South Korea’s managed fiscal balance recorded a 64.8 trillion won deficit from January through July, down 22 trillion won from a year earlier and the smallest shortfall for the period since 2021. The Ministry of Economy and Finance said national tax revenue rose 41.4 trillion won to 274 trillion won, helping total revenue reach 456.1 trillion won, up 71.1 trillion won. Expenditure increased 33.7 trillion won to 476.2 trillion won. The consolidated fiscal balance showed a 20.1 trillion won deficit, while the managed balance reflects the deduction of a 44.7 trillion won social-security fund surplus. Income, value-added, corporate and securities transaction taxes all increased, supported by higher earnings, consumption, property transactions and market trading. Central government debt reached 1,354.2 trillion won at the end of July, up 86.1 trillion won from year-end. Government bond issuance totaled 162.3 trillion won through August, or 72.6% of the annual limit, while the average funding rate rose to 4.10% from 3.18% in January.