April 26, 2024
Economy
Public sector net lending hits record W44tr
[THE INVESTOR] Korea’s public sector net lending hit a record high last year, data showed on June 21.
Net lending, which refers to total revenue minus total expenditure, came to 43.9 trillion won (US$38.40 billion) in 2016, compared with 32.9 trillion won from a year earlier, according to preliminary data from the Bank of Korea.
It was the highest annual net lending since the central bank began compiling statistics on the public sector account.
Last year, total revenue in the public sector rose 4.1 percent on-year to 765.1 trillion won, while total expenditures climbed 2.7 percent on-year to 721.2 trillion won.
Kim Seong-ja, an official at the central bank, attributed the rise in public sector net lending to a growth in tax revenues and spending cuts on lower oil prices.
By Alex Lee and newswires (alexlee@heraldcorp.com)
Net lending, which refers to total revenue minus total expenditure, came to 43.9 trillion won (US$38.40 billion) in 2016, compared with 32.9 trillion won from a year earlier, according to preliminary data from the Bank of Korea.
It was the highest annual net lending since the central bank began compiling statistics on the public sector account.
Last year, total revenue in the public sector rose 4.1 percent on-year to 765.1 trillion won, while total expenditures climbed 2.7 percent on-year to 721.2 trillion won.
Kim Seong-ja, an official at the central bank, attributed the rise in public sector net lending to a growth in tax revenues and spending cuts on lower oil prices.
By Alex Lee and newswires (alexlee@heraldcorp.com)
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