Markets Actual Q1 Q2 Q3 Q4 2020
Currency 14210.00 14513 14581 14650 14718 14856
Stock Market (points) 6431.04 6098 6017 5936 5857 5701
Government Bond 10Y (%) 8.10 8.11 8.22 8.33 8.43 8.65
Overview Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 3.09 -0.3 3.4 2.6 -0.9 -0.8
GDP Annual Growth Rate (%) 5.17 5.1 4.9 5.2 5.1 5.3
Unemployment Rate (%) 5.34 5.4 5.4 5.4 4.9 5.3
Inflation Rate (%) 3.13 3.8 3.9 4.2 4.1 3.8
Inflation Rate Mom (%) 0.62 0.5 0.7 0.8 0.9 0.5
Interest Rate (%) 6.00 6 6 6.5 6.5 5.75
Balance of Trade (USD Million) -1102.00 -300 150 750 431 300
Current Account (USD Million) -8846.10 -5660 -5000 -3900 -2100 -3100
Current Account to GDP (%) -1.70 -2.3 -2.3 -2.3 -2.3 -2.2
Government Debt to GDP (%) 28.70 30.9 30.9 30.9 30.9 32.2
Government Budget (% of GDP) -1.76 -2.4 -2.4 -2.4 -2.4 -2.3
Business Confidence (Index Points) 108.05 107 106 106 105 108
Manufacturing PMI 51.20 51 51.2 50.9 50.2 51.5
Consumer Confidence (Index Points) 127.00 123 122 122 123 128
Retail Sales MoM (%) 2.70 3.6 6.4 -0.4 4.2 3.4
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 30.00 30 30 30 30 30
GDP Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 3.09 -0.3 3.4 2.6 -0.9 -0.8
GDP Annual Growth Rate (%) 5.17 5.1 4.9 5.2 5.1 5.3
GDP (USD Billion) 1015.54 1126 1126 1126 1126 1150
GDP Constant Prices (IDR Billion) 2684193.60 2562314 2667491 2753983 2821087 2970605
Gross Fixed Capital Formation (IDR Billion) 880777.29 841515 848843 903677 925697 974759
GDP per capita (USD) 4130.66 4332 4332 4332 4332 4567
GDP per capita PPP (USD) 11188.74 11733 11733 11733 11733 12037
GDP From Agriculture (IDR Billion) 82332.00 86734 86171 84473 86531 91117
GDP From Construction (IDR Billion) 265600.00 263880 265862 279411 279146 293940
GDP From Manufacturing (IDR Billion) 559400.00 547772 559470 573944 587929 619090
GDP From Mining (IDR Billion) 200700.00 204828 208990 211136 210936 222115
GDP From Services (IDR Billion) 47654.30 46161 47671 48893 50085 52739
GDP From Utilities (IDR Billion) 36766.40 35020 36512 37722 38641 40689
Labour Actual Q1 Q2 Q3 Q4 2020
Unemployment Rate (%) 5.34 5.4 5.4 5.4 4.9 5.3
Employed Persons 127067835.00 128000000 128000000 128000000 128000000 129000000
Unemployed Persons 6871264.00 6775000 6775000 6775000 6775000 6610000
Labor Force Participation Rate (%) 69.20 69.3 69.3 69.3 69.3 69.1
Minimum Wages (IDR Million/Month) 3.94 3.94 3.94 3.94 3.94 4.1
Wages in Manufacturing (IDR/Month) 2703980.52 2740000 2740000 2850000 2850000 3100000
Population (Million) 261.90 266 266 266 266 271
Retirement Age Women 58.00 58 58 58 58 58
Retirement Age Men 58.00 58 58 58 58 58
Living Wage Family (IDR/Month) 2954800.00 3150000 3150000 3150000 3150000 3230000
Living Wage Individual (IDR/Month) 1456700.00 1820000 1820000 1820000 1820000 1890000
Wages Low Skilled (IDR/Month) 3427900.00 3270000 3270000 3270000 3270000 3330000
Wages High Skilled (IDR/Month) 5017000.00 5240000 5240000 5240000 5240000 5310000
Prices Actual Q1 Q2 Q3 Q4 2020
Inflation Rate (%) 3.13 3.8 3.9 4.2 4.1 3.8
Inflation Rate Mom (%) 0.62 0.5 0.7 0.8 0.9 0.5
Consumer Price Index CPI (Index Points) 135.39 138 139 139 141 146
Core Consumer Prices (Index Points) 126.52 127 128 129 130 135
Core Inflation Rate (%) 3.07 2.9 2.8 2.7 3 3.5
GDP Deflator (Index Points) 142.90 144 145 146 147 151
Producer Prices (Index Points) 165.91 174 176 178 176 185
Export Prices (Index Points) 162.90 171 173 175 177 182
Import Prices (Index Points) 153.10 153 155 156 157 162
Food Inflation (%) 3.41 4 3.5 3.8 4.2 4
Producer Prices Change (%) 4.32 7.1 6.8 6.5 6 5
CPI Housing Utilities (Index Points) 131.04 133 134 135 136 142
CPI Transportation (Index Points) 133.78 146 137 137 139 145
Money Actual Q1 Q2 Q3 Q4 2020
Interest Rate (%) 6.00 6 6 6.5 6.5 5.75
Interbank Rate (%) 7.42 7.71 7.71 7.71 7.71 7.71
Money Supply M0 (IDR Billion) 586257.88 634000 645000 582000 630000 650000
Money Supply M1 (IDR Billion) 1405300.00 1462000 1436000 1452000 1460000 1470000
Money Supply M2 (IDR Billion) 5670000.00 5830000 5910000 5990000 6150000 6270000
Foreign Exchange Reserves (USD Million) 120654.27 115900 115400 115800 116200 172000
Loans to Private Sector (IDR Billion) 4533549.00 4620000 4690000 4750000 4830000 4950000
Deposit Interest Rate (%) 5.25 3.5 5.25 5.25 3.5 3.75
Lending Rate (%) 6.75 5 6.75 6.75 5 6
Loan Growth (%) 12.90 6.4 5.9 5.7 6.3 5.9
Cash Reserve Ratio (%) 6.50 6.5 6.5 6.5 6.5 6.5
Trade Actual Q1 Q2 Q3 Q4 2020
Balance of Trade (USD Million) -1102.00 -300 150 750 431 300
Current Account (USD Million) -8846.10 -5660 -5000 -3900 -2100 -3100
Current Account to GDP (%) -1.70 -2.3 -2.3 -2.3 -2.3 -2.2
Imports (USD Million) 15279.30 15100 13700 13200 15800 16200
Exports (USD Million) 14177.30 14500 14000 14700 14900 16500
External Debt (USD Million) 359793.63 410000 410000 410000 410000 420000
Terms of Trade (Index Points) 106.37 112 112 113 113 112
Foreign Direct Investment (IDR Trillion) 89.10 94.2 93.8 94.5 95.4 98.8
Remittances (USD Million) 2711.00 2490 2450 2510 2560 2610
Tourist Arrivals 1148644.00 1490000 1470000 1520000 1550000 1580000
Gold Reserves (Tonnes) 78.50 80.6 80.6 80.6 80.6 80.6
Crude Oil Production (BBL/D/1K) 787.00 791 794 797 801 805
Weapons Sales (USD Million) 102.00 97 97 97 97 95
Government Actual Q1 Q2 Q3 Q4 2020
Government Debt to GDP (%) 28.70 30.9 30.9 30.9 30.9 32.2
Government Budget (% of GDP) -1.76 -2.4 -2.4 -2.4 -2.4 -2.3
Government Budget Value (IDR Billion) -259900.00 -390000 -390000 -390000 -390000 -410000
Government Spending (IDR Billion) 205839.31 153539 203104 216543 216337 227803
Government Revenues (IDR Billion) 1894700.00 1700000 1700000 1700000 1700000 1720000
Fiscal Expenditure (IDR Billion) 2202200.00 2090000 2090000 2090000 2090000 2130000
Military Expenditure (USD Million) 7910.80 7950 7950 7950 7950 7980
Taxes Actual Q1 Q2 Q3 Q4 2020
Corporate Tax Rate (%) 25.00 25 25 25 25 25
Personal Income Tax Rate (%) 30.00 30 30 30 30 30
Sales Tax Rate (%) 10.00 10 10 10 10 10
Social Security Rate (%) 9.74 9.74 9.74 9.74 9.74 9.74
Social Security Rate For Companies (%) 5.74 5.74 5.74 5.74 5.74 5.74
Social Security Rate For Employees (%) 4.00 4 4 4 4 4
Business Actual Q1 Q2 Q3 Q4 2020
Business Confidence (Index Points) 108.05 107 106 106 105 108
Manufacturing PMI 51.20 51 51.2 50.9 50.2 51.5
Industrial Production (%) 0.60 5.3 6 5.7 5.1 6.6
Industrial Production Mom (%) 0.00 1.5 -0.6 0.7 4 1.8
Capacity Utilization (%) 75.18 78.1 78.5 78.7 79 79.8
Changes in Inventories (IDR Billion) 45518.35 61500 48200 25400 -26500 -29600
Car Registrations 87846.00 102000 75000 97000 106000 109000
Copper Production (Tonnes) 191333.00 274000 269000 266000 271000 268000
Consumer Actual Q1 Q2 Q3 Q4 2020
Consumer Confidence (Index Points) 127.00 123 122 122 123 128
Retail Sales MoM (%) 2.70 3.6 6.4 -0.4 4.2 3.4
Retail Sales YoY (%) 3.40 3.9 3.6 2.8 3.9 5.1
Consumer Spending (IDR Billion) 1440841.50 1408563 1428834 1478303 1514324 1594584
Consumer Credit (IDR Billion) 2335900.00 2310000 2330000 2350000 2370000 2460000
Households Debt To GDP (% of GDP) 16.90 16.8 16.8 16.8 16.8 17
Gasoline Prices (USD/Liter) 0.45 0.42 0.41 0.4 0.39 0.39
Housing Actual Q1 Q2 Q3 Q4 2020
Housing Index (Index Points) 207.69 210 210 212 213 217


Indonesia's economy is expected to advance 5.2% in 2018, the same as in 2017. Investment is projected to increase further, due to the ongoing recovery in commodity prices, and improved investor confidence after the country was upgraded to the investment grade by all the major agencies. At the same time, private consumption is seen rising amid moderate inflation and a robust labor market. Meanwhile, net exports may drag on growth as import-intensive investment remains robust, also due to the ongoing streamlining of import processes. Inflation is seen at 3.5% on the assumptions that there is no extreme weather disrupting food production. The rupiah is expected to remain under pressure amid global uncertainty, including the Fed’s decision to raise its reference rate and intensifying trade disputes. The central bank is seen tightening further this year, depending on how domestic and global developments play out and how aggressive is the normalization of US monetary policy. This page has economic forecasts for Indonesia including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Indonesia economy.