Economy of Indonesia

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Economy of Indonesia

Jakarta, the financial centre of Indonesia
Currency	Rupiah (IDR, Rp)
Fiscal year	Calendar year
Trade organizations	APEC, WTO, G-20, IOR-ARC, RCEP, AFTA, ASEAN, EAS, ADB, others
Country group	Developing/Emerging[1] Upper-middle economy[2] Newly industrialized country
Statistics
Population	279,118,866 (June 2023)[3]
GDP	$1.47 trillion (nominal; 2024 est.)[4] $4.72 trillion (PPP; 2024 est.)[4]
GDP rank	16th (nominal; 2024 est.) 7th (PPP; 2024 est.)
GDP growth	3.7% (2021)[5] 5.31% (2022)[6] 5.05% (2023)[7]
GDP per capita	$5,271 (nominal; 2024 est.)[4] $16,861 (PPP; 2024 est.)[4]
GDP per capita rank	114th (nominal; 2024 est.) 96th (PPP; 2024 est.)
GDP by sector	Agriculture: 13.7% Industry: 41% Services: 45.4% (2017 est.)[8]
Inflation (CPI)	3.05% (March 2024)[9]
Population below poverty line	2.5% in extreme poverty (2021 est.)[10] 2.29% in multidimensional poverty (2023)[11] 9.36% in national poverty line (March 2023)[12] 1.88% on less than $2.15/day (2023)[11] 18.07% on less than $3.65/day (2023)[11] 58.81% on less than $6.85/day (2023)[11]
Gini coefficient	38.3 medium (2023)[13]
Human Development Index	0.713 high (2022)[14] (112nd) 0.588 medium IHDI (89th) (2022)[14]
Labour force	147,800,000 (2023)[15] 75% employment rate (2023)[16]
Labour force by occupation	Agriculture: 27.7% Industry: 22.6% Services: 49.6% (2020 est.)[17]
Unemployment	5.45% (2023 est.)[12][18]
Main industries	palm oil, coal, petroleum, petrochemicals, liquified natural gas, vehicle, electronics, transportation, machinery, steel, telecommunication, electric power, food processing, wood industry, textile, footwear, consumer goods, integrated circuits, medical equipment, optical devices, paper, handicrafts, chemicals, rubber, pharmaceuticals, financial services, seafood, smelting, and tourism
External
Exports	$259 billion (2023)[19]
Export goods	Palm oil, Steel, Metal, Machinery and Industrial equipment, Chemicals products, Liquefied natural gas, Textiles products, Footwear products, Automobiles, Transportation products, Wooden products, Plastics
Main export partners	China 23.31%  Hong Kong 3.01%  ASEAN 19.07%  United States 11.75%  European Union 8.16%  Japan 7.70%  India 5.96%  South Korea 3.63% (2022)[19]
Imports	$222 billion (2023)[19]
Import goods	Machinery and Industrial equipment, Steel, Foodstuffs, Petroleum products, Electronics, Raw material, Chemicals products, Transportation products
Main import partners	China 32.66%  ASEAN 17.17%  Japan 8.56%  European Union 6.43%  South Korea 5.23%  United States 5.09%  Australia 4.96%  India 3.97% (2022)[19]
FDI stock	$251.5 billion (31 December 2017 est.)[8] Abroad: $20.5 billion (31 December 2017 est.)[8]
Current account	+$3.46 billion (2021 est.)
Gross external debt	$396.3 billion (Q2 2023)[20]
Public finances
Government debt	37.0% of GDP (Q1 2022)[21]
Budget balance	−0.89% (of GDP) (2024 est.)[22]
Revenues	$176.6 billion (2022 est.)[23]
Expenses	$207.8 billion (2022 est.)[8]
Credit rating	Japan Credit Rating Agency:[24][25][26] A− (Domestic Currency) BBB+ (Foreign Currency) BBB+ (Bond) Outlook: Stable Standard & Poor's:[27] BBB (Domestic) BBB (Foreign) BBB (T&C Assessment) Outlook: Stable Moody's:[27] Baa2 Outlook: Stable Fitch:[28] BBB (Local Currency) BBB (Foreign Currency) BBB (Country Ceiling) Outlook: Stable
Foreign reserves	$146.4 Billion (Dec 2023)[29]
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

The economy of Indonesia is a mixed economy with dirigiste characteristics,^[30][31] and it is one of the emerging market economies in the world and the largest in Southeast Asia. As an upper-middle income country and member of the G20, Indonesia is classified as a newly industrialized country.^[32] Estimated at over 21 quadrillion rupiah in 2023, it is the 16th largest economy in the world by nominal GDP and the 7th largest in terms of GDP (PPP). Indonesia's internet economy reached US$77 billion in 2022, and is expected to cross the US$130 billion mark by 2025.^[33] Indonesia depends on the domestic market and government budget spending and its ownership of state-owned enterprises (the central government owns 141 enterprises). The administration of prices of a range of basic goods (including rice and electricity) also plays a significant role in Indonesia's market economy. However, since the 1990s, the majority of the economy has been controlled by individual Indonesians and foreign companies.^[34][35][36]

In the aftermath of the 1997 Asian financial crisis, the government took custody of a significant portion of private sector assets through the acquisition of nonperforming bank loans and corporate assets through the debt restructuring process, and the companies in custody were sold for privatization several years later. Since 1999, the economy has recovered, and growth accelerated to over 4–6% in the early 2000s.^[37] In 2012, Indonesia was the second fastest-growing G-20 economy, behind China, and the annual growth rate fluctuated around 5% in the following years.^[38][39] Indonesia faced a recession in 2020 when the economic growth collapsed to −2.07% due to the COVID-19 pandemic, its worst economic performance since the 1997 crisis.^[40]

In 2022, gross domestic product expanded by 5.31%, due to the removal of COVID-19 restrictions as well as record-high exports driven by stronger commodity prices.^[41]

Indonesia is predicted to be the 4th largest economy in the world by 2045. Joko Widodo has stated that his cabinet's calculations showed that by 2045, Indonesia will have a population of 309 million people. By Widodo's estimate, there would be economic growth of 5−6% and GDP of US$9.1 trillion. Indonesia's income per capita is expected to reach US$29,000.^[42]