AEIR 2021

The economy contracted by 2.1% in 2020 after growing an average 5.0% over the previous 5 years. The COVID-19 pandemic disrupted the domestic economy with sharp declines in private consumption (by 2.7%) and fixed investment (by 4.9%). Government spending grew by 1.9% in 2020 with reallocations to fiscal stimulus programs. Net external demand contributed 1.1 percentage point to GDP growth as imports contracted (by 14.7%) more than exports (by 7.7%). Services fell by 1.4% in 2020 after growing by 6.4% in 2019. Inflation averaged 2.0% in 2020. Poverty incidence increased to 10.2%; the unemployment rate was the highest in 9 years at 7.1% in August 2020. The fiscal deficit grew to 6.1% of GDP in 2020 compared with 2.2% in 2019. With accommodative fiscal and monetary policies, a recovery in domestic demand, and an improved external environment, GDP is forecast to grow by 4.5% in 2021 and 5.0% in 2022.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 6.0 (Nov21)6.0 5.0
Broad Money Growth 2 11.0 (Nov21)11.0 10.5
Headline Inflation Rate 3 1.9 (Dec21)1.8 1.7
Industrial/ Manufacturing Production Growth Rate 3 0.4 (Mar21)-7.2 -1.4
Merchandise Export Growth 3 49.7 (Nov21)49.7 53.4
Exchange Rate Index 4 151.7 (Dec21)150.8 149.4
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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