South Korea - Government Revenues

For South Korea, central government revenue, expenditure and budget balance. Monthly from 1999.

• Data are disseminated, in billions of Korean won, on central government operations which cover budgetary central government and the extrabudgetary funds of central government, which include the social security funds. 
• Data are disseminated for the following components: revenue; expenditure (with interest payments separately identified); the central government balance (deficit/surplus); and financing broken down into foreign financing, and domestic financing, with domestic financing further broken down by type of debt instrument into loans, bonds and other domestic financing.

Classification system:

• Revenue is classified as current revenue (tax revenue, social security contribution, and nontax revenue) and capital revenue in accordance with the GFSM.
• Expenditure is composed of current expenditure (with interest payments separately identified), capital expenditure, and net lending, and classified by function and by economic characteristics.
• Data on financing are broken down into foreign financing, and domestic financing, with domestic financing further broken down by type of debt instrument into loans, bonds and other domestic financing.
• The net (deficit/surplus) of revenues and expenditures is equal to financing transaction of the central government.

Scope of the data

Institutional coverage of central government in reported data: The central government operations data cover the consolidated central government i.e., all the budgetary units of the central government (ministries, their branches, and agencies, and the social security funds) and the extra-budgetary funds managed by these units. The accounts of the central government are comprised of the general account, special accounts, extrabudgetary funds (including social security funds) and off-budget items. Extrabudgetary funds include social security funds such as National Pension Fund. The special accounts regarding the nonfinancial public enterprises are not included in the government operations data described in this metadata.

Source data collection programs

• Data sources: The central government operations data are compiled and published monthly by the Ministry of Strategy and Finance (MOSF). All the central government agencies are obliged to report their economic transactions to the MOSF. The MOSF compiled data electronically through the Digital Budget and Accounting System (D-brain), which integrates the preparation of budget data, accounting reports, and the generation of fiscal statistics on a monthly basis.
• The data are compiled from the actual accounting records of the central government and are recorded on a cash basis.

The monthly data are preliminary when first released. The monthly data will become final when the final general government balance data for the next reference year is released.