JAKARTA: Indonesia recorded a 54.6 trillion rupiah ($3.25 billion) budget deficit in January, the equivalent of 0.21% of its total GDP, with an increase in revenue offset by higher spending, the finance ministry data showed on Monday. Revenues in the first month of 2026 reached 172.7 trillion rupiah, up 20.5% from a year earlier, reflecting reduced tax refunds and matching data released earlier this year. Spending rose 25.7% on an annual basis to hit 227.3 trillion rupiah. Investors are watching the government’s fiscal position closely after a turbulent start to 2026 in Indonesia’s financial markets, triggered by concerns about the country’s fiscal health, the independence of its central bank and the transparency of its stock exchange. Indonesia’s economic growth to exceed target in 2026, president says The government usually books a budget surplus in the early part of a year, when tax revenues are typically stronger, with some large bills, including subsidy payments, also paid later in the year. Last year, revenues were weak in the first few months partly because of a problematic launch of a major upgrade in the tax office’s core system.