Good News From Sri Mulyani, The 2022 State Budget Deficit Is Estimated To Be Only 2.49 Percent: In 2023 It Could Be 2.85 Percent

Minister of Finance Sri Mulyani (Photo: Capture the screenshot of the Coordinating Ministry for the Economy's Youtube)

Minister of Finance (Menkeu) Sri Mulyani said that the 2023 State Budget (APBN) deficit is expected to be lower than the initial assumption.

According to him, in the APBN Law, this year's budget deficit is set at 4.5 percent of gross domestic product or GDP.

"Actually, the end of the year the deficit will be at 2.49 percent (of GDP). So if the APBN is designed at 4.5 percent, then this is 2 percent lower. This is an extraordinary adjustment for the economy," he said in the Outlook of the Indonesian Economy 2023 on Wednesday, December 21.

According to the Minister of Finance, this optimism is supported by strong state revenues thanks to income from the commodity sector which has experienced price increases and economic transformation that supports recovery in the country.

"This is clearly a significant source of state revenue," he said.

According to VOI records, the state budget deficit until December 14, 2022 is IDR 237.7 trillion, equivalent to 1.22 percent of GDP.

Just so you know, the budget deficit only occurred in October 2022 with a value of IDR 169.5 trillion or 0.91 percent of GDP. Previously, the APBN always posted a surplus in nine consecutive months, with the latest record of September 2022 of IDR 60.9 trillion.

Meanwhile, in the 2023 State Budget Law, the deficit is set to return to normal levels below 3 percent with details of 2.85 percent of GDP.

This ratio is equivalent to IDR 598.1 trillion because the state expenditure design is IDR 3,061.1 trillion, compared to the revenue side of IDR 2,463 trillion.