With this, the state treasury surplus ratio reached 0.57 percent of the gross domestic product (GDP), the Ministry's Fiscal Policy Agency (BKF) Head Febrio Kacaribu noted during the online Ask BKF event on Monday.
With the existence of the state budget surplus, the realization of budget financing contracted by 16 percent (yoy), or was recorded at Rp196.7 trillion. Due to this, the primary balance turned negative by 23.9 percent, reaching Rp316.1 trillion.
The state budget surplus came from state revenue that reached Rp1,551 trillion, which is higher than the state spending, with Rp1,444.8 trillion.
The state revenue realization managed to grow 21.2 percent as compared to the same period last year (year-on-year/yoy), while the state spending rose by 13.7 percent (yoy).
The state revenue last month comprised taxation revenue worth Rp1,213.5 trillion, or grew 24.4 percent, and non-tax state revenue (PNBP) of Rp337.1 trillion, or rose 11.4 percent (yoy).
Moreover, customs and excise revenue stood at Rp185.1 trillion, or grew 17.7 percent (yoy).
Meanwhile, state spending, comprising central government spending and regional and village transfer fund (TKDD), reached Rp1,1031.2 trillion, or grew 18.5 percent, and Rp413,6 trillion, or increased 1.7 percent (yoy) respectively.
The realization of central government spending comprised ministerial or institutional spending that declined by 11.4 percent, or by Rp513,6 trillion, and non-ministerial or institutional spending that grew by 62.3 percent (yoy), or Rp517,6 trillion.
The increase in non-ministerial or institutional spending includes subsidy spending that stood at Rp116.2 trillion, or grew 17.5 percent (yoy), as well as fuel oil and electricity compensation that reached Rp104.8 trillion, or rose 512.7 percent (yoy).
Subsidy and compensation payment will continue until the end of the year. Hence, the projection of state budget deficit will remain at 3.92 percent of the GDP in 2022 or better.
The government will continue to monitor all of this and determine whether it can maintain strong growth of the state revenue and ensure improved spending efficiency.
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Translator: Agatha Olivia V, Fadhli Ruhman
Editor: Rahmad Nasution
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