Good News! The 2022 state budget deficit will reach 2.49% of the Gross Domestic Product (GDP). This was revealed by President Joko Widodo (Jokowi).
The projected estimate for the 2022 State Budget is even lower than the actual 2021 State Budget deficit which reached 3.64% or IDR 617.4 trillion.
This projection is lower than the target of 4.5% of GDP. In fact, this deficit position is below the 3% limit that the government is actually targeting next year. This achievement satisfied him.
“Our last count was 2.49%, dropping drastically during the pandemic. This is our effort to make our macroeconomics better in terms of numbers,” Jokowi explained in the recent 2023 Indonesian Economic Outlook, quoted on Wednesday (28/7/2022).
Meanwhile, the reduction in the deficit was greatly assisted by state revenues which posted a brilliant performance this year.
As of December 14, 2022, state revenue has been realized at IDR 2,479.9 trillion or has reached 109.43% of the target in Presidential Decree 98/2022.
In detail, tax revenue as of 14 December 2022 reached IDR 1,634.36 trillion or has reached 104.2% of the tax revenue target in Presidential Decree 98/2022, which amounted to IDR 1,568.9 trillion.
Meanwhile, customs revenue reached IDR 293.08 trillion as of 14 December 2022, or 98.1% of the target in Presidential Decree 98.
Then, Non-Tax State Revenue (PNBP) reached IDR 551.1 trillion. This figure increased by 56.6% compared to last year and 114.4% of the target in Presidential Decree 98. Deposits from non-oil and gas mining, coal, became the backbone after PNBP grew to 134% until November 2022.
This high revenue was driven by the mining sector, due to the boom in commodity prices.