GDP in Indonesia

Indonesia GDP | Economic News & Forecasts

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  

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Indonesia GDP Chart

Indonesia GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: Statistics Indonesia.

Indonesia Facts

Value Change Date
Bond Yield7.10-0.05 %Dec 31
Exchange Rate13,8830.05 %Jan 01

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