2022 State Budget: Fiscal Policy and Structural Reform
Indonesia's Economic Improvement Trend Continues
GDP Growth (%YoY)
PMI Markit Indonesia
60
10
55
Expansion >50
5
50
0
45
-5
40
-10
35
Contraction <50
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
30
2019
2020
2020
25
Total GDP
Household Consumption
GFCF
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Current Account
Trade Balance
(Billion USD)
of GDP (%)
8.00
80.00
60.00
2.00
6.00
12000
40.00
1.00
4.00
13000
20.00
0.00
2.00
0.00 14000
-1.00
0.00
-20.00
15000
-2.00
-2.00
-40.00
-3.00
16000
-4.00
-60.00
1
4 7 10 1
4 7 10 1 4 7
-4.00
17000
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2019
2020
2021
Balance (Billion USD)
2018
2019 2020 2021
Export-g (% YoY)-rhs
Import-g (% YoY)-rhs
Sources: CEIC, BI, BPS, Bloomberg (as of 30 December 2021)
Total Investment
(DDI+FDI) Rp Trillion
130
230
220
210
200
190
26
110
90
CCI & Retail Sales
hat
20.0
10.0
70
0.0
-10.0
-20.0
-30.0
180
170
Q1 Q3 Q1 Q3 Q1 Q3
Consumer Confidence Index (CCI)
2019
2020
2021
Retail Sales-g (rhs)
The Indonesian Rupiah
1/1/2020
5/1/2020
9/1/2020
1/1/2021
IDR/USD
and JCI
5/1/2021
9/1/2021
⚫JCI-rhs
5000
7000
4000
3000
6500
2000
1000
6000
0
-1000
5500
-2000
-3000
5000
-4000
-5000
4500
-6000
4000
Net Capital flow
(Million USD)
1/1/2021
2/1/2021
3/1/2021
4/1/2021
5/1/2021
6/1/2021
7/1/2021
8/1/2021
9/1/2021
10/1/2021
11/1/2021
12/1/2021
Equity Flow (ytd)
Bond Flow (ytd)
Total
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