SEOUL, Aug. 30 (Yonhap) — Here are the highlights of the 639 trillion won ($473.5 billion) state budget for next year that the Finance Ministry proposed on Tuesday. The government has also provided total revenue estimates and medium-term fiscal management plans.
Expenses:
— Raise fiscal spending by 5.2 percent year-on-year to 639 trillion won
– Proposed budget marks a 6% year-over-year decrease from total 2022 spending
– 226.6 trillion won for health, welfare and labor, up 4.1% from 2022
– 111.7 trillion won for administration, up 13.9% year on year
— 96.1 trillion won for education, up 14.2% year on year
– 57.1 trillion won for national defense, up 4.6%
— 30.7 trillion won for research and development, up 3%
— 25.7 trillion won in industrial, SME and energy sectors, down 18%
— 25.1 trillion won on social overheads, down 10.2%
— 24.2 trillion won for agriculture, fishing and food, up 2.4%
– 22.9 trillion won for public safety and security, up 2.4%
— 12.4 trillion won for the environment, up 3.9 percent
– 8.5 trillion won for culture, sports and tourism, down 6.5%
– 6.4 trillion won for diplomacy and inter-Korean affairs, up 7.3%
— Seek an average annual increase of 4.6% in public spending under the 2022-26 fiscal management plan
Revenue:
– Raised 625.9 trillion won in gross revenue for next year, up 2.8% from the estimated 609.1 trillion won for this year
– 400.5 trillion won in total domestic taxes, up 1% from the 396.6 trillion won forecast for 2022
Fiscal health:
– Balanced budget managed to post a deficit of 58.2 trillion won next year, less than a deficit of 110.8 trillion won for this year
– The national debt is expected to reach 1,134.8 trillion won in 2023, from an estimated 1,068.8 trillion won for this year
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