State Revenue Falls, 2024 May Budget Deficit Reaches Rp21.8 Trillion

Economics & Macro

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Nabilah Muhamad 28/06/2024 16:53 WIB

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The Ministry of Finance reported a state budget deficit of Rp21.8 trillion as of May 31, 2024. This represents a 110.7% year-on-year (yoy) decrease, driven by a 7.1% yoy correction in state revenue.

Indonesia's State Budget Realization as of May 31 (2023-2024)

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State Revenue Falls, 2024 May Budget Deficit Reaches Rp21.8 Trillion

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Indonesia's State Budget Realization as of May 31 (2023-2024)

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The Ministry of Finance (Kemenkeu) reported that the state budget (APBN) recorded a deficit of Rp21.8 trillion from the beginning of the year until May 31, 2024.

This is equivalent to 0.1% of the national Gross Domestic Product (GDP). The APBN surplus plummeted by 110.7% year-on-year (yoy).

“This represents a very sharp decline because last May there was still a surplus of Rp204.1 trillion,” said Finance Minister Sri Mulyani in an online press conference on Thursday (June 27, 2024).

The APBN deficit was driven by a decrease in state revenue realization, while state expenditure grew positively.

State revenue realization as of May 31, 2024, was recorded at Rp1,123.5 trillion, or 40.1% of this year's APBN target of Rp2,802.3 trillion.

This realization was corrected by 7.1% compared to the same period last year (yoy).

Meanwhile, state expenditure realization reached Rp1,145.3 trillion, equivalent to 34.4% of this year's budget ceiling of Rp3,325.1 trillion.

Unlike state revenue, state expenditure in May 2024 increased by 14% (yoy) from May 2023.

Disclaimer: This article has been corrected from the title, data, and body text on Friday (June 28, 2024) at 16:51 WIB. Initially, it was written as a surplus of Rp21.8 trillion, which has been corrected to a deficit.

Editor : Erlina Fury Santika

"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."

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State Revenue Falls, 2024 May Budget Deficit Reaches Rp21.8 Trillion

State Revenue Falls, 2024 May Budget Deficit Reaches Rp21.8 Trillion

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State Revenue Falls, 2024 May Budget Deficit Reaches Rp21.8 Trillion

State Revenue Falls, 2024 May Budget Deficit Reaches Rp21.8 Trillion

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