2022 State Budget: Fiscal Policy and Structural Reform
AS OF NOVEMBER 2021, STATE BUDGET CONTINUES ITS GOOD PERFORMANCE
Improved revenue and expenditure signaled that economic recovery continue to take place
2021
2020
Account
(IDR T)
Budget¹
Realized
As of Nov
% of
YoY
Budget
Budget
(%)
Realized As
of Nov 30th
% of
Budget
YOY
(%)
30th
1,700.0
1,423.1
83.7
(15.1) 1,743.6
1,699.4
97.5
19.4
1,198.8
925.3
77.2
(18.6) 1,229.6
1,082.6
88.0
17.0
Customs & Excise
205.7
183.5
89.2
4.1
215.0
232.3
108.0
26.6
Revenue
Tax Revenue
Non-tax Revenue
294.1
305.0
103.7
(15.9)
298.2
382.5
128.3 25.4
Expenditure
2,739.2
2,308.2
84.3
12.8
2,750.0
2,310.4
84.0
0.1
Central Government
1,975.2
1,560.2
79.0
20.6
1,954.5
1,599.3
81.8
2.5
Expenditure
Regional Transfer & Village
764
748.0
97.9
Funds
(0.7) 795.5
711.0
89.4
(4.9)
Primary Balance
(700.4)
(584.1)
83.4
471.1
(633.1)
(281.8)
44.5 (51.8)
Surplus (Deficit)
(1,039.2)
(885.1)
85.2
139.3 (1,006.4)
(611.0)
60.7
(31.0)
% to GDP
(6.34)
(5.73)
(5.70)
(3.63)
1,039.2 1,101.5
106.0
161.3
1,006.4
642.6
63.8
(41.7)
Financing
Note
(1) Presidential Regulation 72/2020
Source: Ministry of Finance
Outlook for budget deficit in
2021:
5.0-5.2% of GDP served as
a soft landing toward fiscal
consolidation in 2023
Revenue: As of November
2021, Government revenue
continues performing strongly,
and each component of
revenue recorded strong
rebound. Revenue predicted
to surpass its target
☐ Expenditure: Government
spending improved
consistently along
disbursement acceleration in
previous period.
Financing: Efficient budget
financing as the financing
needs reduced along
improved revenue as well as
usage optimization of budget
surplus.
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