S. Korea to frontload 68 pct of 2016 budget in H1 to bolster economy

South Korea will frontload 68 percent of its 2016 expenditure budget in the first half of next year to help stimulate the economy by spending public funds early on, the finance ministry said Tuesday.

Such budget allocation plan was approved during the Cabinet meeting, according to the Ministry of Strategy and Finance.

About 224.9 trillion won (190.9 billion U.S. dollars), or 68 percent of the 2016 annual expenditure budget of 330.7 trillion won, will be spent in the first half of next year.

During the first quarter of next year, 40.1 percent of annual budget will be spent, with 27.9 percent to be spent in the second quarter. For the third quarter, 20.2 percent of spending was allocated, while 11.8 percent was allotted to the fourth quarter.

The government will spend money mainly on creating jobs and stimulating the economy, the ministry said.

South Korea's private consumption showed signs of recovery from the Middle East Respiratory Syndrome outbreak thanks to the record-low interest rates and the extra budget plan for the second half of this year.

Exports, however, kept a downward trend for 11 straight months this year, boosting concerns about the export-driven economy.

The country's jobless rate stays at a relatively low level of around 3 percent, but the sentiment jobless rate, which includes the marginalized people like part-time workers who hope to get a regular job, remains above 10 percent.

The actual number of youths who fail to find jobs after college graduation is estimated to have topped 1 million. Enditem