South Korea's fiscal deficit narrowed on-year over the first six months of 2023, data showed Thursday, amid lower revenue and expenditures.

The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 83 trillion won ($63.9 billion) through June, compared with 101.9 trillion won tallied a year earlier, according to the Ministry of Economy and Finance.

South Korea's tax revenue came to 178.5 trillion won during the cited period, down 39.7 trillion won on-year due to a lower amount of income and corporate taxes collected.

The total revenue dropped to 296.2 trillion won in the January-June period, down 38.1 trillion won on-year.

Total expenditures came to 351.7 trillion won over the period, down 57.7 trillion won on-year, as the government spent less on pandemic-related projects.

The government's debt had reached 1,083.4 trillion won as of June, down 5.3 trillion won on-year. (Yonhap)