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2024/09/12 09:56:16

Economy of Indonesia

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Content

The main articles are:

GDP

2023

Sixth in the world in GDP for PPP

2023 data (in billions of international dollars)

4.9% growth forecast

Forecast of the dynamics of GDP of countries in 2023 at the beginning of July

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

Source: Spydell Finance

GDP estimate - $1.3 trillion

GDP countries around the world in 2022 according to IMF estimates

GDP size forecast - $1.3 trillion

Countries in terms of GDP in 2022, according to the IMF forecast for the middle of the year

2021: GDP size - $1.15 trillion

GDP countries in the world in 2021 according to the estimates of the International Monetary Fund (IMF)
Countries by GDP in 2021, billion dollars

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.

Economies of the world in terms of GDP dynamics in 2020

Over 20 years, Indonesia's GDP has grown by 175%.

Non-financial debt

2022: Aggregate non-financial debt

Source: Spydell Finance, November 2022
Comparison of the 1 quarter of 2022 and the second quarter of 2008
Non-financial debt from September 2004 to March 2022

National debt

2023: State debt - 40% of GDP

Data for September 2023

Inflation

2024: 2.9% in May

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.

Bali, Indonesia

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.

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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[1]
File:Aquote2.png

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

Data for 2022

3.6 million people involved in small-scale mining

as of 2022

Gas export

Export and import of liquefied natural gas in 2022
Gas export via pipelines in 2022

2021

Indonesia is the world's largest coal exporter

Russia ranks third in the world in terms of coal exports

The eighth exporter of liquefied natural gas in the world

Main Article: Liquefied Natural Gas (LNG)

The largest exporters of liquefied natural gas (LNG) in 2021

Oil production

Oil production in thousands of barrels per day by country in 2021

2018: Among the leading mining countries

Mining leaders in 2018

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
Energy consumption per capita, including electricity, transport heating in 2019-2020

Food industry

Leading countries in palm oil production in 2019

Agriculture

2021

In the five largest countries supplying rice (34.96 million tons)

Largest rice supplying countries in 2021, million tons

Share of agricultural land - 31%

Доля agricultural land from the total area of ​ ​ the countries of the world, 2021

2019: Low use of pesticides in agriculture

As of 2019

Trade

2024: 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.

Bandung, Indonesia

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.[2]

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

According to data available for August 2023.

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.

The largest suppliers of vegetable oil in the world, season 2021-2022

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

As of 2021

2019: Computer Device Exports

The volume of exports of computer devices in countries of the world, 2019

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.

Real estate sales in Bali to Russians in 2023 increased 1.5 times

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.

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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.[3]
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R&D

2020: R&D spending - $2.1 billion

R&D expenses, as of 2020

Labour market

2015: More than 14.3% of workers work 60 or more hours a week

Data for 2015 Data for China - for 2009, for Russia - for 2010, for India - for 2011

Unemployment

2020: Unemployment rate - 8%

Countries around the world in terms of unemployment in 2020

Incomes of the population

2023: Minimum wage - $173

Minimum wage in countries of the world for January 2023

Consumption

2023: Fish consumption is higher than meat consumption

The most consumed type of meat (including fish and seafood) according to data available for June 2023.

Notes