Indonesia's 2022 fiscal deficit seen at 2.49% of GDP-president
Reuters
Published Dec 20, 2022 10:01PM ET
Updated Dec 20, 2022 10:45PM ET
JAKARTA (Reuters) -Indonesia's fiscal deficit for the whole of 2022 will likely be 2.49% of gross domestic product, much smaller than deficits in 2021 and 2020, President Joko Widodo said on Wednesday.
The deficit forecast was also below authorities' latest projection of a gap of around 3% of GDP and compared with a 4.5% deficit target in the revised 2022 budget.
Last year's fiscal deficit was 4.6%, while 2020's was 6.1%.
Finance Minister Sri Mulyani Indrawati on Tuesday said in the year to Dec. 14, the government ran a fiscal deficit equal to 1.22% of GDP, but spending is still expected to rise in the last few days of 2022 for some fuel subsidies and infrastructure projects.
Indonesia has been enjoying an export boom amid high global commodity prices this year and this has also bolstered tax collection.
Economic recovery from the pandemic and a hike in value added tax (VAT) rate have also supported government revenues, Sri Mulyani said.
The president also said with COVID-19 cases declining, Indonesia may lift all of its remaining pandemic-related mobility restrictions by year-end.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.