NABO Fiscal Trends and Issues(Autumn Edition)
Published on 16 November 2018
Published by Social Budget Analysis Division of the Budget Analysis Department
I. Key Fiscal Indicators
The progress rates of total revenue and total expenditure up to September 2018 are 80.2% and 79.8%, respectively. Also, the consolidated central government balance (in the form of a 14 trillion Korean won surplus) increased by 1.4 trillion won YoY up to September 2018, and central government debt (663.2 trillion won) increased by 35.8 trillion won since the end of 2017, due to reasons such as increased treasury bond issues.
Ⅱ. Major Fiscal Issues
Major fiscal issues of the third quarter include the discussion on the mid-to-long term fiscal projection and institutional improvement of the National Pension Service (NPS) such as the 4th NPS Fiscal Calculation; the announcement of ways to reinforce the public function of kindergartens such as by increasing the number of public kindergartens; the announcement of Support Measures for Innovative Growth and Employment; and the announcement of support measures for small business owners and self-employed business-people.
In addition, fiscal issues related to the 2019 budget are also introduced, including the key content of the proposed 2019 budget; a basic competence diagnosis of universities and the restructuring of fiscal support for universities; an announcement on the direction of innovative growth and strategic investment; the expansion of investments in region-specific lifestyle SOCs and the full-fledged implementation of the Citizen-Inclusive Budget System.
Ⅲ. Fiscal Trends in North Korea
An introduction is made regarding the overall North Korean fiscal environment, North Korean fiscal management procedures, North Korean fiscal volume trends as well as North Korean budget conditions and settlement status.