Indonesia Economic Outlook
April 26, 2022After starting the year on a strong note, high-frequency data for Q1 hints at a slowdown in momentum amid a record-high number of Covid-19 cases in mid-February and a tightening of associated restrictions. After consumer confidence hit an over two-year high in January, it quickly dropped to a six-month low in March. Moreover, the manufacturing PMI averaged lower in Q1 as the health situation weighed on demand. That said, a robust external sector should somewhat offset the domestic downturn, as Indonesia’s main exports—coal, palm oil and nickel—will likely benefit from surging commodity prices. Lastly, the IMF finished its Article IV consultation in the country, heralding authorities for balancing a supportive response to the pandemic with macroeconomic and financial stability, but warned that risks remain skewed to the downside.
Indonesia Economic GrowthThe economy is projected to grow at a quicker pace this year compared to 2021. Accelerating household spending, bolstered by a swift vaccine rollout and supportive fiscal and monetary policies, should fuel domestic demand. Moreover, the external sector stands to strengthen due to higher commodity prices. That said, the pandemic continues to weigh on the outlook. FocusEconomics Consensus Forecast panelists expect GDP to expand 5.2% in 2022, which is unchanged from last month’s forecast. GDP is seen growing 5.2% in 2023.
Indonesia Economy Data
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|Bond Yield||7.10||-0.05 %||Dec 31|
|Exchange Rate||13,883||0.05 %||Jan 01|
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Indonesia Economic News
April 19, 2022
At its monetary policy meeting on 18–19 April, Bank Indonesia (BI) opted to leave the seven-day reverse repo rate at the all-time low of 3.50%—where it has been since February 2021—in a move widely expected by market analysts.
April 1, 2022
Consumer prices increased 0.66% over the previous month in March, swinging from February's 0.02% drop and marking the highest reading since December 2017.
March 17, 2022
At its monetary policy meeting on 16–17 March, Bank Indonesia (BI) decided to leave the seven-day reverse repo rate at the all-time low of 3.50%—where it has been since February 2021—in a move was widely expected by market analysts.
March 15, 2022
Merchandise exports soared 34.1% year-on-year in February (January: +25.3% year-on-year).
March 1, 2022
Consumer prices fell 0.02% in February over the previous month, swinging from January’s 0.56% rise.