Indonesia Economy - 2024

Economic overview

one of the fastest growing economies and largest in Southeast Asia; upper middle-income country; human capital and competitiveness phase of its 20-year development plan; COVID-19 reversed poverty reduction trajectory; strengthening financial resilience

Real GDP (purchasing power parity)

$3.246 trillion (2021 est.)
$3.131 trillion (2020 est.)
$3.197 trillion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.69% (2021 est.)
-2.07% (2020 est.)
5.02% (2019 est.)

Real GDP per capita

$11,900 (2021 est.)
$11,500 (2020 est.)
$11,900 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

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

Inflation rate (consumer prices)

1.56% (2021 est.)
1.92% (2020 est.)
3.03% (2019 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

3.42% (2021 est.)

Labor force

138.119 million (2021 est.)

Unemployment rate

4.41% (2021 est.)
4.28% (2020 est.)
3.62% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 16.1% (2021 est.)

male: 16.3%

female: 15.7%

Population below poverty line

9.4% (2019 est.)

Gini Index coefficient - distribution of family income

37.9 (2021 est.)

Average household expenditures

on food: 31.7% of household expenditures (2018 est.)

on alcohol and tobacco: 7.2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3.4%

highest 10%: 28.2% (2010)

Remittances

0.79% of GDP (2021 est.)
0.91% of GDP (2020 est.)
1.04% of GDP (2019 est.)

Budget

revenues: $130.872 billion (2020 est.)

expenditures: $192.97 billion (2020 est.)

Budget surplus (+) or deficit (-)

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

Public debt

42.92% of GDP (2020 est.)
33.73% of GDP (2019 est.)
33.14% of GDP (2018 est.)

Taxes and other revenues

8.31% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$3.459 billion (2021 est.)
-$4.433 billion (2020 est.)
-$30.279 billion (2019 est.)

Exports

$246.87 billion (2021 est.) note: data are in current year dollars
$178.418 billion (2020 est.) note: data are in current year dollars
$200.097 billion (2019 est.) note: data are in current year dollars

Exports - partners

China 22%, United States 11%, Japan 8%, India 6%, Singapore 5% (2021)

Exports - commodities

coal, palm oil, natural gas, iron alloys, stainless steel (2021)

Imports

$217.715 billion (2021 est.) note: data are in current year dollars
$159.872 billion (2020 est.) note: data are in current year dollars
$204.23 billion (2019 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

$144.908 billion (31 December 2021 est.)
$135.916 billion (31 December 2020 est.)
$129.186 billion (31 December 2019 est.)

Debt - external

$393.252 billion (2019 est.)
$360.945 billion (2018 est.)

Exchange rates

Indonesian rupiah (IDR) per US dollar -

Exchange rates:
14,308.144 (2021 est.)
14,582.203 (2020 est.)
14,147.671 (2019 est.)
14,236.939 (2018 est.)
13,380.834 (2017 est.)