The 2024 State Budget Deficit Of IDR 153.7 Trillion In August, Sri Mulyani: The Impact Of The Realization Of Expenditures Increases

Minister of Finance Sri Mulyani in our September 2024 State Budget (Photo: Aris Nurjani/VOI)

JAKARTA - The Ministry of Finance (Kemenkeu) noted that the 2024 State Revenue and Expenditure Budget (APBN) has a deficit of IDR 153.7 trillion in August 2024.

Finance Minister Sri Mulyani said the budget deficit as of August 2024 was IDR 153.7 trillion or equivalent to 0.68 percent of Gross Domestic Product (GDP). However, it is different when compared to the State Budget as of July 2024 which experienced a deficit of IDR 93.4 trillion or 0.41 percent of GDP.

"The State Budget deficit until the end of August is IDR 153.7 trillion or 0.68 percent of GDP, it is still on track in accordance with the 2024 State Budget," he said at a press conference on the KiTa State Budget, on Monday, September 23.

Overall, Sri Mulyani said that the 2024 State Budget was designed to have a deficit of IDR 522.8 trillion or 2.29 percent of GDP. This means that the deficit that occurred in August 2024 is still within the government's projection range.

According to Sri Mulyani, the state budget deficit as of August 2024 was due to declining state revenues, while state spending increased.

Sri Mulyani explained that the realization of state revenue as of August 2024 reached Rp1,777.0 trillion, down 2.5 percent on an annual basis or year on year (yoy) when compared to the same period last year. This realization is equivalent to 63.4 percent of the 2024 APBN target of Rp2,802.3 trillion.

Meanwhile, the realization of state spending reached Rp1,930.7 trillion, an increase of 15.3 percent (yoy) compared to the same period last year. This realization is equivalent to 58.1 percent of the 2024 APBN target of Rp3,325.1 trillion.

Sri Mulyani said that the primary balance still recorded a surplus in August 2024 of IDR 161.8 trillion. Meanwhile, the primary balance in July 2024 was recorded at IDR 179.3 trillion.

To note, the State Budget as of August 2023 recorded a surplus or state revenue higher than the actual expenditure. As for the State Budget in August 2023, it experienced a surplus of IDR 147.22 trillion or 0.7 percent of GDP. The surplus occurred because state revenues reached IDR 1,821.9 trillion, or higher than the actual expenditure of IDR 1,674.67 trillion.