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3rd Supplementary Budget of 2020 Passed

  • DivisionBudget Office - Budget Coordination Division
  • DateJuly 3, 2020

3RD SUPPLEMENTARY BUDGET OF 2020 PASSED

 

3RD Supplementary Budget Passed,

Largest Budget Approval of 35.1 Trillion Won

 

The 3rd supplementary budget worth 35.1 trillion won was passed at the National Assembly on July 3, spending reduced to 35.1 trillion won from 35.3 trillion won proposed by the government. This makes the 3rd supplementary budget the largest in history and of the three extra budgets passed in 2020 to support K COVID-19 response and measures to contain economic slowdown. A total of 277 trillion won worth of policy package including the 3rd supplementary budget has been prepared by the government to overcome COVID-19.

 

35.1 trillion won = 11.4 trillion won (revenue adjustment) + 23.7 trillion won (new spending)

 

 

3rd supplementary budget of 2020 passed

                                                                                                                                                                                                                                                                  (trillion won)

 

2019

Original

2020

Original

2020 Supplementary

 

Change (C-B)

1st (A)

2nd (B)

3rd (C)

Total Revenues

(y-o-y, %)

476.1

(6.5)

481.8

(1.2)

481.6

(1.2)

482.2

(1.3)

470.7

(-1.1)

-11.4

Total Expenditures

(y-o-y,%)

769.6

(9.5)

512.3

(9.1)

523.1

(11.4)

531.1

(13.1)

546.9

(16.5)

15.8

Consolidated Fiscal Balance

(% to GDP)

6.5

(0.3)

-30.5

(-1.5)

-41.5

(-2.1)

-48.9

(-2.5)

-76.2

(-3.9)

-27.3

(-1.4% p)

Consolidated Fiscal Balance

Without Funds

(% to GDP)

-37.6

 

(-1.9)

-71.5

 

(-3.5)

-82.0

 

(-4.1)

-89.4

 

(-4.5)

-111.5

 

(-5.8)

-22.1

 

(-1.3% p)

Government Debt

(% to GDP)

740.8

(37.1)

805.2

(39.8)

815.5

(41.2)

819.0

(41.4)

839.4

(43.5)

20.4

(2.1% p)

 

 

Please refer to the attached pdf

Ministry of Economy and Finance
RSS Service

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