Budget deficit reaches 3.05 percent of GDP until August 2020

Budget deficit reaches 3.05 percent of GDP until August 2020

Finance Minister Sri Mulyani Indrawati. ANTARA/HO-Kemenkeu/pri.

The deficit rose significantly as compared to Rp197.9 trillion last year. We should control it despite a decline in the yields on our government securities (SBN). We must remain cautious.
Jakarta (ANTARA) - Indonesia's budget deficit, in the year ending August 31, 2020, reached Rp500.5 trillion, or 3.05 percent of the national gross domestic product (GDP), Finance Minister Sri Mulyani Indrawati stated.

"The deficit rose significantly as compared to Rp197.9 trillion last year. We should control it despite a decline in the yields on our government securities (SBN). We must remain cautious," she emphasized here on Tuesday.

The country’s fiscal deficit reached 3.05 percent of the GDP since state revenues until August 2020 stood at Rp1,034.1 trillion as compared to the state spending at Rp1,534.7 trillion, he pointed out.

The state revenues encompassed Rp798.1 trillion from tax receipts, or 56.8 percent of the target of Rp1,404.5 trillion set in Presidential Regulation No. 72 of 2020, she stated.

Tax receipts contracted 13.4 percent as compared to Rp921.5 trillion during the same period last year, she noted.

Non-tax state revenues in the year until August 31, 2020, reached Rp232.1 trillion, or 78.9 percent of the Rp294.1 trillion targeted in the presidential regulation.

Non-tax state revenues also plunged 13.5 percent, from Rp298.2 trillion during the corresponding period last year.

Meanwhile, state revenues from grants rose significantly to Rp4 trillion, from Rp0.5 trillion during the corresponding period last year.

The Rp1,534.7-trillion budget spending until August 2020 constituted 56 percent of the target of Rp2,739.2 trillion outlined in the presidential regulation.

The state spending rose 10.6 percent, from Rp1,338.1 trillion a year earlier.

The state spending of Rp1,534.7 trillion arose from the central government's spending of Rp977.3 trillion, or 49.5 percent of the targeted Rp1,975.2 trillion. The spending comprised Rp517.2 trillion at ministries/institutions and Rp460.1 trillion at non-ministerial government institutions.

Spending at ministries/institutions accounted for 61.8 percent of the target of Rp836.4 trillion, while spending at non-ministerial government institutions reached 40.4 percent of the targeted Rp1,138.9 trillion.

"A great deal of spending at non-ministerial government institutions for COVID-19 handling jumped 22.4 percent to Rp460 trillion as compared to Rp375.9 trillion a year earlier.
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