Indonesia Maintains Smaller Deficit in Its 2022 Budget
With a GDP deficit of 2.38% (Rp 464.3 trillion or $29.7 billion), Indonesia successfully maintains a smaller deficit in its 2022 budget.
This marks a remarkable drop of 40.1% compared to the country’s budget a year earlier. Back in 2020, during the COVID-19 pandemic, Indonesia’s deficit was a staggering Rp950 trillion. The fact that Indonesia maintains a smaller deficit in its 2022 budget says something about its extraordinary consolidating measures.
A Positive Recovery from 2020
On the whole, Indonesia’s revenue went up by 30.6% (Rp 2,626 trillion). In 2022, the state’s spending increased by 10.9% (Rp 3,090.8 trillion) compared to the previous year.
Indonesia’s smaller deficit in 2022 exceeded expectations, as the original projection was 4.85%. This shows Indonesia’s fiscal condition has recovered well from its 2020 pandemic period.
The recovery is expected to be a huge boost for anyone looking to start a business in Indonesia.