State Revenue Falls, 2024 July Budget Deficit Reaches Rp93.4 Trillion
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The Ministry of Finance (Kemenkeu) reported that the state budget (APBN) recorded a deficit of Rp93.4 trillion from the beginning of the year until July 31, 2024.
This is equivalent to 0.41% of the national Gross Domestic Product (GDP). The APBN surplus plummeted by 160.8% year-on-year (yoy) compared to July 2023, which recorded a surplus of Rp153.7 trillion.
“Our APBN deficit is 2.29% of GDP, so this is still relatively on track,” said Finance Minister Sri Mulyani in a press conference on her YouTube channel on Tuesday (August 13, 2024).
The APBN deficit was driven, in part, by a decrease in state revenue realization, while state expenditure grew positively.
State revenue realization as of July 31, 2024, was recorded at Rp1,545.4 trillion, or 55.1% of this year's APBN target of Rp2,802.3 trillion. This revenue realization was corrected by 4.3% year-on-year (yoy).
Meanwhile, state expenditure realization reached Rp1,638.8 trillion, equivalent to 49.3% of this year's budget ceiling of Rp3,325.12 trillion.
Unlike state revenue, state expenditure in July 2024 grew by 12.2% (yoy) from the same period last year.
“The APBN will continue to work to safeguard the economy and the community, both as a shock absorber and countercyclically during periods of economic weakening, where we must stimulate the economy to maintain stability,” said Sri Mulyani.
"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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