Semiconductor cycle and tax revenue error trends (trillion KRW)
Cases where excess tax revenue during the boom period (2017-2018) reversed into tax revenue shortfalls during the downcycle (2019-2020)
2017
+23.1
2018
+25.5
2019
-1.3
2020
-6.5
The excess tax revenue generated during the 2017-2018 semiconductor supercycle reversed into tax revenue shortfalls in 2019 when the downcycle arrived, and in 2020 when the COVID-19 shock was added. The bar lengths are conceptual for scale comparison, and actual statistics follow the annual tax revenue error announcement criteria.