Indonesia budget deficit stays on track as January-October gap reaches 1.5% of GDP
Indonesia records a budget deficit of 379.3 trillion rupiah in the first 10 months of 2026, equivalent to 1.47% of gross domestic product. The fiscal gap comes as state revenue rises 24% year on year while government spending increases by nearly 16% over the same period.
Highlights
- Indonesia's budget deficit reached 379.3 trillion rupiah, or $20.81 billion, equal to 1.5% of GDP for January-October 2026.
- Revenue rose 24% year-on-year to 2,618 trillion rupiah, outpacing nearly 16% growth in spending, keeping the deficit contained.
- Finance Minister Suahasil Nazara reaffirmed the full-year 2026 budget deficit target at 2.85% of GDP, unchanged from prior government guidance.
Fiscal performance and full-year outlook
As reported by Reuters, Finance Minister Suahasil Nazara says the budget deficit for January to October reaches 379.3 trillion rupiah, or about $20.81 billion, based on the latest government figures released on Friday.He says revenue in the period totals 2,618 trillion rupiah, while total spending stands at 2,997.2 trillion rupiah. Suahasil also says the budget remains on track to post a full-year 2026 deficit of 2.85% of GDP, unchanged from the government's earlier projection.
Revenue growth offsets higher state spending
The latest figures indicate that revenue growth continues to outpace the expansion in expenditure, helping contain the deficit even as public spending rises. State revenue is up 24% from a year earlier, compared with an almost 16% increase in spending.The data points to continued fiscal management within the government's existing 2026 framework as Indonesia moves through the final months of the year. Based on the minister's figures, the exchange rate used in the report is 18,225 rupiah to the U.S. dollar.
We have previously noted how the Ibovespa decline reflected political and fiscal uncertainty weighing on Brazilian equities.
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