(MENAFN) South Krea's budget deficit is anticipated to be higher than expected to surpass and earlier estimate of USD3.1 billion this year due to lower-than-predicted economic growth and inflation, a parliamentary report said, QNA reported.
The National Assembly Budget Office (NABO) in October forecast the government to collect USD200.7 billion in taxes based on a 5.6 percent nominal growth rate, expecting a tax revenue shortfall of over USD2.760 billion of this year, local media reported.
In the latest report, the NABO said the state tax income will be lower than the October estimate as the government cut this year's nominal growth forecast from 5.6 percent to 4.2 percent and slashed the real growth from 3.8 percent to 3.5 percent amid falling oil prices.
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