Jakarta. The 2023 state budget closed with a deficit of Rp 347.6 trillion ($22.4 billion), equivalent to 1.65 percent of the gross domestic product, marking what Finance Minister Sri Mulyani Indrawati described on Tuesday as "the culmination of the recovery journey from the Covid-19 pandemic."

The deficit was initially projected at Rp 598.2 trillion, but the government later revised the estimate down to Rp 479.9 trillion from the original target.

In the 2022 budget, the deficit was recorded at Rp 460.4 trillion, equivalent to 2.35 percent of GDP.

Speaking at a news conference in Jakarta, Sri Mulyani said total state revenue for 2023 amounted to Rp 2,774.3 trillion. This included Rp 2,155.4 trillion from tax revenue, Rp 605.9 trillion from non-tax revenue, and Rp 13 trillion from grants.

"Our tax revenue has surpassed the set targets for the past three years," Sri Mulyani stated.

The state's expenditure totaled Rp 3,121.9 trillion, comprising Rp 2,240.6 trillion in central government spending and Rp 881.3 trillion in regional government spending.

The primary balance of the 2023 state budget yielded a surplus of Rp 92.2 trillion, marking the first positive outcome since 2012.

"The 2023 state budget signifies the conclusion of our journey since the economic disruptions caused by the Covid-19 pandemic. We're witnessing a notable conclusion," Sri Mulyani said.

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