State Budget 2019

The Government sets a modest economic growth target of 5.3% next year, slightly lower than the government’s target for this year. State spending is set at Rp2439.7 trillion, an increase of 10.7% from this year, which will be funded by State revenues of Rp2142.5 trillion (+14%) and lower budget deficit of 1.84% (against 2.19% of GDP this year).

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The Economy

Finance Minister Sri Mulyani Indrawati revealed on Tuesday (June 5) that the Government is optimistic the national economy will grow at a range of 5.18% to 5.4% this year inline with target set on the budget (APBN) with the help of household consumption.

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Stable Economy

The Finance Ministry claimed on Monday (Apr 16) that the economy was still strong in the first quarter (Q1) of this year, mainly supported by investment and government consumption. Import of raw materials and capital goods and sales of automotive vehicles for commercial purposes also increased.

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What Tax Data Tells Us about The Economy?

By December 15, 2017, State revenues from tax reached Rp1058.4 trillion or about 82.46% of the target set in the revised 2017 State Budget (Rp1283 trillion). Minister of finance Sri Mulyani Indrawati predicted tax shortfall will be in the range of Rp110 trillion to Rp130 trillion. Budget deficit, however, will be in the range of 2.6-2.7% because of higher non-tax revenues, including royalties from coal and minerals.

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