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Indonesia revises down 2015 state budget deficit to 2.53% of GDP
[JAKARTA] Indonesia's Finance Ministry on Wednesday told parliament it expects the budget deficit for 2015 to end as 2.53 per cent of gross domestic product, comfortably below a legal limit of 3 per cent.
In January, the ministry said the 2015 deficit was as high as 2.8 per cent of GDP. Later in the month, it estimated the deficit at 2.57 per cent.
The original plan for 2015 was to have a budget deficit of 1.9 per cent of GDP, but revenue collection did not match the government's ambitious targets.
Last month, Finance Minister Bambang Brodjonegoro told reporters the government received additional revenue at the very last minute in 2015, and spending was not as high as had been recorded earlier.
The 2015 financial statement will be audited by the Supreme Audit Board. The audit process is expected to be completed around mid-2016.