State budget deficit reaches 2.38% in 2022

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State budget deficit reaches 2.38% in 2022
Finance Minister Sri Mulyani (Source: Kemenkeu)

Jakarta, IO – Finance Minister Sri Mulyani noted a state budget deficit of Rp464.3 trillion (2.38 percent of GDP) as of December 2022, lower than previously projected.

“Initially our state budget was designed for a deficit of 4.85 percent, then it was revised to 4.5 percent based on Presidential Decree, but this is much lower,” said Sri Mulyani, reported Bisnis, Tuesday (3/1).

Sri Mulyani said this achievement has contributed to the fiscal consolidation plan in 2023. Furthermore, Sri Mulyani explained that even though the December figure increased Rp236.9 trillion compared to the previous month, it is a temporary figure because it would need to be audited.

State revenues in December totalled Rp2,626.4 trillion (growing by 30.6 percent YoY) while state expenditure amounted to Rp3,090.8 trillion (up by 10.9 percent YoY).

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Sri Mulyani said by reducing the deficit, the state budget is able to protect the economy and society from economic shocks such as unemployment, weakened consumption and inflation. (un)