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Indonesia posts $718 million budget surplus in Q1
Indonesia recorded a budget surplus for the third month in a row in March supported by the improving domestic economy and rising commodity prices.
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Finance Minister Sri Mulyani Indrawati discusses the new Harmonized Tax Law (HPP) with business associations in Nusa Dua, Bali on Nov. 19, 2021. (Finance Ministry/Tax office's public relation)
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ndonesia recorded a budget surplus for the third month in a row in March supported by the improving domestic economy and rising commodity prices.
The state budget posted a Rp 10.3 trillion (US$718 million) surplus in the January-March period, in contrast with a Rp 143.7 trillion deficit in the same period last year, recent data from the Finance Ministry show.
“This shows that our revenue is growing strongly not only due to the commodity windfall but also a fairly solid and evenly distributed economic recovery,” Finance Minister Sri Mulyani Indrawati said in a press conference on Wednesday.
Read also: High oil prices put new strains on state budget
State revenues reached Rp 484.83 trillion, 26.3 percent of the state budget allocation, and higher than the Rp 373.37 trillion recorded in the first quarter of 2021.
The high revenue was driven by tax, non-tax and customs and excise revenues, which rose 41.4 percent,11.8 percent and 27.3 percent year-on-year to Rp 322.5 trillion, Rp 99.1 trillion and Rp 79.3 trillion, respectively.
