Jakarta. The Indonesian government collected Rp 2,003.1 trillion ($140 billion) in revenue in the fiscal year 2021, signaling a significant rebound in the economy after a major setback due to the Covid-19 pandemic, the Finance Ministry said on Tuesday.

The government spent Rp 2,786.8 trillion last year, resulting in a Rp 783.7 trillion deficit.

The materialized revenue represents 114.9 percent of the target and a 21.6 percent increase on the Rp 1,647 trillion revenue in the fiscal year 2020.

“This is a very strong recovery – amid the ongoing pandemic and the presence of the Delta and Omicron coronavirus variant, the state revenue managed to grow by 21.6 percent,” Finance Minister Sri Mulyani Indrawati was quoted in the Finance Ministry website.

The overall revenue comprises Rp 1,277.5 trillion in tax revenue, which represents 103.9 percent of the target, Rp 269 trillion in duty and excise revenue that is 25 percent more of the target, and Rp 452 trillion in non-tax revenue.

“We also accomplish more than during the pre-Covid era of 2019,” she added. During that year, the government collected Rp 1,957 trillion in revenue.

“Our point is that the budget deficit is now below 5 percent, or 4.65 percent of the GDP to be exact. We also managed to shrink the deficit from 6.14 percent of the GDP a year earlier,” she added.

The government has stopped issuing domestic bonds since November due to the smaller-than-expected spending.