The economy recovered in 2021 with GDP growing by 3.7%, wiping out the 2.1% contraction in 2020. Growth temporarily stalled in the third quarter as mobility restrictions were re-imposed to quell a COVID-19 delta-variant outbreak. Private consumption grew by 2.0%, investment by 3.7%, and net exports grew by 27.3%. Imports grew by 21% in national income accounts, while exports grew by 24% as recovering global demand for goods boosted Indonesia’s primary commodity exports including coal, palm oil, and nickel. Services exports contracted, as they did in 2020, as travel to Bali remained extremely limited. The economic recovery is expected to pick up further with GDP projected to grow by 5.0% in 2022 and 5.2% in 2023.
Source: Asian Development Outlook 2022.
| Latest | Month-Ago | Year-Ago | |
|---|---|---|---|
| Composite Stock Price Index 1 | 6.0 (Aug23) | 6.0 | 7.0 |
| Broad Money Growth 2 | 6.4 (Jul23) | 6.4 | 6.1 |
| Headline Inflation Rate 3 | 3.3 (Aug23) | 3.1 | 4.7 |
| Industrial/ Manufacturing Production Growth Rate 3 | -1.3 (Jun23) | 13.5 | 2.5 |
| Merchandise Export Growth 3 | -18.1 (Jul23) | -18.1 | -21.2 |
| Exchange Rate Index 4 | 161.2 (Aug23) | 159.0 | 156.9 |
| 1 Monthly average, local index. 2 %. 3 y-o-y, %. 4 Monthly average, January 2006 = 100, $/local currency. | |||
| Source: Bloomberg LP; CEIC database; Badan Pusat Statistik. | |||
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