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RI posts $8.65b budget surplus this Q1 as revenue strengthens
At Rp 128.5 trillion (US$8.65 billion), or 0.61 percent of GDP, the state budget surplus in the first quarter was up tenfold year-on-year.
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Finance Minister Sri Mulyani Indrawati (left) submits the final draft of the omnibus bill on the financial sector to House of Representatives Speaker Puan Maharani during a plenary session in Jakarta on Dec. 15, 2022. The House passed the bill into law. (Antara/Hafidz Mubarak A)
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ndonesia achieved a budget surplus of more than Rp 128.5 trillion (US$8.65 billion), or 0.61 percent of GDP, in the first quarter (Q1) of this year, driven by stronger revenue collection on top of last year’s already high baseline.
The figure marked a tenfold year-on-year (yoy) increase from the Rp 11.1 trillion (or 0.06 percent of GDP) surplus booked in last year’s first quarter.
The government saw state revenue grow 29 percent yoy to Rp 647.2 trillion this first quarter, while spending only rose 5.7 percent yoy to Rp 518.7 trillion.
The Finance Ministry said the strong revenue increase was driven by tax collection, which rose by more than 33 percent yoy to Rp 433.2 trillion.
That comes after an already strong annual increase of 41.6 percent recorded in Q1 2022.
“Last year, growth was already high. So the high growth this year happened on top of the already high baseline,” Finance Minister Sri Mulyani Indrawati told reporters during a press briefing on Monday.
Read also: Govt exceeds 2022 revenue target, allowing sooner fiscal consolidation
