Surplus Ends, State Budget Enters Deficit in October 2023

Economics & Macro

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Cindy Mutia Annur 27/11/2023 15:40 WIB

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The Ministry of Finance reported that the State Budget (APBN) began recording a deficit in October 2023. This ended nine months of budget surplus.

Indonesia's State Budget Realization (October 2022-October 2023)

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Surplus Ends, State Budget Enters Deficit in October 2023

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Indonesia's State Budget Realization (October 2022-October 2023)

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The Ministry of Finance (Kemenkeu) reported that Indonesia's State Budget (APBN) recorded a deficit in October 2023. This ended nine consecutive months of budget surpluses since the beginning of the year.

Finance Minister Sri Mulyani Indrawati stated that the APBN experienced a deficit of Rp700 billion in October 2023.

"The APBN posture has begun to show a deficit, or 0.003% of GDP (Gross Domestic Product)," said Sri Mulyani, in a November 2023 APBN KiTa press conference on the Kemenkeu YouTube account, Friday (24/11/2023).

The October 2023 APBN deficit was lower than the prediction frequently made by the state treasurer, which projected a deficit in the range of 2.28% by the end of the year.

Despite recording a deficit, the primary balance remained positive, with a surplus of Rp365.4 trillion. The primary balance is the total state revenue minus state expenditure excluding interest payments on debt.

According to Sri Mulyani, state revenue realization until the end of October reached Rp2,240.1 trillion, equivalent to 90.9% of the target set this year of Rp2,463 trillion. This realization grew by 2.8% year-on-year (yoy).

Meanwhile, state expenditure realization reached Rp2,240.8 trillion, or 73.2% of the allocated budget of Rp3,061.2 trillion. This figure decreased by 4.7% yoy.

"The figures for state revenue and expenditure are almost the same nominally, but state expenditure is only 73.2% of the budget allocation in the APBN Law," said Sri Mulyani.

The larger realization of expenditure compared to state revenue resulted in the APBN recording a deficit last month.

Editor : Padjar Iswara

"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."