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PRESS RELEASES

2018 Government Revenues and Expenditures

  • DivisionFiscal Management Bureau - Government Accounting Policy and Financial Report Division
  • DateFebruary 11, 2019
  • Tel0442155431

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

 


[1] The figures reflect 4.0 trillion won worth of government bond redemption

[2] Including an 11.6 trillion won increase in income and capital gains taxes, a 7.9 trillion won increase in corporate tax, a 2.7 trillion won increase in VAT and others

[3] Including a 1.4 trillion won carried over from the previous year

[4] 299.9 trillion won in the general account (98.1%) + 64.6 trillion won in the special account (91.5%)

[5] 1.6 trillion won in the general account, a decrease of 0.3 trillion won compared with 2017, and 1.7 trillion won in the special account, a decrease of 1.3 trillion won from 2017

[6] Government surpluses (trillion won):  -0.8 (2014) → 2.8 (2015) → 8.0 (2016) → 11.3 (2017) → 13.2 (2018)

[7] 4.3 trillion won in the general account and 4.3 trillion won in the special account, rising by 0.1 trillion won and 1.4 trillion won, respectively