Indonesia says 2024 budget deficit lower than 2.7% of GDP estimate

JAKARTA (Reuters) -Indonesia's budget deficit for the 2024 fiscal year came in below the government's most recent estimate of 2.7% of gross domestic product, Finance Minister Sri Mulyani Indrawati said on Thursday.

Without mentioning the exact figure, Sri Mulyani said the deficit was almost as narrow as the government's original plan to keep the fiscal gap at 2.29% of GDP.

"This is a remarkable result," Sri Mulyani said at an event marking the new year opening of the stock exchange.

"This means we closed 2024 with a relatively healthy and safe budget that will be a strong foundation for us entering 2025."

Overall revenue booked a positive growth, but came in below target, she said.

Spending grew more than 6% from 2023 due to expenditure for elections, construction of the new capital city project, and additional welfare programmes, the minister added.

More details will be revealed at a later time, Sri Mulyani said.

(Reporting by Gayatri Suroyo and Fransiska Nangoy; editing by John Mair)

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