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Fiscal revenue down 17% yoy in first quarter
In its monthly update for March, the Finance Ministry said state revenue had fallen 17 percent in the first three months of this year compared to the first quarter last year amid weaker corporate earnings.
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Finance Minister Sri Mulyani Indrawati (second right, front) stands alongside her deputies (from left, front) Anggito Abimanyu, Suahasil Nazara and Thomas Djiwandono on March 13, 2025, as they prepare to open a press conference at the Finance Ministry in Sawah Besar, Central Jakarta. (TJP/Deni Ghifari)
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tate revenue in the first three months of this year fell 17 percent year-on-year (yoy) as the country struggled to collect taxes amid weaker corporate earnings.
Finance Minister Sri Mulyani Indrawati told a press conference on Wednesday that revenue in the first quarter reached Rp 516.1 trillion (US$31 billion), down from Rp 620.01 trillion recorded in the same period last year.
This was due to an 18 percent contraction in tax revenue and a 26 percent fall in nontax revenue, which outweighed the 12.3 percent increase in revenue from customs and excise.
The ministry’s senior leadership did not address the decline directly, and Sri Mulyani said the March figure had “shown signs of promising improvement”.
At the end of March, the 2025 state budget amounted to 0.43 percent of gross domestic product (GDP), compared to a budget surplus of 0.04 percent of GDP after the first quarter of 2024.
"Last year, when you were sitting here with me, I also reported that our tax revenue had contracted in the first semester. So, I hope our media colleagues still remember the reports from last year to help provide context and avoid false or excessive alarm. But we remain vigilant,” the minister said.
Read also: State revenue nosedives in January and February
