JAKARTA (Reuters) – Indonesia's budget deficit for fiscal year 2024 came in below the government's latest forecast of 2.7% of gross domestic product, Finance Minister Sri Mulyani Indrawati said on Thursday.
Without mentioning the exact figure, Sri Mulyani said the deficit was almost as small as the government's original plan to maintain the fiscal gap at 2.29% of GDP.
“This is an amazing result,” Sri Mulyani said at a ceremony marking the new year's opening of the stock exchange.
“This means we close 2024 with a healthy and safe budget that will be a solid foundation for us going into 2025.”
Overall revenue booked good growth, but came in below target, he said.
Spending has grown by more than 6% from 2023 due to election spending, the construction of a new capital city project, and additional welfare programs, the minister added.
More details will be revealed later, said Sri Mulyani.