Revenue Falls, State Budget Records Rp104.2 Trillion Deficit by March 2025

The Ministry of Finance (Kemenkeu) reported a state budget deficit of Rp104.2 trillion (approximately US$7 billion, depending on the exchange rate) in March 2025, equivalent to 0.43% of the Gross Domestic Product (GDP).

Finance Minister Sri Mulyani stated that this deficit remains manageable, representing 16.9% of the 2025 state budget target of Rp616.2 trillion (approximately US$41 billion, depending on the exchange rate), or 2.53% of GDP.

“[The state budget] is designed to be counter-cyclical, supporting economic recovery and accelerating national development programs under President Prabowo, but remaining measured," said Sri Mulyani at the *APBN KiTa* press conference on Wednesday, April 30, 2025.

The March 2025 state budget deficit contrasts sharply with March 2024 (year-on-year/yoy), which recorded a surplus of Rp8.07 trillion (approximately US$540 million, depending on the exchange rate) or 0.04% of GDP.

The widening of the state budget deficit in March 2025 is attributed to government spending exceeding government revenue.

Up to the end of March 2025, realized state revenue totaled Rp516.1 trillion (approximately US$34 billion, depending on the exchange rate), or 17.2% of this year's state budget target.

Specifically, tax revenue amounted to Rp400.1 trillion (approximately US$27 billion, depending on the exchange rate), or 16.1% of the target. Non-tax state revenue (PNBP) reached Rp115.9 trillion (approximately US$8 billion, depending on the exchange rate), equivalent to 22.6% of the state budget.

Meanwhile, realized government spending was higher, reaching Rp620.3 trillion (approximately US$41 billion, depending on the exchange rate), or 17.1% of the state budget.

This spending comprised central government expenditure—ministry/agency and non-ministry/agency spending—of Rp413.2 trillion (approximately US$28 billion, depending on the exchange rate), or 16.3% of the target, and transfers to regions of Rp207.1 trillion (approximately US$14 billion, depending on the exchange rate), or 22.5% of the state budget target.