Indonesia's 2023 State Budget Shows a Deficit of Rp347.6 Trillion

Economics & Macro

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Cindy Mutia Annur 03/01/2024 16:00 WIB

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According to the Ministry of Finance's report, the State Budget (APBN) deficit reached Rp347.6 trillion in 2023.

Indonesia's State Budget Realization (2022-2023*)

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Indonesia's 2023 State Budget Shows a Deficit of Rp347.6 Trillion

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Indonesia's State Budget Realization (2022-2023*)

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According to a report by the Ministry of Finance (Kemenkeu), the Indonesian State Budget (APBN) recorded a deficit of Rp347.6 trillion in 2023. This represents approximately 1.65% of the Gross Domestic Product (GDP).

However, this figure is still preliminary, as it has not yet undergone an audit.

This preliminary figure is lower than the projection in Presidential Regulation 75/2023, which targeted an APBN deficit ratio of 2.27% of GDP.

In detail, the 2023 APBN deficit resulted from state expenditure reaching Rp3,121.9 trillion, exceeding state revenue of Rp2,774.3 trillion.

State revenue in 2023 comprised tax revenue of Rp2,155.4 trillion, non-tax state revenue (PNBP) of Rp605.9 trillion, and grant revenue of Rp13 trillion.

Meanwhile, state expenditure consisted of spending by ministries/agencies (K/L) of Rp1,153.5 trillion, and non-K/L spending of Rp1,087.2 trillion. Non-K/L spending includes energy subsidies and compensation of Rp475.7 trillion, and transfers to regions (TKD) of Rp881.3 trillion.

Kemenkeu also reported that the 2023 APBN deficit was lower than in 2022, which reached Rp460.4 trillion.

On the other hand, considering the primary balance (the difference between state revenue and expenditure excluding interest payments on debt), the 2023 APBN achieved a surplus of Rp92.2 trillion.

This primary balance surplus is a first-time achievement, following the last surplus in 2011.

"This very positive performance of the 2023 APBN is certainly a very good foundation for facing the implementation of the 2024 APBN," said Finance Minister Sri Mulyani in her press release on Tuesday (2/1/2024).

Editor : Adi Ahdiat

"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."