Gist of state budget proposal for 2025

The following is the gist of the state budget of 677.4 trillion won (US$509.71 billion) proposed by the finance ministry for 2025 on Tuesday, which marks a 3.2 percent on-year increase. The government also put forth estimates on total revenue and midterm fiscal management plans. Spending: -- 249 trillion won on health, welfare and employment, up 4.8 percent -- 98.5 trillion won on education, up 3.5 percent -- 8.8 trillion won on culture, sports and tourism, up 1.3 percent -- 13 trillion won on the environment, up 4 percent -- 29.7 trillion won on research and development, up 11.8 percent -- 28.3 trillion won on industry, small and medium-sized enterprises, and energy, up 1.1 percent -- 25.5 trillion won on social overhead capital, down 3.6 percent -- 25.9 trillion won on agriculture, fisheries and food, up 1.9 percent -- 61.6 trillion won on national defense, up 3.6 percent -- 7.8 trillion won on diplomacy and inter-Korean affairs, up 3.7 percent -- 25.1 trillion won on public safety, up 2.6 perc ent -- 111.3 trillion won on administration, up 0.6 percent Revenue: -- Gross revenue to come to 651.8 trillion won in 2025, up 6.5 percent from this year's 612.2 trillion won -- National taxes to be collected to stand at 382.4 trillion won in 2025, up 4.1 percent from this year's 367.3 trillion won Fiscal health: -- Managed fiscal balance to post a deficit of 77.7 trillion won in 2025, smaller than a shortfall of 91.6 trillion won in 2024 -- National debt to reach 1,277 trillion won in 2025, up from this year's 1,195.8 trillion won -- National debt to take up 48.3 percent of GDP in 2025, up from this year's 47.4 percent -- Government spending to increase 3.6 percent annually on average under the 2024-28 fiscal management plan Source: Yonhap News Agency