Embargo: Release Date: May 27
Contact Information: Lee Seung-hyun (02-2150-2774/ Fiscal Analysis Division)
Consolidated Fiscal Balance, Q1 2011 (preliminary)
The consolidated fiscal balance in the first quarter of 2011 showed a deficit of 4.4 trillion won, while the consolidated fiscal balance excluding social security funds registered a deficit of 13.3 trillion won.
* Consolidated fiscal balance (-4.4 trillion won) = total revenue (78.7 trillion won) – total expenditure (83.1 trillion won)
* Consolidated fiscal balance excluding social security funds (-13.3 trillion won) = consolidated fiscal balance (-4.4 trillion won) – social security fund balance (8.9 trillion won) The deficit in the consolidated fiscal balance decreased 2.6 trillion won, and the one excluding social security funds dropped by 6.2 trillion won. Total government revenue increased 2.3 trillion won, due in part to a rise in tax revenue.
* Government revenue increase (2.3 trillion won) = tax revenue (4.7 trillion won) + non-tax revenue (0.7 trillion won) – delayed social security payments＊(3.1 trillion won)
* Social security payments which used to be made at the end of March have been changed to monthly payments, resulting in 3.1 trillion won less revenue as of the end of March 2011.
At the end of the first quarter, the annual progress in total fiscal spending fell to 29.7 percent, compared with 31.6 percent in the same period of the previous year, with 0.3 trillion won less spending.
<Consolidated fiscal balance, Q1 2011> (trillion won, %)
2010 2011 Change
(d-b) Budget
(a)
Spending as of the end of March (b)
Annual progress (b/a, %)
Budge t (c)
Spending as of the end of March (d)
Annual progress (d/c, %) Total fiscal
revenue (A)
262.3 76.4 29.1 284.8 78.7 27.6 2.3
Total fiscal spending (B)
264.3 83.4 31.6 279.5 83.1 29.7 -0.3
Consolidated fiscal balance (A-B)
-2.0 -7.0 - 5.3 -4.4 2.6
Press Release
Social security funds＊
balance (D)
28.1 12.5 - 30.3 8.9 -3.6
Consolidated fiscal balance excluding social security funds (C-D)
-30.1 -19.5 - -25.0 -13.3 6.2
*National Pension Fund, Korea Teachers’ Pension Fund, Employment Insurance Fund, Industrial Accident Compensation Insurance Fund
