2022 State Budget: Fiscal Policy and Structural Reform
External Sector Remains Resilient
... Supported by Adequate Reserves and Sound Balance of Payments
Balance Of Payment Remains Solid
US$bn
20
15
10
525252525
-5
-10
-15
Current Account Recorded Surplus in Q3-2021
2013:
2014:
2015: 2016: 2017: 2018: 2019: 2020:
2021:
CA Deficit CA Deficit CA Deficit CA Deficit CA Deficit CA Deficit CA Deficit CA Deficit CA Surplus
(US$29.1bn) (US$26.7bn) (US$17.5bn) (US$16.9bn) (US$16.2bn) (US$30.6bn) (US$30.3bn) (US$4.5bn) (US$4.5bn)
US$bn US$bn
160 18
146.87
13
10.69
120
8
6.09
3
4.47 80
-2
-7
40
-12
0
01 02 03 04 01 02 03 04 01 02 03 04 01 02 03 04 01 02 03 04 01 02 03 04 01 02 03 04 01 02 03|04|01|02|03
2013
2014
2015
Current Account
Overall Balance
2016
2017
2018
2019*
2020* 2021**
Capital and Financial Account
Reserve Asset (rhs)
Source: Bank Indonesia
Trade Balance Surplus Continues
1.49 2.0
1.0
ཅ་བས་།---སོ་ན་
15.030.0
-1.0
1.42 -2.0
(8.34)-3.0
(3.63)
01 02 03 04 01 02 03 04 01 02 03 04 01 02 03 04 01 02 03 04 01 02 03 04 01 02 03 04 01 02 03 04 01 02 03
2013
2014
Goods
Secondary Income
2015
2018
2016
2017
2019*
2020* 2021**
Services
Primary Income
Current Account (%GDP) (rhs)
-4.0
-5.0
Source: Bank Indonesia
Official Reserve Assets Increased to Reinforce External Sector Resilience
FX Reserves as of November 2021: US$145.9 bn
(Equiv. to 8.1 months of imports + servicing of government debt)
FX Reserves (LHS)
Month of Import & Debt Service (RHS)
US$hn
Mont
150
140
5.2
130
120
3.51
110
100
90
80
-1.69
70
60
ADDELL987654327
13
12
11
10
50
1 3 5 7 9
1 3 5 7 9
1 3 5 7 9
1 3 5 7 9
11
11
11
1 3 5 7 9 1 3 5 7 9
11
11
11
2016
2017
2018
2019
2020
2021
2016:
2017:
Surplus
Surplus
US$11.83bn
US$8.83bn
2018:
Deficit
(US$8.65bn)
2019:
Deficit
(US$3.24bn)
2020:
2021:
Surplus
Surplus
(US$21.81bn) (US$32.81n)
US$bn
8
OG
Non-OG
Total
6
4
2
0
-2
-4
13579113579
2016
Preliminary Figure
Source: BPS
2017
АА
** Very Preliminary Figure
57913
2018
2019
2020
9113
2021
Source: Bank Indonesia
52
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