Indonesia GDP Annual Growth Rate

Last Release

Dec 31, 2023

Actual

5.04

Units In

4.94

Frequency

Quarterly

Next Release

May 06, 2024

Time to Release

2 Months 28 Days 10 Hours

Highest	Lowest	Average	Date Range	Source
7.16 Dec 2004	-5.32 Jun 2020	4.88 %	2000-2023	Statistics Indonesia

Indonesia is the largest economy in South East Asia. Industry accounts for the largest share of GDP (46.5 percent of total GDP). Within industry, the most important is manufacturing, which has been one of the main growth engines (24 percent of total output). Mining and quarrying accounts for 12 percent, construction for 10 percent and electricity, gas and water supply for 0.75 percent. Services constitute 38 percent of total GDP. Within services, the most important are: trade, hotel and restaurants (around 14 percent of GDP); transport and communication (7 percent of GDP); finance, real estate and business services (7 percent of GDP) and government services (6 percent). Agriculture accounts for the remaining 15 percent.

Latest Updates

Indonesia's economy advanced by 5.04% yoy in Q4 of 2023, roughly in line with market forecasts of a 5.0% growth and after the softest growth in 2 years of 4.94% in Q3. Government spending rebounded (2.81% vs -3.93% in Q3), amid a positive contribution from net trade as exports grew (1.64% vs -3.91%) while imports fell (-0.15% vs -6.75%). Meantime, growth slowed for household consumption (4.47% vs 5.05%) and fixed investment (5.02% vs 5.77%). On the production side, output quickened for mining (7.46% vs 6.95%), construction (7.68% vs 6.39%), and health services (3.09% vs 2.91%); while easing for manufacturing (4.07% vs 5.19%), communication (6.74% vs 8.51%), agriculture (1.12% vs 1.49%%), and wholesale & retail trade (4.09% vs 5.10%). For the full year, the economy expanded 5.05%, slightly above government projections of around 5% while slowing from a 5.31% increase in 2022. For 2024, the country's GDP is expected to grow 5.3%, supported by spending related to the February election.