Korean fiscal deficit reached over 88 trillion won (US$61.8 billion) in the first eight months of the year, the finance ministry said Thursday.

The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, posted a deficit of 88.3 trillion won in the cited period, according to data from the Ministry of Economy and Finance.

The figure marks the second-largest on record for the January-August period after that of 2020, Yonhap News Agency quoted the ministry as saying.

Total revenue grew 35 trillion won from the same period last year to 431.7 trillion won. In detail, tax revenue expanded 28.6 trillion won on-year to 260.8 trillion won.

Total expenditures increased 38.4 trillion won on-year to 485.4 trillion won.