GDP in Indonesia
Indonesia - GDP (billions of U.S. Dollars)
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 - GDP (USD bn) Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| GDP (USD bn) | 861 | 932 | 1,015 | 1,042 | 1,120 |
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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Economic News
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Indonesia: Inflation decelerates in January
February 1, 2023
Inflation came in at 5.3% in January, down from December’s 5.5%.
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Indonesia: Merchandise exports grow at a faster rate in December
January 23, 2023
Merchandise exports expanded 6.6% year-on-year in December (November: +5.5% year-on-year).
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Indonesia: Central Bank hikes rates further in January; signals end of tightening cycle
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.
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Indonesia: Retail sales growth drops to over one-year low in December
January 16, 2023
Retail sales increased 0.0% year on year in December (November: +1.3% yoy).
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Indonesia: Inflation accelerates in December
January 10, 2023
Inflation came in at 5.5% in December, up from November’s 5.4%.
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