This file photo shows the headquarters of Ministry of Economy and Finance in the central city of Sejong. Yonhap

Korea continued to maintain a fiscal deficit over the first 11 months of 2024 amid sluggish corporate tax collections due to weak earnings, the finance ministry said Thursday.

The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, posted a deficit of 81.3 trillion won ($55.6 billion) in the January-November period, larger than the shortfall of 64.9 trillion won recorded a year earlier, according to the Ministry of Economy and Finance.

Total revenue increased 12.8 trillion won on-year to 542 trillion won during the cited period, driven by a rise in non-tax income.

However, tax revenue fell 8.5 trillion won to 315.7 trillion won due to a sharp decrease in corporate tax collections, attributed to sluggish corporate performance.

Total expenditures rose 21.5 trillion won on-year to 570.1 trillion won, driven by the high national pension payouts, the data showed.

The government's debt reached 1,159.5 trillion won as of the end of November, up 4.1 trillion won from a month earlier, the data showed. (Yonhap)