The average return on government-operated public funds dropped significantly from a year earlier in 2015, but it was largely due to record low interest rates, the finance ministry said Tuesday.

The average yield of 44 separate government funds came to 2.41 percent last year, compared with 3.04 percent the previous year, according to the Ministry of Strategy and Finance.

The on-year drop was mostly attributed to low interest rates.

"Earnings of the public funds reviewed dropped from a year earlier due to low interest rates and deteriorating investment conditions," the ministry said in a press release.

"But their average score from the review slightly increased to 71.6 points from 71 the previous year as fund operators were given better evaluations for their active use of joint investment pools," it added.

As of end-2015, there were 65 government funds, including the national pension fund, which was named the most well-managed public fund. (Yonhap)