Indonesia's COVID-19 Vaccination and Economic Resilience Strategy
National Economic Recovery Continue to Accelerate
Strong GDP Growth¹
8.0
QoQ
YoY
7.07
5.72
5.02 5.01
3.72
1.5506 1.81
5.05
4.01
3.14
4.01
4.21
3.19
3.09
4.20
3.06
B.31
(1.730.36)
(1.81 0.30) (1.7.41)
(1.69.52)
(1.742.41) (0.42 0.96)
(419)
(0.96)
3.83.27
3.7431
(2.07)
(0.16)
6.0
4.0
2.0
0.04
0.0
-2.0
-4.0
-6.0
-8.0
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2014
2015
2016
2017
2018
2019
Favourable GDP Growth Compared to Peers²
10.00
% yoy
5.00
2020
2021
2022
7.40
6.70
5.80
5.30
0.00
3.20
2012
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
-5.00
National economic performance in Indonesia continued to gain momentum in Q3-2022 despite
global economic moderation and rising inflation at home. This was confirmed by domestic
economic growth accelerating to 5.72% (yoy) in the reporting period from 5.45% (yoy) in the
second quarter of 2022. Solid economic performance was supported by ongoing
improvements in terms of domestic demand, coupled with persistently strong exports.
National economic improvements were also reflected by the sound performance of various
economic sectors and all regions of the archipelago. Moving forward, economic growth is
expected to remain intact on the back of domestic demand in line with improving mobility
and the ongoing completion of national strategic projects (PSN). Notwithstanding, the impact
of global economic moderation on export performance and potentially restrained household
consumption due to rising inflation demand vigilance.
In terms of spending, nearly all components recorded positive growth in the reporting period.
Household consumption expanded 5.39% (yoy) despite moderating from 5.51% (yoy) in the
previous period. Strong growth was consistent with increasing public mobility, the limited
impact of fuel price adjustments as well as disbursements of social assistance (bansos) and
energy subsidies.
Investment improved to 4.96% (yoy), primarily driven by non-building
investment in machinery and equipment. Meanwhile, government consumption experienced a
2.88% (yoy) contraction due to lower procurement spending for Covid-19 handling and the
national economic recovery program. Exports continued to increase, with growth reaching
21.64% (yoy), underpinned by persistently strong demand in Indonesia's main trading partners,
together with policy to accelerate exports of crude palm oil (CPO). Import growth was also
high at 22.98% (yoy) in the reporting period to meet solid domestic and export demand.
Nearly all economic sectors expanded in the third quarter of 2022, primarily driven by the
Manufacturing Industry, Mining, Agriculture as well as Wholesale and Retail Trade.
Furthermore, Transportation and Storage as well as Accommodation and Food Service
Activities also posted strong growth on greater public mobility and a surge of arrivals by
international travellers. Regionally, economic improvements were bolstered by growth in all
regions of Indonesia, led by Sulawesi-Maluku-Papua (Sulampua), followed by Bali-Nusa
Tenggara (Balinusra), Java, Kalimantan and Sumatra.
2022 Growth Projection *)
2022 Budget
Bank Indonesia
Institutions
GDP growth
4.8-5.5
4.5-5.3
-10.00
Bulgaria
India
Colombia
Indonesia
IMF (WEO, October 2022)
5.3
-15.00
Philippines
Consensus Forecast (December 2022)
5.2
1.
2.
Source: Central Bureau of Statistics of Indonesia (BPS), ** Including non-profit household consumption
Source: World Economic Outlook Database - July 2022; * indicates estimated figure
World Bank (GEP, June 2022)
*) Consensus Forecast number will be given later
ADB (ADO, December 2022)
엄업
5.1
5.4
69View entire presentation