Sri Mulyani Reveals State Revenue Drops 6.2 Percent

Minister of Finance Sri Mulyani Indrawati said that state revenue in the first semester of 2024 contracted by 6.2 percent on an annual basis or year on year (yoy).

This is based on the results of the Coordination Meeting of the Financial System Stability Committee (KSSK) III 2024 which has been carried out consisting of the Ministry of Finance (Kemenkeu), Bank Indonesia (BI), the Financial Services Authority (OJK), and the Deposit Insurance Corporation (LPS).

Even so, Sri Mulyani conveyed that the performance of the State Revenue and Expenditure Budget (APBN) until the second quarter of 2024 was maintained with a controlled deficit, amidst global economic turmoil.

"The state revenue contracted 6.2 percent yoy, while state spending grew by 11.3 percent yoy," he said at the KSSK III Periodic Meeting Results Press Conference in 2024, Friday, August 02.

With this performance, Sri Mulyani said that the APBN recorded a deficit of IDR 77.3 trillion or 0.34 percent of GDP, still under control with a prime balance of IDR 162.7 trillion.

"The APBN performance, which is predicted to be maintained until the end of this year, will be a strong foundation to support a solid transition in 2025," he explained.

Sri Mulyani said that until the first semester of 2024, the realization of state revenue reached Rp1,320.7 trillion or 47.1 percent of the 2024 State Budget target, or contracted 6.2 percent (yoy).

Meanwhile, the realization of state spending reached Rp1,398.0 trillion or grew 11.3 percent (yoy), mainly influenced by efforts to continue to support various development agendas, encourage economic growth, and maintain people's welfare.

The realization of state spending includes the realization of central government spending which reached Rp997.9 trillion, grew 11.9 percent (yoy) and the realization of transfers to regions which reached Rp400.1 trillion, grew 9.9 percent (yoy).