Experts are trying to understand why the government's tax revenue predictions were so inaccurate last year, and whether it may be necessary to replace traditional methods of coming up with the estimate.

A National Assembly Budget Office report released Friday says the government collected 242-point-six trillion won in fiscal 2016.

That's eight percent more than the 222-point-nine trillion won the government predicted a year earlier when drawing up the 2016 budget plan.

Economists say such inaccurate revenue forecasts can actually end up undermining trust in the government's financial management as well as causing negative side effects, and that prediction methods must be improved.