Indonesia's economy shrank by 0.92% qoq in Q1 of 2023, compared to the market consensus of a 1% contraction, reversing from a 0.36% growth in Q4. This was the first contraction in the economy since the first quarter of 2022, amid a decline in both fixed investments (-3.72% vs 3.31% in Q4) and government spending (-45.38% vs 30.13%). In addition, private consumption eased (0.25% vs 2.12%) amid rising cost pressures and high-interest rates. Net trade also contributed negatively, with exports down 5.40% and imports declining at a faster 6.95%, due to a slowdown in China, Indonesia's main trading partner. On the production side, output shrank for mining (-4.21% vs 2.28% in Q4), manufacturing (0.40% vs 1.6%), construction (-2.49% vs 4.57%), transportation (-0.11% vs 6.24% ), wholesale & retail trade (-0.39% vs 0.69%). In 2022, the economy expanded 5.31%, the most in nine years, driven by pandemic measures removal and robust exports. source: Statistics Indonesia
GDP Growth Rate in Indonesia averaged 1.22 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 June of 2023.
GDP Growth Rate in Indonesia is expected to be 1.70 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 1.00 percent in 2024 and 1.10 percent in 2025, according to our econometric models.