Total Deficit of 1998 Recorded 18.7 Trillion Won

According to the government, its 1998's deficit totals 18.7 trillion won, the biggest amount since the establishment of a Korean government.
On this account, the total financial deficit ratio per Gross Domestic Product(GDP) recorded 4.2 percent, the highest since 1981.
The Ministry of Finance and Economy(MOFE) announced on April 26 that the total financial revenue of general accounts, special accounts, and all public funds was 96.7 trillion won, while expenditures reached 115.4 trillion won.
A source in MOFE said, 'The deficit is the biggest since the establishment of a government in 1948, and the deficit ratio per GDP is the third largest following 1975's 4.5 percent and 1981's 4.4 percent.'
The source added, 'Measures taken to overcome the exchange crisis such as issuing 13.5 trillion won of national bonds enlarged the deficit. An increase in the government's deficit generally follows a crisis like the oil crisis in 1975 and 1981's political crisis.'
Since 1975, years that ended in the black and their surplus ratios per GDP were 1987(0.23 percent per GDP), 1988(1.23 percent), 1993(0.30 percent), 1994(0.45 percent), 1995(0.25 percent), and 1996(0.28 percent).
Jooan Kang : jooan@joongang.co.kr