Current Account in Indonesia
Indonesia - Current AccountOn the heels of a stable year-on-year GDP growth figure in Q1, the economy appears to be losing momentum in the second quarter. Domestically, private spending likely weakened: Retail sales slowed to an eight-month low in May amid a broad-based deterioration, while inflation rose to its highest level in over three years. Moreover, persistent supply constraints led the manufacturing PMI to moderate notably in May. Similarly, although the external sector likely benefitted from surging commodity prices, merchandise exports growth cooled remarkably in May. The slowdown came after the country implemented a controversial ban on palm oil exports in May, which it quickly reversed after three weeks amid widespread criticism. In response, President Joko Widodo dismissed the trade minister and reshuffled his cabinet on 15 June. Nonetheless, the policy reversal stands to rally exports ahead.
Indonesia - Current Account Data
|Current Account (% of GDP)||-2.0||-1.8||-1.6||-2.9||-2.7|
5 years of economic forecasts for more than 30 economic indicators.
Indonesia Current Account Chart
Source: Statistics Indonesia and FocusEconomics calculations.
|Bond Yield||7.10||-0.05 %||Dec 31|
|Exchange Rate||13,883||0.05 %||Jan 01|
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February 7, 2023
The economy grew at a softer pace in the fourth quarter of 2022, with GDP expanding 5.0% on an annual basis (Q3: +5.7% year on year).
February 1, 2023
Inflation came in at 5.3% in January, down from December’s 5.5%.
February 1, 2023
The Manufacturing Purchasing Managers’ Index (PMI), produced by S&P Global, rose to 51.3 in January from 50.9 in the month prior.
January 23, 2023
Merchandise exports expanded 6.6% year-on-year in December (November: +5.5% year-on-year).
January 19, 2023
At its monetary policy meeting on 18–19 January, Bank Indonesia (BI) raised the seven-day reverse repo rate by 25 basis points from 5.50% to 5.75%, marking a continuation of its tightening cycle and bringing the total increase in rates to 225 basis point since August.