Indonesia Books Lower-than-Expected 2024 Fiscal Deficit

MACROECONOMICS - JAKARTA. Indonesia's unaudited budget deficit for 2024 was smaller than the government's earlier estimate, official data showed on Monday, providing a buffer for fiscal needs in 2025 after authorities cancelled a planned tax hike.

Southeast Asia's largest economy closed 2024 with a budget gap of 507.8 trillion rupiah ($31.38 billion), or 2.29% of GDP, smaller than an earlier estimate of 2.7% of GDP, but wider than 2023's gap of 1.61% of GDP.