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Economic overview
Indonesia — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | Indonesia is a mixed economy with many socialist institutions and central planning but with a recent emphasis on deregulation and private enterprise. Indonesia has extensive natural wealth but, with a large and rapidly increasing population, it remains a poor country. GNP growth in 1985-89 averaged about 4%, somewhat short of the 5% rate needed to absorb the 2.3 million workers annually entering the labor force. Agriculture, including forestry and fishing, is the most important sector, accountin |
| 1991 | Indonesia is a mixed economy with many socialist institutions and central planning but with a recent emphasis on deregulation and private enterprise. Indonesia has extensive natural wealth yet, with a large and rapidly increasing population, it remains a poor country. GDP growth in 1985-89 averaged about 4%, somewhat short of the more than 5% rate needed to absorb the 2.3 million workers annually entering the labor force. Agriculture, including forestry and fishing, is an important sector, accou |
| 1992 | Indonesia is a mixed economy with many socialist institutions and central planning but with a recent emphasis on deregulation and private enterprise. Indonesia has extensive natural wealth, yet, with a large and rapidly increasing population, it remains a poor country. GDP growth in 1985-91 averaged about 6%, quite impressive, but not sufficient to both slash underemployment and absorb the 2.3 million workers annually entering the labor force. Agriculture, including forestry and fishing, is an i |
| 1993 | Indonesia is a mixed economy with many socialist institutions and central planning but with a recent emphasis on deregulation and private enterprise. Indonesia has extensive natural wealth, yet, with a large and rapidly increasing population, it remains a poor country. Real GDP growth in 1985-92 averaged about 6%, quite impressive, but not sufficient to both slash underemployment and absorb the 2.3 million workers annually entering the labor force. Agriculture, including forestry and fishing, is |
| 1994 | Indonesia is a mixed economy with some socialist institutions and central planning but with a recent emphasis on deregulation and private enterprise. Indonesia has extensive natural wealth, yet, with a large and rapidly increasing population, it remains a poor country. Real GDP growth in 1985-93 averaged about 6%, quite impressive, but not sufficient to both slash underemployment and absorb the 2.3 million workers annually entering the labor force. Agriculture, including forestry and fishing, is |
| 1995 | Indonesia is a mixed economy with some socialist institutions and central planning but with a recent emphasis on deregulation and private enterprise. Indonesia has extensive natural wealth, yet, with a large and rapidly increasing population, it remains a rather poor country. Real GDP growth in 1985-94 averaged about 6%, quite impressive, but not sufficient to both slash underemployment and absorb the 2.3 million workers annually entering the labor force. Agriculture, including forestry and fish |
| 1996 | Indonesia is a mixed economy with some central planning but with an emphasis on rapid deregulation and private enterprise. Real GDP growth in 1985-95 averaged about 7%, quite impressive, but not sufficient to both slash underemployment and absorb the 2.3 million workers annually entering the labor force. Plantation crops - rubber and palm oil - and textiles and plywood are being encouraged for both export and job generation. Industrial output is based on a supply of diverse natural resources, in |
| 1997 | Indonesia's sound macroeconomic management, combined with an emphasis on rapid deregulation and encouragement of private investment resulted in real GDP growth in 1991-96 averaging about 7%. This was impressive, but not sufficient to cut underemployment while absorbing the 2.3 million workers annually entering the labor force. Foreign investment has boosted manufacturing output and exports in recent years. The economy's growth is driven by continuing expansion of nonoil exports. Plantation crops |
| 1998 | While Indonesia was long touted for its sound macroeconomic management and spectacular growth, the Asian financial crisis in 1997/98 revealed the weak underpinnings of the economy: an unhealthy banking sector, untenable levels of private foreign debt, and uncompetitive practices that favored the financial interests of former President SOEHARTO's family and friends. Indonesia sought IMF assistance early in the crisis and eventually brokered a $42 billion bailout package; but Jakarta jeopardized t |
| 1999 | The collapse of the rupiah in late 1997 and early 1998 caused GDP to contract by an estimated 13.7% in 1998 because of Indonesian firms' reliance on short-term dollar-denominated debt and high levels of nonperforming loans in the banking sector. The Indonesian Government initially wavered on meeting the conditions it agreed to in exchange for a $42 billion IMF assistance package, contributing to further loss in investor confidence and outflows of capital. Riots that in many cases targeted ethnic |
| 2000 | The Indonesian economy stabilized in 1999, following the sharp contraction and high inflation of 1998. By following tight monetary policy, the government reduced inflation from over 70% in 1998 to 2% in 1999. Although interest rates spiked as high as 70% in response to the monetary contraction, they fell rapidly to the 10% to 15% range. The economy stopped its free-fall as GDP showed some growth in the second half of 1999, although GDP for the year as a whole showed no growth. The government man |
| 2001 | Indonesia, a vast polyglot nation, faces severe economic problems, stemming from secessionist movements and the low level of security in the regions, the lack of reliable legal recourse in contract disputes, corruption, weaknesses in the banking system, and strained relations with the IMF. Investor confidence will remain low and few new jobs will be created under these circumstances. Growth of 4.8% in 2000 is not sustainable, being attributable to favorable short-term factors, including high wor |
| 2002 | Indonesia, a vast polyglot nation, faces severe economic development problems, stemming from secessionist movements and the low level of security in the regions, the lack of reliable legal recourse in contract disputes, corruption, weaknesses in the banking system, and strained relations with the IMF. Investor confidence will remain low and few new jobs will be created under these circumstances. In November 2001, Indonesia agreed with the IMF on a series of economic reforms in 2002, thus enablin |
| 2003 | Indonesia, a vast polyglot nation, faces severe economic development problems stemming from secessionist movements and the low level of security in the regions; the lack of reliable legal recourse in contract disputes; corruption; weaknesses in the banking system; and strained relations with the IMF. Investor confidence will remain low and few new jobs will be created under these circumstances. In November 2001, Indonesia agreed with the IMF on a series of economic reforms in 2002, thus enabling |
| 2004 | Indonesia, a vast polyglot nation, faces economic development problems stemming from recent acts of terrorism, unequal resource distribution among regions, endemic corruption, the lack of reliable legal recourse in contract disputes, weaknesses in the banking system, and a generally poor climate for foreign investment. Indonesia withdrew from its IMF program at the end of 2003, but issued a "White Paper" that commits the government to maintaining fundamentally sound macroeconomic policies previo |
| 2005 | Indonesia, a vast polyglot nation, has restored financial stability and pursued sober fiscal policies since the Asian financial crisis, but many economic development problems remain, including high unemployment, a fragile banking sector, endemic corruption, inadequate infrastructure, a poor investment climate, and unequal resource distribution among regions. Indonesia became a net oil importer in 2004 due to declining production and lack of new exploration investment. As a result, Jakarta is not |
| 2006 | Indonesia, a vast polyglot nation, has struggled to overcome the Asian financial crisis, and still grapples with high unemployment, a fragile banking sector, endemic corruption, inadequate infrastructure, a poor investment climate, and unequal resource distribution among regions. Indonesia became a net oil importer in 2004 because of declining production and lack of new exploration investment. In late December 2004, the Indian Ocean tsunami took 131,000 lives with another 37,000 missing, left so |
| 2007 | Indonesia, a vast polyglot nation, has struggled to overcome the Asian financial crisis, and still grapples with persistent poverty and unemployment, inadequate infrastructure, endemic corruption, a fragile banking sector, a poor investment climate, and unequal resource distribution among regions. The country continues the slow work of rebuilding from the devastating December 2004 tsunami and from an earthquake in central Java in May 2006 that caused over $3 billion in damage and losses. Declini |
| 2008 | Indonesia, a vast polyglot nation, has been undergoing significant economic reforms under President YUDHOYONO. Indonesia's debt-to-GDP ratio has been declining steadily, its foreign exchange reserves are at an all-time high of over $50 billion, and its stock market has been one of the three best performers in the world in 2006 and 2007, as global investors sought out higher returns in emerging markets. The government has introduced significant reforms in the financial sector, including tax and c |
| 2009 | Indonesia, a vast polyglot nation, has made significant economic advances under the administration of President YUDHOYONO but faces challenges stemming from the global financial crisis and world economic downturn. Indonesia's debt-to-GDP ratio in recent years has declined steadily because of increasingly robust GDP growth and sound fiscal stewardship. The government has introduced significant reforms in the financial sector, including in the areas of tax and customs, the use of Treasury bills, a |
| 2010 | Indonesia, a vast polyglot nation, has weathered the global financial crisis relatively smoothly because of its heavy reliance on domestic consumption as the driver of economic growth. Although the economy slowed significantly in 2009 from the 6%-plus growth rate recorded in 2007 and 2008, by 2010 growth returned to a 6% rate. During the recession, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government made economic advance |
| 2011 | Indonesia, a vast polyglot nation, has weathered the global financial crisis relatively smoothly because of its heavy reliance on domestic consumption as the driver of economic growth. Increasing investment by both local and foreign investors is also supporting solid growth. Although the economy slowed to 4.5% growth in 2009 from the 6%-plus growth rate recorded in 2007 and 2008, by 2010 growth returned to a 6% rate. During the recession, Indonesia outperformed most of its regional neighbors. Th |
| 2012 | Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 member |
| 2013 | Indonesia, a vast polyglot nation, grew more than 6% annually in 2010-12. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. |
| 2014 | Indonesia, a vast polyglot nation, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and |
| 2015 | Indonesia has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Ind |
| 2016 | Indonesia, the largest economy in Southeast Asia, has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to less than 25% |
| 2017 | Indonesia, the largest economy in Southeast Asia, has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to less than 27 |
| 2018 | Indonesia, the largest economy in Southeast Asia, has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 34% today. In |
| 2019 | Indonesia, the largest economy in Southeast Asia, has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 34% today. In |
| 2020 | Indonesia, the largest economy in Southeast Asia, has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 34% today. In |
| 2021 | Indonesia, the largest economy in Southeast Asia, has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 34% today. In |
| 2022 | Indonesia, the largest economy in Southeast Asia, has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. Indonesia s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 34% today. In |
| 2023 | upper middle-income, largest and growing Southeast Asian economy; higher lending rates to moderate inflation; ongoing relocation of capital fueling infrastructure projects; major tourism sector prompting green economy goals |
| 2024 | upper middle-income, largest and growing Southeast Asian economy; higher lending rates to moderate inflation; ongoing relocation of capital fueling infrastructure projects; major tourism sector prompting green economy goals |
| 2025 | upper middle-income, largest and growing Southeast Asian economy; higher lending rates to moderate inflation; ongoing relocation of capital fueling infrastructure projects; major tourism sector prompting green economy goals |