Indonesia: Economy#
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 less than 25% today. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011.Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. 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.
Economic Facts#
| GDP (purchasing power parity) | $3.028 trillion (2016 est.) $2.885 trillion (2015 est.) $2.753 trillion (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $941 billion (2015 est.) |
| GDP - real growth rate | 4.9% (2016 est.) 4.8% (2015 est.) 5% (2014 est.) |
| GDP - per capita (PPP) | $11,700 (2016 est.) $11,300 (2015 est.) $10,900 (2014 est.) note: data are in 2016 dollars |
| Gross national saving | 32.4% of GDP (2016 est.) 32.5% of GDP (2015 est.) 31.5% of GDP (2014 est.) |
| GDP - composition, by end use | household consumption: 56.5% government consumption: 9.3% investment in fixed capital: 33% investment in inventories: 1.2% exports of goods and services: 17.7% imports of goods and services: -17.7% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 13.7% industry: 40.3% services: 46% (2016 est.) |
| Agriculture - products | rubber and similar products, palm oil, poultry, beef, forest products, shrimp, cocoa, coffee, medicinal herbs, essential oil, fish and its similar products, and spices |
| 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 | 3.5% (2016 est.) |
| Labor force | 123.7 million (2016 est.) |
| Labor force - by occupation | agriculture: 38.9% industry: 13.2% services: 47.9% (2012 est.) |
| Unemployment rate | 6.3% (2016 est.) 6.2% (2015 est.) |
| Population below poverty line | 11.3% (2014 est.) |
| Household income or consumption by percentage share | lowest 10%: 3.4% highest 10%: 28.2% (2010) |
| Distribution of family income - Gini index | 36.8 (2009) 39.4 (2005) |
| Budget | revenues: $128.7 billion expenditures: $151.4 billion (2016 est.) |
| Taxes and other revenues | 13.7% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | -2.4% of GDP (2016 est.) |
| Public debt | 29.4% of GDP (2016 est.) 28.4% of GDP (2015 est.) |
| Fiscal year | calendar year |
| Inflation rate (consumer prices) | 3.8% (2016 est.) 6.4% (2015 est.) |
| Central bank discount rate | 6.37% (31 December 2010) 6.46% (31 December 2009) note: this figure represents the 3-month SBI rate; the Bank of Indonesia has not employed the one-month SBI since September 2010 |
| Commercial bank prime lending rate | 12.2% (31 December 2016 est.) 12.66% (31 December 2015 est.) note: these figures represent the average annualized rate on working capital loans |
| Stock of narrow money | $86.1 billion (31 December 2016 est.) $76.5 billion (31 December 2015 est.) |
| Stock of broad money | $348.6 billion (31 December 2014 est.) $305.8 billion (31 December 2013 est.) |
| Stock of domestic credit | $403.6 billion (31 December 2016 est.) $354.4 billion (31 December 2015 est.) |
| Market value of publicly traded shares | $353.3 billion (31 December 2015 est.) $422.1 billion (31 December 2014 est.) $346.7 billion (31 December 2013 est.) |
| Current account balance | -$21.28 billion (2016 est.) -$17.65 billion (2015 est.) |
| Exports | $136.7 billion (2016 est.) $148.4 billion (2015 est.) |
| Exports - commodities | mineral fuels, animal or vegetable fats (includes palm oil), electrical machinery, rubber, machinery and mechanical appliance parts |
| Exports - partners | Japan 12%, US 10.8%, China 10%, Singapore 8.4%, India 7.8%, South Korea 5.1%, Malaysia 5.1% (2015) |
| Imports | $121.5 billion (2016 est.) $135.1 billion (2015 est.) |
| Imports - commodities | mineral fuels, boilers, machinery, and mechanical parts, electric machinery, iron and steel, foodstuffs |
| Imports - partners | China 20.6%, Singapore 12.6%, Japan 9.3%, Malaysia 6%, South Korea 5.9%, Thailand 5.7%, US 5.3% (2015) |
| Reserves of foreign exchange and gold | $106.4 billion (31 December 2016 est.) $105.9 billion (31 December 2015 est.) |
| Debt - external | $344.7 billion (31 December 2016 est.) $316 billion (31 December 2015 est.) |
| Stock of direct foreign investment - at home | $292.8 billion (31 December 2016 est.) $271.8 billion (31 December 2015 est.) |
| Stock of direct foreign investment - abroad | $42.82 billion (31 December 2016 est.) $33.32 billion (31 December 2015 est.) |
| Exchange rates | Indonesian rupiah (IDR) per US dollar - 13,483 (2016 est.) 13,389.4 (2015 est.) 13,389.4 (2014 est.) 11,865.2 (2013 est.) 9,386.63 (2012 est.) |