Fueled by strong domestic purchasing power and booming exports, Indonesia’s GDP continue to outpace the previous year with 5.31% YoY growth, similar to the World Bank and IMF’s forecasts at 5.2% and 5.3% respectively. However, commodity prices’ bleak prediction and an expected economic downturn still casts an uncertain future in 2023.
Indonesia’s GDP grew by 5.72% in Q3, further recovering from last year’s downturn
Indonesia continues to record GDP growth in the July – September period, again beating previous quarters. Yet growth is slightly below forecasted, and future outlook is uncertain.
Indonesia’s GDP grew 5.44% (YoY) in Q2, beating analysts’ expectations
Beating the forecasted 5.17% growth, Indonesia’s GDP grew by 5.44% in the second quarter of the year, the fastest increase in four quarters. Meanwhile, compared with the first quarter of the year, the second quarter showed even greater growth, highlighting the trend of the economic recovery in Indonesia.
Indonesia’s GDP grows 5.01% in Q1 2022, fueled by a boom in exports
Indonesia’s economic growth remained stable in Q1 2022, as COVID-19 restrictions were further loosened. The recovery in consumption, investment, and exports contributed to the growth in the quarter.
Indonesia registered a 3.69% GDP growth in 2021, compared to the year before
Powered by the recovering domestic demand, a further easing of COVID-19 curbs, and the global commodity boom, Indonesia’s GDP growth in the last quarter of 2021 accelerated to 5.02% (YoY).
Indonesia witnessed a drop in GDP growth to 3.51% (YoY) in Quarter 3, 2021
As harsh lockdowns to contain COVID-19 spikes outweighed the effect of higher commodity prices and trade, Indonesia’s GDP only recorded a 3.51% growth (YoY) in Quarter 3 of 2021, showing a significant slowdown from Quarter 2’s growth of 7.07% (YoY).
Indonesia’s economy recorded the strongest growth in more than a decade in Q2
In the second quarter of the year, Indonesia pulled out of the COVID driven recession, and recorded its strongest quarterly growth rate in 17 years. However, the country is now expected to suffer a setback due to the recent spread of the newer Delta variant.
Indonesia experienced a 0.74% GDP decline in Q1 2021
This latest data is a part of a series of diminishing contractions since Q2 2020, implying that Indonesia’s economy is gradually bouncing back from the pandemic.
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Indonesia president Jokowi signs controversial bill to create one million jobs
Indonesia’s economic performance gradually recovered in Q4 2020, with contraction 2.07% (YoY). Compared to previous quarter, the contraction is a clear indication of economic improvement.
Indonesia’s economy shows strengthening signs despite economic contraction in Q3
The Indonesian economy showed signs of recovery from its deep shrinkage in the second quarter thanks to the government’s support programs.
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