2017, Government Budget Deficit Approaches 3% Limit

Economics & Macro

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11/07/2017 17:45 WIB

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Government Budget Deficit as a Percentage of GDP (2007-2017)

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2017, Government Budget Deficit Approaches 3% Limit

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Government Budget Deficit as a Percentage of GDP (2007-2017)

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The 2017 government budget deficit will widen and approach the maximum allowable limit of 3 percent. The revised 2017 State Budget (RAPBNP) sets the budget deficit at Rp 397.23 trillion, or 2.92 percent of Gross Domestic Product (GDP). This is the largest deficit compared to previous years. The deficit in the RAPBN 2017 is higher than the deficit in the APBN 2017, which was Rp 330.18 trillion or 2.41 percent of GDP.

The widening budget deficit in the RAPBNP 2017 is driven by a 2.1 percent decrease in state revenue to Rp 1,714.13 trillion from Rp 1,750.28 trillion in the APBN 2017. Meanwhile, state expenditure in the RAPBNP 2017 increased by 11.1 percent to Rp 2,311.36 trillion from Rp 2,080.45 trillion in the APBN 2017.

Law Number 17 of 2003 on State Finances sets the maximum budget deficit at 3 percent of GDP. The maximum ratio for government debt is set at 60 percent of GDP. This law was enacted as a lesson learned from the 1997-1998 Indonesian financial crisis to prevent a recurrence.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."