Consumption in Indonesia
Indonesia - Consumption
GDP growth records best reading since Q2 2021 in Q3
Economic growth improved in the third quarter, with GDP expanding 5.7% on an annual basis (Q2: +5.4% year on year). Q3's reading marked the fastest increase since Q2 2021.
Household spending growth ebbed to 5.4% year on year in Q3 from a 5.5% expansion in Q2. Government spending, meanwhile, contracted at a slower pace of 2.9% in Q3 (Q2: -4.9% yoy). Fixed investment growth improved to 5.0% in Q3, from the 3.1% expansion recorded in the previous quarter.
On the external front, exports of goods and services growth accelerated to 21.6% year on year in the third quarter, which marked the best reading since Q4 2021 (Q2: +20.0% yoy). In addition, imports of goods and services growth sped up to 23.0% in Q3 (Q2: +12.4% yoy).
Commenting on the outlook, Nicholas Mapa, senior economist at ING, noted:
"Growth, however, is expected to face challenges as early as Q4 2022 as both core and headline inflation accelerate, a development which could undercut domestic consumption. Meanwhile, expectations for a slowdown in global trade could also weigh on Indonesia’s export sector in the coming months.”
FocusEconomics Consensus Forecast panelists expect GDP to expand 4.7% in 2023, which is unchanged from last month’s forecast. In 2024, GDP is seen growing 5.2%.
Indonesia - Consumption Data
|Consumption (annual variation in %)||5.0||5.0||4.9||5.1||5.0|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||7.10||-0.05 %||Dec 31|
|Exchange Rate||13,883||0.05 %||Jan 01|
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November 22, 2022
Merchandise exports shot up 12.3% year-on-year in October (September: +20.2% year-on-year).
November 17, 2022
At its monetary policy meeting on 16–17 November, Bank Indonesia (BI) raised the seven-day reverse repo rate by 50 basis points from 4.75% to 5.25%, marking a continuation of its tightening cycle.
November 14, 2022
Merchandise exports soared 20.3% on an annual basis in September (August: +29.9% year-on-year).
November 10, 2022
Retail sales expanded 4.5% in year-on-year terms in October, which followed September's 4.6% increase.
November 7, 2022
Economic growth improved in the third quarter, with GDP expanding 5.7% on an annual basis (Q2: +5.4% year on year).