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50 50 National Economic Recovery Expected to Continue Strong GDP Growth¹ % yoy 40.00 30.00 6.176.035.565.014.885.035.075.17 5.02 2.97 20.00 10.00 (10.00) (20.00) (30.00) 2011 2012 2013 2014 2015 2016 2017 2018 2019 GDP-rhs Government Expenditure Export Q1-2020 (2.17) (3.49) (5.32) Q2-2020 Q3-2020 Q4-2020 Favourable GDP Growth Compared to Peers² 15.00 % yoy 10.00 5.00 0.00 -10.00 Bulgaria Indonesia Colombia Philippines (0.70) (2.07) 2020 Q1-2021 % yoy 7.07 5.02 3.69 3.51 Q2-2021 Q3-2021 Q4-2021 Private Consumption 2021 Gross Fixed Capital Formation Import 8.50 6.50 4.50 2.50 0.50 National economic recovery momentum has continued in 2022. In the fourth quarter of 2021, Indonesia's economy expanded 5.02% (yoy), improving from 3.51% (yoy) in the previous period. Broad gains were recorded across most economic sectors and GDP components on the expenditure side in line with the domestic economic recovery from the Delta outbreak in the third quarter of 2021. Overall, the economy grew 3.69% in 2021 to reverse the 2.07% (yoy) contraction experienced in 2020. Spatially, stronger economic growth in 2021 occurred in all regions, led by Sulawesi-Maluku-Papua (Sulampua), followed by Java, Sumatra and Kalimantan. The national economic recovery process is (1.50) expected to persist in 2022, though the recent spike in Omicron cases demands (3.50) heightened vigilance. Several economic indicators in February 2022 are still solid, including retail sales, consumer expectations and Manufacturing PMI, though (5.50) community mobility improvements are fading. The domestic economy, therefore, is expected to accelerate to 4.7-5.5% in 2022, supported by a faster vaccination program, broader reopening of the economy and maintained policy stimuli by Bank Indonesia, the Government and relevant authorities. (7.50) In terms of spending, nearly all GDP components recorded positive and stronger growth in the fourth quarter of 2021. Household consumption grew 3.55% (yoy) in the reporting period, up significantly from 1.02% (yoy) in the previous period given increasing public mobility in various regions of Indonesia. Investment grew 4.49% (yoy), boosted by non-building investment. Government consumption growth stood at 5.25% (yoy), supported by increased spending on the national economic recovery program, including Covid-19 handling and containment measures. Meanwhile, export growth remained solid at 29.83% (yoy) on strong demand in Indonesia's major trading partners. On the other hand, imports also recorded high growth in the fourth quarter of 2021 at 29.60% (yoy). 6.90 6.30 6.00 4.50 2022 Growth Projection *) 3.60 Institutions 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023* 2022 Budget -5.00 GDP growth 5.2 India Bank Indonesia 4.5-5.3 -15.00 IMF (WEO, April 2022) 5.4 1. 2. Source: Central Bureau of Statistics of Indonesia (BPS), ** Including non-profit household consumption Source: World Economic Outlook Database - April 2022; * indicates estimated figure World Bank (GEP, Jan 2022) 5.2 ADB (ADO, April 2022) 5.0 *) Consensus Forecast number will be given later

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