Seoul: The Republic of Korea reported a public account deficit for the fifth straight year in 2024, central bank data showed Tuesday. The country’s public account shortfall came to 48.9 trillion won (US$35.06 billion) last year, compared with a 49.1 trillion-won deficit logged in 2022.

According to Emirates News Agency, the country has logged a deficit since 2020. The public sector’s total spending rose 2.6 percent on-year to 1,198.9 trillion won in 2024, while total income climbed 2.8 percent to 1,150 trillion won during the same period.