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Growth on Paper, Stagnant Revenue in Reality

Monday, January 12, 2026

Headline growth is no longer translating into fiscal strength. The risk of a rating downgrade is lingering.

arsip tempo : 177328167983.

Illustration: Tempo/Lukmannul Hakim. tempo : 177328167983.

INDONESIA’s economy is still growing. Its public finances, officials insist, remain sound. Yet the numbers tell a less reassuring story. In 2025, government revenue declined even as headline growth held around 5 percent, exposing a widening gap between rosy statistical expansion and gloomy fiscal reality.

Preliminary figures from the 2025 State Budget show total government revenue fell from Rp2,850 trillion in 2024 to Rp2,756 trillion

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