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Korea spends W51tr through Feb. to help economy

South Korea spent some 51 trillion won ($45.5 billion) of the state budget in the first two months of the year to prop up the economy, the finance ministry said Thursday.

The budget spending by the government and public institutions for the January-February period is 5.3 trillion won higher than its planned outlay of 45.7 trillion won during the cited period, according to the Ministry of Strategy and Finance.

(Yonhap)
(Yonhap)

The South Korean government has focused on ushering in an economic recovery through expanded fiscal spending amid faltering private consumption and rising uncertainties at home and abroad.

It earlier said it would use more than 30 percent of the 400.5 trillion-won budget earmarked for 2017 in the first three months of the year.

"Despite a recovery in exports, concerns about slowing domestic demand are rising due to additional US rate hikes, overseas trade issues and political situations," Vice Finance Minister Song Eon-seog said. "All government ministries and public agencies will do their best to spend the budget as planned."

The finance ministry earlier forecast that the country will grow 2.6 percent in 2017, down 0.4 percentage point from its earlier prediction of 3 percent. (Yonhap)

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