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
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Consumption (annual variation in %) | 5.0 | 5.0 | 4.9 | 5.1 | 5.0 |
Indonesia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 7.10 | -0.05 % | Dec 31 |
| Exchange Rate | 13,883 | 0.05 % | Jan 01 |
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Indonesia: GDP growth records best reading since Q2 2021 in Q3
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).
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