Indonesia skyline

Indonesia GDP

Indonesia GDP

Economic Growth in Indonesia

Indonesia's GDP growth from 2013-2022 was above the emerging-market average, underpinned by strong domestic consumption and growing middle class. The economy experienced steady growth, despite global economic uncertainties and commodity price fluctuations. The COVID-19 pandemic caused a significant contraction in 2020. However, the subsequent recovery was swift, driven by government stimulus and a focus on digitalization and infrastructure.

Indonesia's economy recorded average real GDP growth of 4.3% in the decade to 2022, slightly below the 4.4% average for the Asia-Pacific region. In 2022, real GDP growth was 5.3%. For more GDP information, visit our dedicated page.

Indonesia GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Indonesia from 2014 to 2023.
Source: Bank Indonesia.

Indonesia GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 5.2 5.0 -2.1 3.7 5.3
GDP (USD bn) 1,043 1,120 1,062 1,188 1,319
GDP (IDR tn) 14,839 15,833 15,443 16,977 19,588
Economic Growth (Nominal GDP, ann. var. %) 9.2 6.7 -2.5 9.9 15.4

GDP growth picks up in Q4

Growth improved slightly in the fourth quarter, with GDP increasing 5.0% on an annual basis (Q3: +4.9% year on year). A rebound in both public spending and exports spearheaded the acceleration. Q4’s figure brought full-year growth to 5.0% in 2023 (2022: +5.3%), in line with market expectations but below the government target of 5.3%.

Government consumption grew 2.8% in Q4 (Q3: -3.9% yoy), rebounding largely thanks to surging election spending. In contrast, household spending growth fell to 4.5% in Q4, marking the weakest expansion since Q1 2022 (Q3: +5.1% yoy). Fixed investment growth also waned to 5.0% in Q4, from 5.8% recorded in the prior quarter. On the external front, exports of goods and services supported the overall acceleration, growing 1.6% year on year in the fourth quarter (Q3: -3.9% yoy). Meanwhile, imports of goods and services declined at a softer pace of 0.1% in Q4 (Q3: -6.8% yoy).

UOB analysts Enrico Tanuwidjaja and Agus Santoso commented on the outlook: “We expect Indonesia’s economic growth to rebound slightly higher in 2024 on the back of faster and bigger government spending that may likely boost domestic demand. In addition, we also see steady prospects in exports as global demand stabilizes and could improve later this year, lending support towards commodity prices.” EIU analysts said: “In 2024 we expect the economy to continue its current pace of growth, with the same drivers. Private consumption is expected to maintain its current momentum. With the central bank expected to cut interest rates twice […], household and investment spending is likely to accelerate then. The general and presidential elections, scheduled for February with a potential second round in June, will also address some uncertainties that could hinder investment decisions.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Indonesian GDP projections for the next ten years from a panel of 41 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Indonesian GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Indonesian GDP projections.

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