Jakarta. Indonesia’s state revenue dropped by 12.4 percent year-on-year in the first four months of 2025, reflecting weaker collections from both tax and non-tax sources, the government announced Tuesday.

From January to April, the state collected Rp 810.5 trillion ($49.4 billion), down from Rp 925.2 trillion ($56.4 billion) during the same period last year, according to Finance Minister Sri Mulyani Indrawati.

Despite the annual decline, the figure represents 26.4 percent of the full-year target of Rp 3,005 trillion ($183 billion). Sri Mulyani told lawmakers that monthly revenues continued to show growth, even as global economic headwinds persist.

“After posting a deficit for three consecutive months, we saw a turnaround in April,” she said, noting a modest budget surplus of Rp 4.3 trillion, or 0.02 percent of GDP.

Tax revenue totaled Rp 657 trillion, a decline of 8.7 percent compared to the same period in 2024. Non-tax revenue dropped even more sharply to Rp 153.3 trillion, down 24.7 percent.

The significant fall in non-tax revenue is largely attributed to the government’s decision to stop channeling dividends from state-owned enterprises into the state budget as of March. These funds are now directed to Indonesia’s sovereign wealth fund, Danantara, to support long-term investment strategies.

Government spending reached Rp 806.2 trillion, or 22.3 percent of the full-year target, slightly below total revenue and contributing to the April surplus.

Sri Mulyani has previously said that the 2025 state budget is designed to run a deficit of Rp 616 trillion (around $37.4 billion), equivalent to 2.5 percent of GDP. The deficit is intended to support President Prabowo Subianto’s development agenda and help the country meet its 8 percent economic growth target over the next five years.