FY2025 Account Settlements Analysis Series

 

Published on July 10, 2026
Published by Budget Analysis Coordination Division



 

   The year 2025 began amid political uncertainty that had persisted since late 2024. During the fiscal year, the inauguration of a new administration altered the fiscal operating environment, while fiscal policy was also called upon to respond to unforeseen disasters and shifts in the trade environment, including the large-scale wildfires that struck the Yeongnam region early in the year and U.S. tariff measures.
   The original 2025 budget provided for total revenue of KRW 651.6 trillion and total expenditure of KRW 673.3 trillion. In response to the changing conditions, separate supplementary budgets were formulated before and after the presidential election in June, bringing total revenue and total expenditure to KRW 642.4 trillion and KRW 703.3 trillion, respectively.
   According to the account settlements submitted by the government, national tax revenue totaled KRW 373.9 trillion, KRW 1.8 trillion above the supplementary budget figure of KRW 372.1 trillion but KRW 8.5 trillion below the original budget figure of KRW 382.4 trillion. Total revenue amounted to KRW 637.4 trillion, KRW 5.0 trillion below the supplementary budget figure, while total expenditure came to KRW 684.1 trillion, KRW 19.1 trillion below the supplementary budget figure. The managed fiscal balance recorded a deficit of KRW 104.2 trillion, an improvement of KRW 7.4 trillion from the KRW 111.6 trillion deficit set out in the supplementary budget.
   To support the National Assembly’s review of the account settlements, NABO published the “FY2025 Account Settlements Analysis Series,” which examines the government’s fiscal management in FY2025. The series comprises 22 volumes across eight sections, including “Fiscal Aggregates,” “Analysis of Allocation of Financial Resources by Sector,” “Comprehensive Analysis,” “Analysis by Committee,” “Analysis of Gender-Responsive Settlement of Accounts,” “Analysis of Climate-Responsive Settlement of Accounts,” “Analysis of National Financial Statements,” and “Analysis of the Results of Government Action on the National Assembly's Correction Requests in FY2024 Settlement.” In particular, NABO expanded its comprehensive analysis of major fiscal issues from three volumes to four, with the aim of providing broader support for the National Assembly’s legislative activities.