Jakarta, Indonesia Sentinel — Indonesia’s Finance Minister (Kemenkeu) Sri Mulyani Indrawati reported that the 2024 state budget (APBN) ended with a deficit equivalent to 2.29% of the country’s Gross Domestic Product (GDP), amounting to Rp507.8 trillion ($32 billion). The figure is lower than the government’s initial target of Rp522.8 trillion (2.29% of GDP) and significantly below the mid-year projection of Rp609.7 trillion (2.79% of GDP).
“The 2024 state budget (APBN) closed far better than expected at mid-year. The deficit stood at Rp507.8 trillion, a highly impressive figure as it is not only lower than the previously pessimistic outlook but also below the initial budget target,” Sri Mulyani said at a press conference in Jakarta on Monday, as reported by Kompas.
Sri Mulyani explained that, state revenue in 2024 reached Rp2,842.5 trillion, marking a 2.1% year-on-year increase compared to 2023. The revenue included Rp1,932.4 trillion from taxes, Rp300.2 trillion from customs and excise, Rp579.5 trillion from non-tax state revenue (PNBP), and Rp30.3 trillion from grants.
“Despite global uncertainties and domestic pressures, state revenue remained resilient and even grew from Rp2,783.9 trillion in 2023,” Sri Mulyani noted.
Meanwhile, government spending climbed to Rp3,350.3 trillion in 2024, up 7.3% from the previous year. The increase was primarily driven by higher ministry and institutional expenditures, which reached Rp1,315 trillion by year-end, surpassing the initial budget allocation of Rp1,090.8 trillion and exceeding the mid-year estimate of Rp1,198 trillion.
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Speaking earlier at the opening of the 2025 Indonesia Stock Exchange (IDX) trading year, Sri Mulyani emphasized that the budget deficit remained close to the level mandated by the 2024 State Budget Law. “This is an extraordinary result, significantly lower than the mid-year projection of 2.7% of GDP,” she said.
Looking ahead, Sri Mulyani expressed optimism, stating that the healthier-than-expected fiscal performance in 2024 provides a strong foundation for navigating economic challenges in 2025. “Our 2024 state budget (APBN) closed in a relatively healthy and safe condition, and this serves as a strong foundation for entering 2025,” she concluded.
(Raidi/Agung)
