The government's total expenditure last year is estimated to have hit a record surpassing 600 trillion won, with the fiscal deficit standing above 30 trillion won.

According to data from the finance ministry on Thursday, government spending for 2021 was estimated at over 600 trillion won, up 50 trillion won from the previous year.

This latest expenditure estimate reflects the government's push to implement record relief packages and economic boosting measures in response to the prevalent COVID-19 pandemic.

Total revenue tentatively amounted to 570 trillion won amid the post-pandemic recovery, up from an earlier estimate of 514-point-six trillion won. The government collected 344-point-one trillion won in taxes last year, up from 285-point-five trillion won the previous year.

The consolidated fiscal balance, a key barometer for fiscal soundness, is estimated to post a deficit of 30 trillion won in 2021, about a third of the government's earlier projection of 90-point-three trillion won.

The government is expected to release the official data after it settles state accounts in April.