Indonesia GDP Growth Rate2022 Data - 2023 Forecast - 2005-2021 Historical

Indonesia's economy grew by 1.81% qoq in Q3 of 2022, beating market consensus of a 1.62% rise but easing from a 3.72% increase in Q2 which was the steepest quarterly growth since Q3 of 2020. The latest print reflected the impact of rising inflation, high interest rates, and a slowdown in China. Government spending moderated sharply (11.22% vs 31.60% in Q2) while private consumption fell after a steep fuel price hike in September (-0.3% vs 2.42). Meantime, fixed investment bounced back (6.53% vs -3.66%), amid a strong contribution from net trade with exports growing 10.08% while imports rose 7.86%. On the production side, output slowed for agriculture and forestry (2.20% vs 13.13%), mining (3.4% vs 3.56%), transport & warehouse (2.32% vs 6.78%), food & beverages (1.19% vs 4.94%), and education (0.67% vs 7.46%). On the other hand, activity shrank for finance & insurance (-1.85% vs 0.02%), state administration, defense (-5.15% vs 9.40%, and other services (-1.34% vs 1.14%).

Indonesia's economy grew by 3.72% qoq in Q2 of 2022, beating market consensus of a 3.44% rise and shifting from a marginally revised 0.9% fall in Q1. The rebound was the strongest quarterly GDP growth since Q3 2020, with Ramadan and Eid-ul Fitr festivals giving further boost after more easing in pandemic curbs. Government spending bounced back sharply (32% vs -50.46% in Q1), amid an acceleration in private consumption (2.42% vs 0.19%). Also external demand contributed positively, as exports (9.14% vs -2.79%) rose much faster than imports (3.14% vs -3.93%). In contrast, fixed investment shrank further (-3.66% vs -2.56%). On the production side, an upturn in activity was seen for mining (3.56% vs -2.81% in Q1), education (7.43% vs -15.04%), food & accommodation (4.94% vs -0.28%), and healthcare (5.61% vs -16.54%). In addition, output quickened for agriculture (13.15% vs 9.14%), utilities (0.94% vs 0.26%), wholesale & retail trade (2.17% vs 1.19%), and transport (6.78% vs 0.8%).

Indonesia's economy shrank 0.96% qoq in Q1 2022, compared with market estimates of a 0.89% fall and after a 1.06% growth in Q4. This was the first quarterly decline in economic activity in a year, amid COVID-19 mobility curbs as well as worries over the impact of geopolitical tension and risks from a slowdown in China. Government spending plunged (-50.54% vs 33% in Q4), while fixed investment fell slightly (-2.56% vs 4.96%). At the same time, private consumption was sluggish (0.19% vs 3.02%). External demand contributed positively, as exports shrank 3.18% (vs 3.9% in Q4) while imports fell 4.63% (vs 15.05%). On the production side, activity shrank for mining (-2.81% vs 0.83% in Q4), utilities (-3.31% vs 3.56% in Q4), construction (-1.24% vs 3.56%), and healthcare (-16.54% vs 4.03%). At the same time, output eased for manufacturing (0.75% vs 0.82%), communication (1.69% vs 1.71%), and transport, warehouse (0.8% vs 14.24%), amid a rebound in financial and insurance (4.17% vs -1.36%).