Indonesia's 2024 State Budget Deficit Rises to Rp507 Trillion

According to the Ministry of Finance's report, Indonesia's 2024 State Budget (APBN) experienced a deficit of Rp507.8 trillion, equivalent to 2.29% of the Gross Domestic Product (GDP).

This deficit increased by 50.6% year-on-year (yoy) compared to 2023, which amounted to Rp337.3 trillion, equivalent to 1.61% of GDP.

The swelling of the 2024 APBN deficit was influenced by increased government spending, while revenue only increased slightly.

State revenue realization throughout 2024 grew by 2.1% (yoy) to Rp2,842.5 trillion, equivalent to 101.4% of the APBN target.

Meanwhile, state expenditure increased by 7.3% (yoy) to Rp3,350.3 trillion, equivalent to 100.8% of the target.

Although the APBN deficit swelled, Finance Minister Sri Mulyani stated that this achievement was still manageable because the deficit value was lower than predicted.

"This deficit of Rp507.8 trillion is very impressive because it is not only lower than the prediction from our mid-year report, which we predicted would worsen [the deficit to] Rp609.7 trillion, but also lower than the initial APBN [deficit target] of Rp522.8 trillion," said Sri Mulyani in a press conference on APBN Kita, Monday (January 6, 2025).