GDP in Indonesia
Indonesia - GDP
Growth moderates in Q3
GDP growth moderated to 3.5% year-on-year in the third quarter, from 7.1% in the second quarter. Q3’s reading came in slightly below market expectations and was weighed down by mobility restrictions, as well as a less favorable base effect.
The slowdown was broad-based, with private consumption, public spending, fixed investment and exports all weakening. Private consumption increased 1.0% in the third quarter, which was below the second quarter's 6.0% expansion. Public spending grew at the slowest pace since Q1 2021, expanding 0.7% (Q2: +8.0% yoy), while fixed investment growth moderated to 3.7% in Q3 from the 7.5% increase logged in the previous quarter.
On the external front, exports of goods and services increased 29.2% on an annual basis in the third quarter, which was below the second quarter's 32.0% expansion. In addition, growth in imports of goods and services softened to 30.1% in Q3 (Q2: +31.7% yoy).
Commenting on the short-term outlook, Nicholas Mapa, senior economist at ING, stated:
“We forecast Q4 GDP to improve as movement restrictions have been relaxed since Covid-19 daily infections steadied to below 1,000 over the past two months. Overall, we expect resurgent consumption alongside a sustained export rebound to help Indonesia have a stronger finish to the year.”
FocusEconomics Consensus Forecast panelists expect GDP to expand 5.2% in 2022, which is down 0.2 percentage points from last month’s forecast. In 2023, GDP is seen growing 5.3%.
Indonesia - GDP Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, annual variation in %) | 4.9 | 5.0 | 5.1 | 5.2 | 5.0 |
Indonesia GDP Chart
Source: Statistics Indonesia.
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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