The second report in the Final Accounts Analysis Series, the General Analysis of FY 2012 Final Accounts, offers an overview of the economic conditions, the result of the budget bill review by the National Assembly, key findings in the final accounts and characteristics in budget execution, the size of finances, the financial statements, the performance report, and the gender-sensitive balance sheet for the year 2012.
In FY 2012, the total tax revenue was 341.8 trillion won, which is 1.7 trillion won less than the budget as a result of a sluggish economy. Total expenditures were 323.3 trillion won, which was 99.4% of the budget. The expenditures reflect increased spending to counter economic uncertainties at home and abroad.
The consolidated public sector finance had a surplus of 18.5 trillion won, down 0.1 trillion won from the previous year and up 0.4 trillion won from the budget (18.1 trillion won). At minus 17.4 trillion won, the operational budget balance fell 3.9 trillion won further into the red from the previous year and was down 3.1 trillion won compared to what was projected in the budget (minus 14.3 trillion won). Government debt rose 23.2 trillion won from 420.5 trillion won in 2011 to 443.7 trillion in 2012, accounting for 34.8% of GDP and up 0.8%p from the previous year.
According to the final accounts of FY 2012, the total receipts in the general account and 18 special accounts were 282.4 trillion won, which is 0.3 trillion won less than the 282.7 trillion won budgeted, and the outlays totaled 274.8 trillion won, representing 97.3% of receipts.
The aggregate amount of 65 funds at the end of FY 2012 was 383.2 trillion won, up 2.6% from 373.6 trillion won in the previous year. The actual amount executed (net amount) was 399.1 trillion won, which was 15.9 trillion won more than the planned amount and 4.0% more than the 383.7 trillion won in the previous year.
In 2012, fiscal management resulted in a 0.8 trillion won loss on the national financial statements. At the end of the year, assets and liabilities were 1,580.4 trillion won and 902.1 trillion won, respectively, leaving net assets at 678.3 trillion won.
Budget Analysis Office
In FY 2012, the total tax revenue was 341.8 trillion won, which is 1.7 trillion won less than the budget as a result of a sluggish economy. Total expenditures were 323.3 trillion won, which was 99.4% of the budget. The expenditures reflect increased spending to counter economic uncertainties at home and abroad.
The consolidated public sector finance had a surplus of 18.5 trillion won, down 0.1 trillion won from the previous year and up 0.4 trillion won from the budget (18.1 trillion won). At minus 17.4 trillion won, the operational budget balance fell 3.9 trillion won further into the red from the previous year and was down 3.1 trillion won compared to what was projected in the budget (minus 14.3 trillion won). Government debt rose 23.2 trillion won from 420.5 trillion won in 2011 to 443.7 trillion in 2012, accounting for 34.8% of GDP and up 0.8%p from the previous year.
According to the final accounts of FY 2012, the total receipts in the general account and 18 special accounts were 282.4 trillion won, which is 0.3 trillion won less than the 282.7 trillion won budgeted, and the outlays totaled 274.8 trillion won, representing 97.3% of receipts.
The aggregate amount of 65 funds at the end of FY 2012 was 383.2 trillion won, up 2.6% from 373.6 trillion won in the previous year. The actual amount executed (net amount) was 399.1 trillion won, which was 15.9 trillion won more than the planned amount and 4.0% more than the 383.7 trillion won in the previous year.
In 2012, fiscal management resulted in a 0.8 trillion won loss on the national financial statements. At the end of the year, assets and liabilities were 1,580.4 trillion won and 902.1 trillion won, respectively, leaving net assets at 678.3 trillion won.
Budget Analysis Office