Sri Mulyani Says 2024 State Budget Deficit Reaches 1.37 Percent In October

Minister of Finance Sri Mulyani Indrawati reported that the 2024 state budget (APBN) experienced a deficit of IDR 309.2 trillion or 1.37 percent of gross domestic product (GDP) as of October.

"This deficit is still smaller than the one stipulated with the DPR in the APBN Law, which is 2.29 percent. This means that the October deficit is smaller than the law," Sri Mulyani said quoting Antara.

The Minister of Finance explained that the deficit was obtained because state spending was higher than state revenues. State spending was recorded at Rp2,556.7 trillion or 76.9 percent of the ceiling, growing 14.1 percent year-on-year (yoy). Meanwhile, state revenues were recorded at Rp2,247.5 trillion or 80.2 percent of the target, growing 0.3 percent yoy.

In detail, the realization of state spending consists of central government expenditures (BPP) of IDR 1,834.5 trillion and transfers to regions (TKD) of IDR 722.2 trillion.

The realization of BPP is equivalent to 74.3 percent of the APBN target of IDR 2,467.5 trillion, growing 16.7 percent. Meanwhile, the realization of TKD is equivalent to 84.2 percent of the APBN IDR 857.6 trillion, growing 8 percent.

BPP is divided into ministry/institutional expenditures (K/L) which are realized in the amount of Rp933.5 trillion or 85.6 percent of the target of Rp1,090.8 trillion (growing 21.4 percent) and non-K/L expenditures realized Rp901 trillion from the target of Rp1,376.7 trillion (growing 12.1 percent).

Meanwhile, state revenues originating from taxation were recorded at IDR 1,749.3 trillion (equivalent to 75.7 percent of the target of IDR 2,309.9 trillion, growing 0.3 percent), consisting of tax revenues of IDR 1,517.5 trillion (76.3 percent of the target of IDR 1,988.9 trillion, slowing down 0.4 percent) and customs and excise of IDR 231.7 trillion (72.2 percent of the target of IDR 321 trillion, growing 4.9 percent).

The realized non-tax state revenue (PNBP) was IDR 477.5 trillion, equivalent to 971, percent of the target of IDR 492 trillion, but slowed 3.4 percent.

Although the 2024 State Budget: experiencing a deficit, the primary balance is still recorded in a surplus, which is IDR 97.1 trillion. The primary balance is the difference in the total state income minus state spending outside of debt interest payments.