revenues
(trillion won)
|
|
2017
Tax Revenues
|
2018 Tax Revenues
|
2017 Nontax Revenues
|
2018 Nontax Revenues
|
Total Revenues
|
|
Target
(A)
|
Revenues
(B)
|
Difference
from 2017
(C)
|
Difference from Target
(B-A, D)
|
Target
(E)
|
Revenues
(F)
|
Difference from 2017
(G)
|
Difference
(F-E, H)
|
Difference from 2017
(G-C)
|
Difference from Target
(H-D)
|
|
Total
-General Account
-Special Account
|
265.4
258.5
6.9
|
268.1
260.8
7.3
|
293.6
285.9
7.7
|
28.2
27.4
0.8
|
25.4
25.1
0.4
|
94.1
34.4
59.7
|
103.1
43.1
60.0
|
91.4
30.3
61.1
|
-2.7
-4.1
1.3
|
-11.7
-12.8
1.1
|
25.5
23.3
2.1
|
13.7
12.3
1.5
|
A total of 364.5 trillion won[4] (96.8%) was spent out of the 376.5 trillion won spending target, and 5.2 trillion won[5] has been transferred to 2019.
The government has run surpluses for four consecutive years since 2015[6]. General account surpluses worth 10.7 trillion won will be used, under Article 90 of the National Finance Act, to pay subsidies to local governments, finance public funds and supplementary budgets, and repay government debt.
A total of 8.6 trillion won, 2.3 percent of the total budget, was left unused in 2018[7], an increase of 1.5 trillion won from the previous year.
Amount Left Unused, 2014 - 2018
(trillion won)
|
|
2008-2013 Average
|
2014
|
2015
|
2016
|
2017
|
2018
|
|
Total
(% to total budget)
|
7.7
(2.8)
|
17.5
(5.5)
|
10.8
(3.2)
|
11.0
(3.2)
|
7.1
(2.0)
|
8.6
(2.3)
|
Based on the 2018 revenues and expenditures, the government will work on the 2018 national financial statement and submit the financial statement to the National Assembly by the end of May.
Please refer to the attached pdf
