Indonesia's 2022 State Budget surplus reached 0.06% of GDP as of March.

Economics & Macro

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Dzulfiqar Fathur Rahman 26/04/2022 20:29 WIB

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The Ministry of Finance (MoF) reported that the State Budget (APBN) still recorded a surplus in the first quarter of 2022, amounting to 0.06% of GDP.

Ratio of APBN Surplus to GDP (January-March 2022)

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Indonesia's 2022 State Budget surplus reached 0.06% of GDP as of March.

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Ratio of APBN Surplus to GDP (January-March 2022)

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The Ministry of Finance (Kemenkeu) reported that the State Budget (APBN) still recorded a surplus throughout the first quarter of 2022.

The budget surplus as of March 2022 was recorded at Rp10.3 trillion, or 0.06% of the Gross Domestic Product (GDP). This surplus decreased from the previous month, in line with increasing pressure on state spending.

"Future revenue growth will move towards a more normal level," wrote Kemenkeu in its April 2022 APBN Kita report.

"In an effort to recover the economy, state spending needs to be boosted. Anticipation of increased spending on subsidies or compensation is needed as an impact of rising commodity prices," it continued.

In line with the economic recovery from the pandemic's impact, the government reduced the Covid-19 stimulus budget to meet its fiscal consolidation target.

The government also plans to return the budget deficit to below the normal limit of 3% of GDP by 2023.

In 2021, the government recorded a budget deficit of 4.57% of GDP. For 2022, the government estimates the deficit will be recorded at 4.85%.

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."