Indonesia GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

4.95

Units In

5.05

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
7.16 Dec 2004	-5.32 Jun 2020	4.89 %	2000-2024	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 4.95% yoy in Q3 2024, compared with market estimates of 5.0% and after a 5.05% expansion in Q2. This marked the slowest GDP growth since Q3 2023, highlighting a challenging road ahead for new President Prabowo Subianto, who aims to propel economic growth to as much as 8% during his five-year term until 2029. Private consumption growth remained nearly unchanged (4.91% vs 4.93% in Q2), while exports (9.09% vs 8.18%) rose less than imports (11.47% vs 7.79%). At the same time, government spending (4.62% vs 1.42%) and fixed investment (5.15% vs 4.43%) accelerated. Production-wise, output mainly slowed for transport (8.64% vs 9.56%), communication (6.86% vs 7.66%), wholesale and retail trade (4.82% vs 4.86%), financial services and insurance (5.49% vs 7.90%), and healthcare (7.64% vs 8.56%). The country's GDP is expected to expand by 5.2% this year, after a 5.05% rise in 2023. In the first three quarters of 2024, the economy grew by 5.03%.