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Indonesia Economy 1996

    • Overview:
      Indonesia is a mixed economy with some socialist institutions and central planning but with a recent emphasis on deregulation and private enterprise. Indonesia has extensive natural wealth, yet, with a large and rapidly increasing population, it remains a rather poor country. Real GDP growth in 1985-94 averaged about 6%, quite impressive, but not sufficient to both slash underemployment and absorb the 2.3 million workers annually entering the labor force. Agriculture, including forestry and fishing, is an important sector, accounting for 21% of GDP and over 50% of the labor force. The staple crop is rice. Once the world's largest rice importer, Indonesia is now nearly self-sufficient. Plantation crops - rubber and palm oil - and textiles and plywood are being encouraged for both export and job generation. Industrial output now accounts for almost 40% of GDP and is based on a supply of diverse natural resources, including crude oil, natural gas, timber, metals, and coal. Foreign investment has also boosted manufacturing output and exports in recent years. Indeed, the economy's growth is highly dependent on the continuing expansion of nonoil exports. Japan remains Indonesia's most important customer and supplier of aid. Rapid growth in the money supply in 1989-90 prompted Jakarta to implement a tight monetary policy in 1991, forcing the private sector to go to foreign banks for investment financing. Real interest rates remained above 10% and off-shore commercial debt grew. The growth in off-shore debt prompted Jakarta to limit foreign borrowing beginning in late 1991. Despite the continued problems in moving toward a more open financial system and the persistence of a fairly tight credit situation, GDP growth in 1992-94 has matched the government target of 6%-7% annual growth.

    • National product:
      GDP - purchasing power parity - $619.4 billion (1994 est.)

    • National product real growth rate:
      6.7% (1994 est.)

    • National product per capita:
      $3,090 (1994 est.)

    • Inflation rate (consumer prices):
      9.3% (1994 est.)

    • Unemployment rate:
      3% official rate; underemployment 40% (1994 est.)

    • Budget:

        $32.8 billion

        $32.8 billion, including capital expenditures of $12.9 billion (FY94/95)

    • Exports:
      $41.3 billion (f.o.b, 1994 est.)

        manufactures 56.7%, fuels 24.8%, foodstuffs 11.1%, raw materials 7.4% (1994 est.)

        Japan 30%, US 14%, Singapore 9%, South Korea 6%, Taiwan 4% (1993)

    • Imports:
      $31.4 billion (f.o.b., 1994 est.)

        capital equipment 44.2%, intermed and raw materials 37.0%, consumer goods 11.5%, fuels 7.2% (1994 est.)

        Japan 22%, US 11%, South Korea 7%, Germany 7%, Singapore 6%, Australia 5%, Taiwan 5% (1993)

    • External debt:
      $87 billion (1994)

    • Industrial production:
      growth rate 8.4% (1993 est.); accounts for 40% of GDP

    • Electricity:

        12,100,000 kW

        44 billion kWh

        consumption per capita:
        207 kWh (1993)

    • Industries:
      petroleum and natural gas, textiles, mining, cement, chemical fertilizers, plywood, food, rubber

    • Agriculture:
      accounts for 21% of GDP; subsistence food production; small-holder and plantation production for export; main products are rice, cassava, peanuts, rubber, cocoa, coffee, palm oil, copra, other tropical products, poultry, beef, pork, eggs

    • Illicit drugs:
      illicit producer of cannabis for the international drug trade, but not a major player; government actively eradicating plantings and prosecuting traffickers; growing role as transshipment point for Golden Triangle heroin; increasing indigenous methamphetamine abuse

    • Economic aid:

        US commitments, including Ex-Im (FY70-89), $4.4 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $25.9 billion; OPEC bilateral aid (1979-89), $213 million; Communist countries (1970-89), $175 million

    • Currency:
      1 Indonesian rupiah (Rp) = 100 sen (sen no longer used)

    • Exchange rates:
      Indonesian rupiahs (Rp) per US$1 - 2,203.6 (January 1995), 2,160.7 (1994), 2,087.1 (1993), 2,029.9 (1992), 1,950.3 (1991), 1,842.8 (1990)

    • Fiscal year:
      1 April - 31 March

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