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Indonesia’s budget deficit rises to 20.1 billion USD

Indonesia’s Finance Ministry has announced that the country’s state budget deficit increased to 281.9 trillion Rp (20.1 billion USD) or 1.8 percent of the gross domestic product (GDP) in October 2019, higher than the same period year earlier of 229.7 trillion Rp or 1.56 percent of GDP.
Indonesia’s budget deficit rises to 20.1 billion USD ảnh 1An overview of Jakarta capital (Source: Indonesia Expat)

Jakarta (VNA) – Indonesia’s Finance Ministry has announced that the country’s state budgetdeficit increased to 281.9 trillion Rp (20.1 billion USD) or 1.8 percent of thegross domestic product (GDP) in October 2019, higher than the same period yearearlier of 229.7 trillion Rp or 1.56 percent of GDP.

Speaking at a press conferenceon November 18, Minister of Finance Sri Mulyani Indrawati said the governmentforecast a budget deficit of 296 trillion Rp or 2.26 percent of GDP at the endof the year due to unsatisfactory revenue from several sectors such asmanufacturing and mining.

By the end of October,state revenue was recorded at 1.508.9 trillion Rp or 69.7 percent of thetarget. The country’s income was recorded to only growing 1.2 percentyear-on-year (YoY), lower than the growth in October 2018 which reached 21.3percent (YoY).

Total tax revenue fromJanuary to October was recorded at 1,173.9 trillion Rp, hitting 65.7 percent ofthe target. Non-tax state revenue was at 333.3 trillion Rp, or 88.1 percent ofthe target.

According to Indrawati,the sluggish tax and non-tax revenue due to the realization of macroassumptions that are not in line with the estimates. The minister gave anexample of the realization of Indonesian oil prices which are still at 62 USD abarrel, while the macro assumption is at 70 USD a barrel.

Then oil output at thebeginning of the year averaged at 744,000 barrels a day, assuming 775,000barrels a day. While the average exchange rate of the rupiah against the USdollar since the beginning of the year is at 14,162 Rp, assuming that in the2019 State Budget it is 15,000 Rp.

With lifting under theassumption, oil prices and the exchange rate will certainly affect tax andnon-tax revenues which are definitely lower, she said.

Furthermore, thetotal state expenditure until the end of October grew by 4.5 percent (YoY)with a realization of 1.798 trillion Rp or 73.1 percent of the target. Centralgovernment expenditure was recorded at 1,121.1 trillion Rp (68.6 percent) and transfersto the regions were 676.9 trillion Rp (81.9 percent)./.
VNA
# Indonesia’s Finance Ministry#state budget deficit#gross domestic product (GDP)#Minister of Finance Sri Mulyani Indrawati#tax revenue#Vietnamplus#Vietnam News Agency
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