The South Korean government will outlay 68 percent of its scheduled spending for 2017 in the first half in a bid to boost economic vitality at the beginning of the new year, the finance ministry said Tuesday.
Out of the 400 trillion-won ($342.5 billion) budget approved by parliament over the weekend, some 340 trillion won is set for the government's expenditures that cover mandatory state-initiated programs and spending for ministries and agencies next year.
The Ministry of Strategy and Finance said it will allocate 68 percent of the expenditures in the first six months, with spending on job creation, expanding safety facilities and carrying out infrastructure projects.
It will spend 36.3 percent, or 123.4 trillion won, in the first quarter and 31.7 percent, or 107.5 trillion won, in the next three months, followed by 66.3 trillion won and 42.4 trillion won in the third and fourth quarters, respectively.
South Korea's 2017 budget marked the first annual fiscal spending that topped the 400 trillion-won level, with the national debt accounting for 40.4 percent of the country's gross domestic product. (Yonhap)
