Indonesia's 2024 budget deficit lower than 2.7% of GDP projection

MG News | January 02, 2025 at 11:37 AM GMT+05:00

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January 02, 2025 (MLN): Indonesia's budget deficit for the 2024 fiscal year came in below the government's most recent estimate of 2.7% of Gross Domestic Product (GDP).

The aforementioned information was stated by Finance Minister Sri Mulyani Indrawati on Thursday, as reported by Reuters.

Without mentioning the exact figure, Sri Mulyani said the deficit was almost as narrow as the government's original plan to keep the fiscal gap at 2.29% of GDP.

"This is a remarkable result," Sri Mulyani said at an event marking the new year opening of the stock exchange.

"This means we closed 2024 with a relatively healthy and safe budget that will be a strong foundation for us entering 2025", Sri Mulyani noted.

Overall revenue booked a positive growth, but came in below target, she said.

Spending grew more than 6% from 2023 due to expenditure for elections and the construction of the new capital city project, Reuters further added.

Additionally, there were increased costs for welfare programs, the minister added.

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