Jakarta. Indonesia concluded its 2024 state budget with a deficit of Rp 507.8 trillion ($31.3 billion), equivalent to 2.29 percent of the gross domestic product (GDP), Finance Minister Sri Mulyani Indrawati announced on Monday.

She praised the figure as "impressive," noting that it significantly outperformed earlier government projections.

“We concluded the 2024 state budget with much better results than our mid-year predictions. The Rp 507.8 trillion deficit is very impressive,” Sri Mulyani said during a news conference in Jakarta.

The deficit was initially forecasted to reach Rp 609.7 trillion, indicating a substantial improvement in fiscal management.

State revenue in 2024 totaled Rp 2,842.5 trillion, achieving 101.4 percent of the government’s target. Meanwhile, total government expenditure reached Rp 3,350.3 trillion, with Rp 857.6 trillion allocated for transfers to provincial governments.

The minister attributed the positive outcome to robust revenue collection and prudent spending, underscoring the government’s commitment to maintaining fiscal discipline while supporting economic growth.