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Biz News Korea(Eng)
S. Korean gov’t likely spent more than $133 billion in Q1 to prop up economy
- Collected
- 2016.04.05
- Distributed
- 2016.04.06
- Source
- Go Direct
The government advanced spending against the double whammy of sagging exports and sluggish domestic demand. It held weekly meetings to encourage spending plans.
It was expected to allocate 130 trillion won spending for the first quarter, but later announced that it would expedite 144 trillion won in January and February upon a double-digit contraction in exports and a sharp fall in corporate and consumer spending.
But it ended up spending even greater amount after counting in separate spending by local governments. According to the Ministry of the Interior, first-quarter spending by autonomous governments reached 50.2 trillion won, about 8.3 trillion won above the original target.
The government expects the final figure could be bigger by the end of March. The aggressive fiscal spending helped the country`s industrial output to improve in February and contraction in exports to ease.
Despite slight improvements in recent economic data, various risk factors to the financial markets at home and abroad remain, warned Yoo Il-ho, deputy prime minister for the economy.
By Cho Si-young, Na Hyun-joon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]