Tax revenue came in at 241.6 trillion won (180.3 billion U.S. dollars) in the January-August period, down 47.6 trillion won (35.5 billion dollars) compared to the same period of last year, according to the Ministry of Economy and Finance.

Income tax revenue decreased by 13.9 trillion won (10.4 billion dollars) as the faltering property market lowered revenue from housing transactions.

The number of housing and land transactions declined in double figures for eight months through June on a yearly basis.

Corporate tax collection dwindled by 20.2 trillion won (15.1 billion dollars) as corporate earnings dropped on the back of the economic downturn.

Total revenue, including tax and non-tax revenues, dipped from 44.2 trillion won (32.9 billion dollars) to 394.4 trillion won (294.4 billion dollars) in the eight-month period.

Total expenditure retreated from 63.5 trillion won (47.4 billion dollars) to 425.8 trillion won (317.8 billion dollars).

The managed fiscal balance, excluding the social security fund, posted a deficit of 66.0 trillion won (49.3 billion dollars) for the first eight months of this year.

The central government’s debt amounted to 1,110.0 trillion won (828.5 billion dollars) at the end of August, up 12.1 trillion won (9 billion dollars) from a month earlier.