The country’s fiscal deficit came to over 60 trillion won, or about 43 billion U.S. dollars, in the first three months of the year to post the second-largest figure for the three-month period. 

According to the finance ministry on Thursday, the government’s total revenue posted 159-point-nine trillion won during the January-March period, while total expenditures reached 210 trillion won.

Accordingly, the consolidated fiscal balance logged a deficit of 50 trillion won. 

The government attributed the deficit to the early and full execution of the budget to stimulate the economy. 

Tax revenue increased by eight-point-four trillion won to 93-point-three trillion won during the period.

The managed fiscal balance, which measures fiscal soundness after excluding the balance of social safety funds, posted a deficit of 61-point-three trillion won, after a shortfall logged in the first quarter of last year.