Indonesia‘s Budget Deficit in 2024: A Glimpse into the Numbers
The Indonesian Ministry of Finance, headed by Sri Mulyani Indrawati, has just announced that the 2024 Government Budget Revenue and Expenditure (APBN) has a deficit of 2.29% of Gross Domestic Product (GDP). Based on preliminary data, this deficit amounts to IDR 507.8 trillion.
Sri Mulyani stated during a press conference at the Ministry of Finance in Jakarta that the APBN had been designed with a deficit of IDR 522.8 trillion, representing 2.29% of GDP. This target was initially set at IDR 609.7 trillion, or 2.70% of GDP, but was adjusted following consultations with the House of Representatives (DPR).
In 2024, state revenues reached IDR 2.842.5 trillion, an increase of 2.1% year-on-year (yoy). These revenues comprised tax revenues of IDR 1.932.4 trillion, customs and excise duties of IDR 300.2 trillion, Non-Tax State Revenues (PNBP) of IDR 579.5 trillion, and donations of IDR 30.3 trillion.
Given the uncertain and challenging circumstances, state revenues have remained stable, outpacing the 2023 figure of IDR 2.783.9 trillion. Meanwhile, state expenditures amounted to IDR 3.350.3 trillion, marking a 7.3% increase from the previous year. This increase was largely driven by expenditures from ministries and institutions, which reached IDR 1.315 trillion, surpassing the originally allocated budget of IDR 1.090.8 trillion.
Looking ahead, Minister Sri Mulyani expressed optimism about the budget situation, citing the lower-than-expected APBN deficit in 2024. She believes that this achievement sets a strong foundation for the 2025 budget. The ministry remains committed to maintaining fiscal sustainability while navigating the complexities of the global economic landscape.
