36 trillion won in national tax revenue, 53 trillion won in fiscal deficit, 1089 trillion in national debt, and 1062 trillion won in household loans
National tax revenue decreased by 36 trillion won until May, and the government debt increased by 16 trillion won from the previous month due to the fiscal deficit of 53 trillion won, reaching 1089 trillion won. With an increase of 100 billion won, the debt economy is at an all-time high.
The Bank of Korea froze the base rate at 3.5% on the 13th, ending austerity with consecutive freezes following February, April, and May, and attempted to stimulate the economy with a 1.75%p gap in interest rates with the US.
The Ministry of Strategy and Finance announced on the 13th that the cumulative national tax revenue of 160.2 trillion won from January to May decreased by 36.4 trillion won from the same period last year to 40.0%, a 9.7%p drop from the “tax revenue progress rate”.
Bank of Korea household loans are on a downward trend until March, followed by April (+2.3 trillion won), May (+4.2 trillion won), and June (+5.9 trillion won). 6.4 trillion won), the largest in a year and nine months.
Among national taxes, corporate tax plunged 17.3 trillion won from a year ago through May, and 43.6 trillion won was collected, the largest drop ever.
The budget deficit is 52.5 trillion won, after deducting the four major protection funds, from the 30.8 trillion won deficit in the consolidated fiscal balance (total income-total expenditure) through May.
Export prices fell 14.7% year-on-year in June, the sixth consecutive month of decline, and 2.8% month-on-month decline, the second consecutive month of decline.
The decline in import prices in June was driven by a sharp drop in international oil prices, with Dubai oil plummeting 33.8% year-on-year. The price index (CPI) rose 3.0% from the same month last year, slowed by 1 percentage point from May (4.0%), and rose 0.2% from the previous month, announced on the 12th.
Inflation in the US rose 4.8% from the same month last year and 0.2% from the previous month in the core CPI, excluding energy and food, which are highly volatile.
Korea's consumer price inflation rate is ▲5.2% in January ▲4.8% in February ▲4.2% in March ▲3.7% in April ▲3.3% in May ▲2.7% in June.
China's consumer price index (CPI) for June was 0.0% year-on-year, announced on the 10th.
China's CPI rose 2.1% year-on-year in January, 1.0% in February, 0.7% in March, 0.1% in April, and 0.2% in May.
China's wholesale price producer price index (PPI) fell 5.4% year-on-year in June and -4.6% in May, the lowest in more than 7 years.
US growth slowed for the 12th month in a row, hitting the lowest level in two and a half years in June.
As for US inflation, gasoline prices in automobiles fell 26.5 percent in June as prices fell for the fifth consecutive month, while food prices rose 5.7 percent, contracting consumption for the 10th month in a row.
Japanese private research firm Teikoku Databank announced on the 12th that 195 major food manufacturers in Japan will increase the price of more than 30,000 food and beverage items this year.
Yomiuri reported on the 12th that the price of 25,768 items of food in Japan has risen compared to last year, and about 35,000 items will be higher than last year by the end of the year.
"There has been no case of a price increase of more than 30,000 products since the collapse of the bubble economy," the representative of Teikoku Data Bank told Yomiuri.
Japan's Natural Resources and Energy Agency announced on the 12th that the national average price of general gasoline was 173.3 yen per liter, 0.8 yen higher than the previous week, raising the price for eight consecutive weeks, showing the opposite phenomenon to the price drop in the United States and Korea.
The Bank of Japan announced on the 12th that the business price index (2020 average = 100) in June was 119.0, up 4.1% from the same period last year, marking the 28th consecutive month of positive growth.
Korea's household loans increased mainly in housing mortgage loans, and increased by 7 trillion won in June due to an increase in home purchase loans, the largest increase in three years and four months since February 2020 (+7.8 trillion won).
Demand for debt decreased briefly in February (-300 billion won), followed by March (+2.3 trillion won), April (+2.8 trillion won), May (+4.2 trillion won), and June (+7 trillion won). increased continuously.
Corporate loan balance at the end of June (1210.1 trillion won) increased by 5.5 trillion won compared to the previous month, but decreased compared to April (+7.5 trillion won) and May (+7.8 trillion won), narrowing the gap with the sharp increase in household loans. It got bigger.