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The slowdown of the domestic economy since 2012 caused the 2015-2016 budget deficit to exceed the target set in the Revised State Budget (APBN-P). In 2015, the APBN-P deficit target was 1.9 percent of the Gross Domestic Product (GDP), but the realization reached 2.59 percent. Similarly, in 2016, the target deficit was 2.35 percent, but the realization reached 2.46 percent of GDP.
In 2017, the government targeted a budget deficit of Rp 330 trillion or 2.41 percent of GDP, higher than the 2016 APBN-P target of 2.35 percent. State revenue in 2017 amounted to Rp 1,750.28 trillion, while expenditure reached Rp 2,080.5 trillion.
To curb the budget deficit and the sluggish tax revenue, the government was forced to cut the budget twice in 2016. First, by Rp 50 trillion in May 2016 and Rp 137.6 trillion in August 2016.
"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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