Indonesia's economy grew by 0.45% qoq in Q4 of 2023, slightly above market forecasts of 0.41% and after a 1.6% rise in Q3. This was the third straight period of growth but the softest in the sequence, amid a sharp slowdown in fixed investment ahead of a general election in February 2024 (2.57% vs 7.7% in Q3). Meantime, private consumption grew 1.58%, swinging from a 0.46% fall previously; while government spending bounced back strongly (39.13% vs -3.7% in Q3). Net trade contributed positively, as exports rose 5.75% while imports went up at a softer 4.31%. On the production side, output growth eased for mining (2.76% vs 5.31%), manufacturing (0.51% vs 3.47%), utilities (2.63% vs 3.77%), and real estate (0.29% vs 1.25%). At the same time, activity shrank for agriculture (-17.70% vs 1.6%) and wholesale & retail trade (-0.27% vs 2.16%). By contrast, output quickened for transport (2.15% vs 1.84%), accommodation, food & beverages (4.53% vs 2.11%), and financial services (2.74% vs 0.43%). source: Statistics Indonesia

The Gross Domestic Product (GDP) in Indonesia expanded 0.45 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in Indonesia averaged 1.25 percent from 2005 until 2023, reaching an all time high of 5.05 percent in the third quarter of 2020 and a record low of -4.19 percent in the second quarter of 2020. This page provides - Indonesia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Indonesia GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2024.

The Gross Domestic Product (GDP) in Indonesia expanded 0.45 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in Indonesia is expected to be -0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Indonesia GDP Growth Rate is projected to trend around 1.10 percent in 2025, according to our econometric models.

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Indonesia GDP Growth Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2023-11-06 04:00 AM
GDP Growth Rate QoQ
Q3 1.6% 3.86% 1.71% 1.6%
2024-02-05 04:00 AM
GDP Growth Rate QoQ
Q4 0.45% 1.6% 0.41% 0.5%
2024-05-06 02:00 AM
GDP Growth Rate QoQ
Q1 0.45% -0.5%


Related Last Previous Unit Reference
GDP Growth Rate 0.45 1.60 percent Dec 2023
GDP Annual Growth Rate 5.04 4.94 percent Dec 2023
GDP Constant Prices 3139084.50 3124992.90 IDR Billion Dec 2023
Gross National Product 701250.16 714387.33 IDR Billion Dec 2014
Gross Fixed Capital Formation 1013619.70 988210.38 IDR Billion Dec 2023
Full Year GDP Growth 5.05 5.31 percent Dec 2023
GDP from Utilities 48595.80 46859.90 IDR Billion Dec 2023
GDP from Services 59732.30 58458.90 IDR Billion Dec 2023
GDP from Mining 240379.10 233911.60 IDR Billion Dec 2023
GDP from Manufacturing 640814.50 637548.60 IDR Billion Dec 2023
GDP from Construction 315264.90 297877.00 IDR Billion Dec 2023
GDP from Agriculture 46692.80 74322.10 IDR Billion Dec 2023

Indonesia GDP Growth Rate
Indonesian economy is the largest in South East Asia. The country has been growing steady in the last few years mostly due to high domestic consumption and growth in exports of manufactured products and commodities.
Actual Previous Highest Lowest Dates Unit Frequency
0.45 1.60 5.05 -4.19 2005 - 2023 percent Quarterly

News Stream
Indonesia Economy Expands 0.45% QoQ in Q4
Indonesia's economy grew by 0.45% qoq in Q4 of 2023, slightly above market forecasts of 0.41% and after a 1.6% rise in Q3. This was the third straight period of growth but the softest in the sequence, amid a sharp slowdown in fixed investment ahead of a general election in February 2024 (2.57% vs 7.7% in Q3). Meantime, private consumption grew 1.58%, swinging from a 0.46% fall previously; while government spending bounced back strongly (39.13% vs -3.7% in Q3). Net trade contributed positively, as exports rose 5.75% while imports went up at a softer 4.31%. On the production side, output growth eased for mining (2.76% vs 5.31%), manufacturing (0.51% vs 3.47%), utilities (2.63% vs 3.77%), and real estate (0.29% vs 1.25%). At the same time, activity shrank for agriculture (-17.70% vs 1.6%) and wholesale & retail trade (-0.27% vs 2.16%). By contrast, output quickened for transport (2.15% vs 1.84%), accommodation, food & beverages (4.53% vs 2.11%), and financial services (2.74% vs 0.43%).
2024-02-05
Indonesia Economy Expands 1.6% QoQ in Q3
Indonesia's economy grew by 1.60% qoq in Q3 of 2023, falling short of market consensus of 1.71% and sharply easing from 3.86% in Q2. Private consumption dropped 0.45%, after a 3.09% rise in Q2, amid a prolonged drought that caused a sharp rise in cost of staple food, particularly rice. Also, government spending shrank 3.63% following a 41.38% jump in Q2. Meantime, fixed investment rose 7.70%, an upturn from a 1.26% fall previously. Net trade contributed positively, as exports went up 7.07% while imports rose at a softer 5.88%. On the production side, output growth fell for agriculture (1.6% vs 15.32% in Q2), wholesale & retail trade (2.17% vs 2.51%), transport (1.84% vs 6.18%), and information (1.31% vs 3.39%). At the same time, activity shrank for state administration (-17.74% vs 15.80%), and other services (-2.0% vs 3.91%). By contrast, output quickened for mining (5.31% vs 3.65%), manufacturing (3.48% vs 0.47%), utilities (3.77% and 1.42%), and real estate (1.25% vs 0.60%).
2023-11-06
Indonesia Economy Grows 3.86% QoQ in Q2
Indonesia's economy expanded 3.86% qoq in Q2 of 2023, above market consensus of 3.72%, reversing from a marginally revised 0.91% fall in Q1 while pointing to the steepest quarterly growth since Q3 2020. The upturn was boosted by a strong pickup in private consumption during Ramadan and Eid-ul Fitr celebrations (3.08% vs 0.25% in Q1). Also, government spending rebounded sharply (41.30% vs -45.66%), amid positive contribution from net trade as exports jumped 12.17% while imports rose 3.80%. At the same time, a fall in fixed investment slowed (-1.26% vs -3.72%). On the production side, output bounced for mining (3.65% vs -4.21%), manufacturing (0.47% vs -0.40%), wholesale & retail trade (2.50% vs -0.36%), transport (6.18% vs -0.11%), and health services (9.06% vs -14.56%). In addition, activity quickened for communication (3.37% vs 0.16%), and real estate (0.6% vs 0.01%). By contrast, output shrank for construction (-1.44% vs -2.49%) and financial services(-1.52% vs 4.89%).
2023-08-07