Indonesia’s 2024 Budget Deficit

JAKARTA (Reuters) – Indonesia’s budget deficit for the 2024 fiscal year was reported lower than the government’s estimate of 2.7% of GDP, as announced by Finance Minister Sri Mulyani Indrawati on Thursday.

While the exact figure was not disclosed, she noted that the deficit was nearly as narrow as the original government plan to maintain the fiscal gap at 2.29% of GDP.

>This is a remarkable result,
> – Sri Mulyani stated during the new year opening of the stock exchange.

She added that this outcome provides a solid foundation for the country’s finances entering 2025, highlighting that the 2024 results reflect a relatively healthy and safe budget.

Despite overall revenue growth, it still fell short of targets. Spending, which increased over 6% from 2023, was spurred by election expenses, the construction of a new capital city, and additional welfare programs, according to the minister.

More detailed insights will be provided later, according to Sri Mulyani.