The main articles are:
GDP
2024: GDP growth of 5.03%
Indonesia's economy grew 5.03%, while projected growth was 5-5.02%. However, the level of GDP growth fell short of the 5.2% target set by the administration of previous President Joko Widodo. The country's economic activity in 2024 was supported mainly by growing investment and household consumption, which amounted to more than 54% of GDP. This was announced in February 2025 by the acting head of the Central Statistical Agency Amalia Adininggar Vidyasanti.[1]
2023
GDP growth of 455% over 20 years
GDP growth (at current prices) for the period 2003-2023:
China: 966%
India: 503%
Indonesia: 455%
Saudi Arabia: 395%
Russia: 303%
Brazil: 281%
Turkey: 265%
Canada: 136%
US: 135%
Germany: 77%
France: 65%
Italy: 38%
Japan: -6%
Sixth in the world in GDP for PPP
4.9% growth forecast
2022
Seventh in the world in PPP GDP after Germany
In August 2023, the World Bank updated its PPP GDP estimates for the world at the end of 2022.
Indonesia's share of global PPP GDP reaches 2.5%
Main article: World Economy
GDP estimate - $1.3 trillion
GDP size forecast - $1.3 trillion
2021: GDP size - $1.15 trillion
2020: The first decline in GDP in 22 years due to the COVID-19 pandemic by 2.07%
In 2020, for the first time since 1998, Indonesia recorded an annual decline in economic growth.
GDP in the last three months of 2020 fell 2.19% from a year earlier. For the entire year, GDP fell by 2.07%.
Indonesia remains Southeast Asia's largest economy.
Over 20 years, Indonesia's GDP has grown by 175%.
2019: GDP $1.1 trillion or $4,000 per capita
Non-financial debt
2022: Aggregate non-financial debt
National debt
2023: State debt - 40% of GDP
Inflation
2024
Inflation for 5 years 15%
Accumulated inflation over 5 years in the G-20 countries at the end of 2024:
Argentina: 13,910%
Turkey: 734%
Russia: 46%
Brazil: 35%
India: 34%
Mexico: 31%
South Africa: 28%
Britain: 25%
Holland: 24%
US: 23%
Australia: 21%
Germany: 21%
Spain: 19%
Canada: 19%
Italy: 18%
Singapore: 17%
France: 15%
South Korea: 15%
Indonesia: 15%
Saudi Arabia: 13%
Japan: 9%
Switzerland: 6%
China: 6%
2.9% in May
Investments
2021: 1.25 million NFT users
Fintech
Main article: Fintech (Indonesia market)
Data centers
2024: Hackers break into state data center in Indonesia and demand $8 million ransom At airports collapse
At the end of June 2024, it became known that cybercriminals hacked the National Data Indonesia Center (PDNS), wreaking havoc at local airports. For restoring the performance of systems, attackers demand a ransom of $8 million. More here
Cryptocurrencies
Main article: Cryptocurrencies in Indonesia
Tourism
2023: Annual tourist flow of Russians to Indonesia increased by 15%
In 2023, about 161 thousand Russian tourists entered Indonesia, which is 15% more compared to 2022. Moreover, almost half of the guests from Russia took the opportunity on the spot to extend the 30-day visa for the same period. This is stated in the materials with which TAdviser got acquainted on September 11, 2024.
As the Ambassador of Indonesia to the Russian Federation Jose Tavares notes, about 90% of Russians visiting the country prefer a vacation on the island of Bali. At the same time, other directions are actively developing, including the city of Yogyakarta in Central Java, Lake Toba in Sumatra, the islands of Labuan Baggio, Komodo, Flores, etc.
According to the Association of Tour Operators, the Russian tourist flow to Indonesia in 2023 demonstrated a historical record. The result exceeded the indicators of 2019 - before the peak of the COVID-19 pandemic. Experts attribute the high popularity of this area to the interest of Russians who go to Indonesia for a long time - these are the so-called "winterers" and "remoters." The average length of stay of Russian citizens in the country in 2023 was 48 days, which is much more than that of citizens of any other country coming to Indonesia.
The company "Russian Express" emphasizes that Indonesia among Russians is the most popular country among all directions of Southeast Asia. The average check of the tour in Bali increased from 1357 euros per person in 2019 to 1710 euros in 2023, that is, increased by about 26%. In the 2023-2024 winter season, Indonesia is one of the five most sought-after Asian countries, behind the leading Thailand, Sri Lanka, Vietnam and the Chinese island of Hainan in terms of affordability.
 | In terms of sales of tours to Indonesia, we not only returned to pre-pandemic indicators, but are recording an increase of 20-25% by 2019, Russian Express notes[2] |  |
Minerals
2023
7th in the world in terms of copper production
Indonesia opens world's richest nickel reserves
Main article: Nickel (global market)
By 2023, Indonesia is opening the world's richest nickel reserves - there is a revolution in the production of components for batteries.
New HPAL (high pressure acid leaching) projects, as well as the influx of low-cost metal from a country whose deposits have long been disliked by major producers, could lead to an oversupply in the market.
Within two years, Indonesia will be able to provide 65% of global nickel production, up from 30% in 2020, according to Macquarie Group Ltd. With so much metal outside the LME and Shanghai Exchange, Indonesia is threatening to turn even price benchmarks on nickel.
Also, this giant chemical experiment entails environmental consequences.
2022
Indonesia is the world's second largest cobalt miner
At the end of 2022, Indonesia became the second largest supplier of cobalt in the world, second only to the Democratic Republic of the Congo. Such data are contained in the Benchmark Mineral Intelligence report, commissioned by the Cobalt Institute from Britain and published on May 10, 2023. Read more here.
Indonesia leads nickel output
3.6 million people involved in small-scale mining
Gas export
2021
Indonesia is the world's largest coal exporter
The eighth exporter of liquefied natural gas in the world
Main Article: Liquefied Natural Gas (LNG)
Oil production
2018: Among the leading mining countries
Power
2023: Southeast Asia's largest floating solar plant launched
On November 8, 2023, Indonesian President Joko Widodo opened Southeast Asia's largest floating solar power plant. The commissioning of this farm is expected to help the country switch to clean energy from renewable sources and reduce coal consumption. Read more here.
2020: Energy consumption per capita
and
Food industry
2023: Fourth place in coffee production
2019
Agriculture
2022: Indonesia produces 59% of the world's palm oil
Main article: Palm oil (global market)
2021
In the five largest countries supplying rice (34.96 million tons)
Share of agricultural land - 31%
2019: Low use of pesticides in agriculture
Trade
2024
Trade with Russia for the year decreased by 6% to $3.6 billion
Trade between Russia and Indonesia in 2024 amounted to $3.56 billion, which is 6% less than a year earlier in 2023. Such data were published by the National Statistical Office of Indonesia in February 2025. The structure of trade has changed - the volume of Russian supplies has decreased, while exports from Indonesia have grown.
According to the telegram channel "Trade without Borders," the volume of supplies from Russia to Indonesia decreased by 8% and amounted to $2.2 billion. Five key commodity groups formed the basis of Russian exports. Coal took the lead with a 39% share, up 5 percentage points from 2023. In second place is wheat (17%), which showed an increase of 6 percentage points. The top three are closed by potash fertilizers with a share of 16% and an increase of 2 percentage points.
Semi-finished products of unalloyed steel and petroleum products showed negative dynamics, occupying 10% and 9% in the structure of Russian exports, respectively. The share of semi-finished products decreased by 6 percentage points, and petroleum products - by 1 percentage point.
In value terms, among the main export positions of Russia, there is a significant increase in wheat supplies (by 37%), as well as a more moderate increase in exports of coal (by 6%) and potash fertilizers (by 5%). At the same time, the supply of semi-finished products of unalloyed steel and petroleum products has significantly decreased.
Indonesian exports to Russia, on the contrary, showed positive dynamics. At the end of 2024, it recovered from a recession in 2023 and reached $1.3 billion, an increase of 44%. The basis of Indonesian supplies to Russia was formed mainly by goods of the agro-industrial complex:
- Palm oil - 41% (down 8 percentage points).
- Coconut and palm kernel oils - 13% (a slight decrease of 0.1 percentage points).
- Coffee - 8% (an increase of 6 percentage points).
- Cocoa butter and cocoa fat - 7% (an increase of 6 percentage points).
Despite the decline in the share of palm oil in the total structure of Indonesian exports, in absolute terms, its supply increased by 21%.[3]
Russia entered the top 3 wheat suppliers to Indonesia at the end of the year
Russia in the agricultural year, which lasted from July 2023 to June 2024, entered the top 3 wheat suppliers to Indonesia. This was announced in August 2024 by the [[Federal Center for the Development of Export of Products of the Agro-Industrial Complex of the Russian Federation (Agroexport)} "Agroexport"|Federal Center for the Development of Exports of Products of the Agro-Industrial Complex of the Russian Federation (Agroexport)} Agroexport]] under the Ministry [[Federal Center for the Development of Export of Products of the Agro-Industrial Complex of the Russian Federation (Agroexport)} "Agroexport"|of]] Agriculture with reference [[Federal Center for the Development of Export of Products of the Agro-Industrial Complex of the Russian Federation (Agroexport)} "Agroexport"|to]] the report of the foreign agricultural service of the US Ministry of Agriculture. Read more here.
2023
Trade between Russia and Indonesia reached $4 billion over the year
The trade turnover between Russia and Indonesia at the end of 2023 amounted to about $4 billion. This information at the end of July 2024 was announced during negotiations between representatives of the two countries held within the framework of the Intergovernmental Russian-Indonesian Commission on Trade, Economic and Technical Cooperation.
First Deputy Prime Minister of Russia Denis Manturov met with Minister-Coordinator for the Economy of Indonesia Airlangga Hartarto. During the negotiations, Manturov stressed the need to unite efforts to increase and diversify trade, as well as increase its sustainability.
The parties discussed a wide range of issues of bilateral cooperation, including trade, investment and financial and banking spheres. Particular attention was paid to the prospects for cooperation in the field of tourism, power and agriculture.
Trade between Russia and Indonesia is showing positive dynamics. Russian President Vladimir Putin, during a meeting with Indonesian President-elect Prabovo Subianto, announced a twofold increase in trade turnover in 2023.
Both sides expressed hope for further strengthening of economic ties in various sectors. In particular, the prospects for the development of cooperation in the field of agriculture and power were discussed. In addition, it is planned to expand tourist contacts between the countries.
As part of the development of bilateral relations, the possibility of opening a Russian consulate general on the island of Bali is being considered. The issue of resuming direct flights from Russia to this popular tourist island is also being discussed.
Following the talks, a preliminary agreement was reached on holding the next meeting of the intergovernmental commission in December 2024 in Jakarta. This event is designed to further develop and strengthen trade and economic ties between Russia and Indonesia.[4]
5th place in terms of clothing exports to the United States
Rice importer number 3 in the world - 1.9 million tons
2022
G7 countries are the main export destination
China is the largest export destination
Indonesia - the world's biggest supplier of vegetable oil - imposes ban on its exports
In April 2022, palm oil rose in price after Indonesia said it would ban all culinary oil exports, a surprise move that threatens to worsen global food inflation and increase volatility in crop markets.
Indonesia said supplies will stop from April 28, 2022. The ban will last until the country eliminates the domestic deficit.
Benchmark palm oil futures jumped 7% and shares of Indonesian companies in the industry fell. The unexpected move will drive up spending for food producers around the world.
2021: Indonesia accounted for 28.1% of global retail online sales
2019: Computer Device Exports
Real estate
2023: Real estate sales in Bali to Russians grow 1.5 times
Real estate sales on the Indonesian island of Bali to Russians in 2023 increased 1.5 times compared to 2022 - from 650-700 to 1050 transactions. Such data in January 2024 was published in the consulting company Ricci.
According to her estimates, the Russians spent about $230-240 million on the purchase of real estate in Bali, which is 60-70% more than a year ago. It is noted that such figures are due to both an increase in the number of transactions and an increase in real estate prices with a tendency to reduce the area of housing in transactions (from 90-100 sq. meters to 80-85 sq. meters). The average price increased over the year by 15-20%, the average transaction budget in 2023 amounted to $225 thousand per lot, according to Ricci.
Co-founder and managing partner of Tranio Mikhail Bulanov, in a conversation with Vedomosti, named other figures: according to him, the budget of Russians for buying real estate on the island grew by 17% year-on-year from 162,000 to 189,000 euros. The rise in prices is due, among other things, to the inflow of foreign capital. Developers from Russia and other countries are entering the Bali market, ready to offer a higher quality of construction than that of local companies, Bulanov added.
In 2023 Indonesia , the top ten countries were included, which are considered attractive for investment by Russian citizens, along with,, Turkey,, UAE,, Cyprus, and Spain. Grenada Vanuatu France USA Italy
Analysts explain the popularity of real estate in Bali by the shift in the focus of investors from the EU countries towards the Middle East and Asia.
| | The first wave of capital investments after February 2022 fell on Turkey and the UAE, says Nikolai Nechunaev, CEO of Alex Villas Agency. - But then Russian investors, apparently, carefully analyzed foreign markets and drew attention to Bali. Here, investment housing really wins over Turkey, Thailand and the UAE in terms of profitability and payback times. As a result, demand for Indonesian real estate began to grow sharply from the second half of 2022.[5] | |
R&D
2020: R&D spending - $2.1 billion
Richest people
Main article: The richest people in the world
2021: The richest 1% of citizens account for 29.4% of the country's wealth
Labour market
2015: More than 14.3% of workers work 60 or more hours a week
Unemployment
2020: Unemployment rate - 8%
Incomes of the population
2023: Minimum wage - $173
Consumption
2023: Fish consumption is higher than meat consumption
2019: Poultry meat is the most consumed type of meat
Notes
- ↑ Indonesia's GDP for 2024 grew by 5.03%
- ↑ More than 50 thousand Russian tourists visited Indonesia in the first quarter
- ↑ Trade between Russia and Indonesia in 2024 amounted to $3.6 billion
- ↑ Trade turnover of the Russian Federation and Indonesia amounted to about $4 billion at the end of 2023
- ↑ The number of transactions on the purchase of real estate by Russians in Indonesia increased 1.5 times
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