Indonesia Reports Much Smaller Deficit in 2022 Budget

Jakarta. Indonesia’s 2022 budget has recorded a deficit of 2.38 percent of the gross domestic product against the projected 4.5 percent, Finance Minister Sri Mulyani Indrawati said on Tuesday.
The deficit amounts to Rp 464.3 trillion ($29.7 billion), representing a significant decline from the minus Rp 775.1 trillion in the 2021 budget.
"It’s a very significant decline of 40.1 percent when compared to the budget a year earlier, demonstrating our extraordinary consolidating measures,” Sri Mulyani told a news conference in Jakarta.
“Moreover, during the early stage of the [Covid-19] pandemic in 2020, we suffered a ballooning deficit of close to Rp 950 trillion," she added.
Read More:
- Tax Revenue Exceeds 2022 Target: Finance Minister
- Gov’t Spending to Top Rp 3,000 Trillion in 2023
- Indonesia Inflation Jumps to The Highest Level in Seven Years
Overall state revenue jumped by 30.6 percent year-on-year to Rp 2,626 trillion ($168 billion), including Rp 2,034 trillion in tax, excise, and import duty revenues.
State spending totaled Rp 3,090.8 trillion in 2022, an increase of 10.9 percent from the figures the previous year.
Sri Mulyani said the country’s fiscal condition has greatly recovered from the suffering in 2020 when the deficit topped 6 percent of the GDP.
“The 2022 budget was initially designed to suffer a deficit of 4.85 percent before being revised down to 4.5 percent under a presidential decree. In reality, we managed to keep it even smaller,” she said.
Tags: Keywords:Related Articles
Sri Mulyani: Government Can Only Fund 40% of $625B Infrastructure Needs
“This gap will require private sector participation, strong partnerships, and innovative financing strategies,” she said.Indonesia’s State Revenue Falls 12% in Jan–Apr, Deficit Expected Ahead
Tax revenue totaled Rp 657 trillion, a decline of 8.7 percent compared to the same period in 2024.State Budget Faces Major Shortfall as SOE Dividends Shift to Danantara
The most recent dividend payment received by the state budget was Rp 10.8 trillion ($665 million), transferred by BRI in January.Sri Mulyani Warns of Major Shift in Global Trade Order Amid US Tariff Hikes
Sri Mulyani noted that Indonesia’s prompt decision to engage with the US placed it in a stronger position than other countries.Indonesian Minister Says Trump's Sweeping Tariffs Defy Economic Logic
She noted that the Trump administration’s approach appears disconnected from established economic theory.Sri Mulyani Reassures Investors on Prudent Budget Management as Stock Market Slumps
“I am not resigning and will continue my role in safeguarding state finances,” she said.Prabowo's Aide Dismisses Rumors of Sri Mulyani's Resignation
"I have checked with the government, and there is no immediate plan for a cabinet reshuffle," said Dasco.Sri Mulyani Says Rupiah Remains Strong Despite Depreciation Against Dollar
The rupiah weakened by 1.14 percent against the dollar this month but she said the trend was shared by many currencies in the region.Indonesia's 2024 Budget Ends with Rp 507 Trillion Deficit
Sri Mulyani praised the figure as "impressive," noting that it significantly outperformed earlier government projections.Sri Mulyani Announces Rp 265T Economic Stimulus to Offset VAT Hike Impact
Wage subsidies, first introduced during the Covid-19 pandemic, will be reintroduced in the stimulus package.The Latest
Pegadaian Sees Highest Growth in South and Central Kalimantan
The region has recorded total outstanding loans of Rp 7.8 trillion, making it the second-best performing region nationwide.Indonesia Evacuates 101 Nationals from Iran Amid Escalating Regional Conflict
Indonesia evacuates 101 people from Iran, including citizens and embassy staff, amid rising regional tensions.USS Nimitz Sails Past Indonesia as Iran-Israel Conflict Escalates
The US aircraft carrier USS Nimitz transited Indonesia's Malacca Strait on June 17, likely heading to the Middle East.Pegadaian Semarang Regional Office Signs Legal Cooperation Agreement with Prosecutors
Prosecutors will assist with issuing warning letters, summonses, and debt collection efforts targeting delinquent customers.Millions Flex for International Yoga Day
From the Himalayas to the beaches, Indians joined mass yoga sessions as PM Modi led global celebrations for International Yoga Day.Most Popular
