Sri Mulyani Announced State Budget Deficit Of IDR401,8 Trillion

Sri Mulyani Announced State Budget Deficit Of IDR401,8 Trillion

Thursday, 12 Dec 2024

Finance Minister Sri Mulyani Indrawati reported that the state budget (APBN) recorded a deficit of Rp 401.8 trillion as of November 2024, equal to 1.81% of the Gross Domestic Product (GDP).

"In the 2024 APBN, the total budget deficit as outlined in the legislation is set at Rp 522.8 trillion, so the Rp 401.8 trillion deficit remains below that figure," Sri Mulyani stated during the APBN KiTA press conference held at her office in Central Jakarta on Wednesday (December 11, 2024).

This budget deficit indicates that revenue is lower than government expenditure. However, on the primary balance side, there is still a surplus of Rp 47.1 trillion. Further details reveal that state revenue up to November 2024 amounted to Rp 2,492.7 trillion, reflecting a 1.3% increase compared to the same period last year. This revenue comes from taxes, customs, and non-tax state revenue (PNBP).

"The Rp 2,492.7 trillion signifies that 89% of this year's target, as mandated by the Budget Law, has been achieved, showing a 1.3% increase," Sri Mulyani commented. In contrast, state expenditure has reached Rp 2,894.5 trillion, which marks a significant increase of 15.3% compared to the same period last year.

This expenditure represents 87% of the budget allocation, which includes expenditures for ministries/agencies, non-ministry expenditures, and transfers to regions. "The rise is quite steep compared to last year’s state spending at 15.3%. This will be evident in the expenditure structure going forward," she added. (reza@insightinnews.com)

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