Indonesia Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

Indonesia, the largest economy in Southeast Asia, has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 34% today. In May 2017 Standard & Poor’s became the last major ratings agency to upgrade Indonesia’s sovereign credit rating to investment grade.

 

Poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions are still part of Indonesia’s economic landscape. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to development priorities. Indonesia, with the nine other ASEAN members, will continue to move towards participation in the ASEAN Economic Community, though full implementation of economic integration has not yet materialized.

Real GDP (purchasing power parity)

$3,130,470,000,000 (2020 est.)

$3,196,620,000,000 (2019 est.)

$3,043,880,000,000 (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.03% (2019 est.)

5.17% (2018 est.)

5.07% (2017 est.)

Real GDP per capita

$11,400 (2020 est.)

$11,800 (2019 est.)

$11,400 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1,119,720,000,000 (2019 est.)

Inflation rate (consumer prices)

2.8% (2019 est.)

3.2% (2018 est.)

3.8% (2017 est.)

Credit ratings

Fitch rating: BBB (2017)

Moody's rating: Baa2 (2018)

Standard & Poors rating: BBB (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 13.7% (2017 est.)

industry: 41% (2017 est.)

services: 45.4% (2017 est.)

GDP - composition, by end use

household consumption: 57.3% (2017 est.)

government consumption: 9.1% (2017 est.)

investment in fixed capital: 32.1% (2017 est.)

investment in inventories: 0.3% (2017 est.)

exports of goods and services: 20.4% (2017 est.)

imports of goods and services: -19.2% (2017 est.)

Agricultural products

oil palm fruit, rice, maize, sugar cane, coconuts, cassava, bananas, eggs, poultry, rubber

Industries

petroleum and natural gas, textiles, automotive, electrical appliances, apparel, footwear, mining, cement, medical instruments and appliances, handicrafts, chemical fertilizers, plywood, rubber, processed food, jewelry, and tourism

Industrial production growth rate

4.1% (2017 est.)

Labor force

129.366 million (2019 est.)

Labor force - by occupation

agriculture: 32%

industry: 21%

services: 47% (2016 est.)

Unemployment rate

5.31% (2018 est.)

5.4% (2017 est.)

Youth unemployment rate (ages 15-24)

total: 13.9%

male: 14.7%

female: 12.6% (2021 est.)

Population below poverty line

9.4% (2019 est.)

Gini Index coefficient - distribution of family income

37.8 (2018 est.)

39.4 (2005)

Household income or consumption by percentage share

lowest 10%: 3.4%

highest 10%: 28.2% (2010)

Budget

revenues: 131.7 billion (2017 est.)

expenditures: 159.6 billion (2017 est.)

Budget surplus (+) or deficit (-)

-2.7% (of GDP) (2017 est.)

Public debt

28.8% of GDP (2017 est.)

28.3% of GDP (2016 est.)

Taxes and other revenues

13% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$30.359 billion (2019 est.)

-$30.633 billion (2018 est.)

Exports

$178.26 billion (2020 est.) note: data are in current year dollars

$200.1 billion (2019 est.) note: data are in current year dollars

$211.93 billion (2018 est.) note: data are in current year dollars

Exports - partners

China 15%, United States 10%, Japan 9%, Singapore 8%, India 7%, Malaysia 5% (2019)

Exports - commodities

coal, palm oil, natural gas, cars, gold (2019)

Imports

$159.64 billion (2020 est.) note: data are in current year dollars

$204.23 billion (2019 est.) note: data are in current year dollars

$218.65 billion (2018 est.) note: data are in current year dollars

Imports - partners

China 27%, Singapore 12%, Japan 8%, Thailand 5%, United States 5%, South Korea 5%, Malaysia 5% (2019)

Imports - commodities

refined petroleum, crude petroleum, vehicle parts, telephones, natural gas (2019)

Reserves of foreign exchange and gold

$130.2 billion (31 December 2017 est.)

Debt - external

$393.252 billion (2019 est.)

$360.945 billion (2018 est.)

Exchange rates

Indonesian rupiah (IDR) per US dollar -

14,110 (2020 est.)

14,015 (2019 est.)

14,470 (2018 est.)

13,389.4 (2014 est.)

11,865.2 (2013 est.)

NOTE: The information regarding Indonesia on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Indonesia 2022 information contained here. All suggestions for corrections of any errors about Indonesia 2022 should be addressed to the CIA or the source cited on each page.