State Revenue Contracted by 5.4% in March 2024

Economics & Macro

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Cindy Mutia Annur 26/03/2024 16:33 WIB

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According to the Ministry of Finance, state revenue realization fell by 5.4% (yoy) to Rp493.2 trillion as of March 15, 2024. This was due to the very high growth in state revenue in 2021 and 2022.

Indonesia's State Revenue Realization as of March 15 (2023-2024)

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State Revenue Contracted by 5.4% in March 2024

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Indonesia's State Revenue Realization as of March 15 (2023-2024)

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According to a report by the Ministry of Finance (Kemenkeu), state revenue realization in the State Budget (APBN) reached Rp493.2 trillion as of March 15, 2024.

This realization is equivalent to 17.6% of this year's revenue target of Rp2,802.3 trillion.

However, this achievement contracted by 5.4% compared to the same period last year (year-on-year/yoy).

According to Finance Minister Sri Mulyani, this contraction occurred because state revenue grew very high in 2021 and 2022.

"We know (the growth) will be corrected. So, state revenue growth is negative 5.4% (as of March 15, 2024)," said Sri Mulyani in an online press conference on the Kemenkeu YouTube account, Monday (March 25, 2024).

State revenue comes from three main sources: tax revenue, customs and excise duties, and non-tax state revenue (PNBP).

As of March 15, 2024, the largest revenue still came from tax revenue, valued at Rp342.9 trillion, down 3.7% (yoy).

Then, customs and excise duty realization decreased by 3.2% (yoy) to Rp56.5 trillion, and PNBP fell by 12.3% (yoy) to Rp93.5 trillion.

On the other hand, state expenditure realization as of March 15, 2024, reached Rp470.3 trillion, equivalent to 14.1% of this year's budget ceiling of Rp3,325.1 trillion.

Unlike revenue, which was corrected, state expenditure realization until mid-March 2024 actually swelled by 18.1% (yoy).

With higher revenue realization than state expenditure, the APBN recorded a surplus of Rp22.8 trillion as of March 15, 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."