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Survey of Recent Developments

Indonesia’s Fiscal Policy in the Aftermath of the Pandemic

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Figures & data

Table 1. GDP Growth 2022–23 (%, year on year)

FIGURE 1 Rates of Inflation, Administered Prices and Volatile Food (% year on year)

Source: BPS (Statistics Indonesia).

FIGURE 1 Rates of Inflation, Administered Prices and Volatile Food (% year on year)Source: BPS (Statistics Indonesia).

FIGURE 2 Current Account and Key Exports

Source: Trade Map (https://m.trademap.org/#/main) and BPS.

Note: * The 2023 value in a is for Q1–Q3.

FIGURE 2 Current Account and Key ExportsSource: Trade Map (https://m.trademap.org/#/main) and BPS.Note: * The 2023 value in figure 2a is for Q1–Q3.

FIGURE 3 Indonesia’s Trade with China

Source: Trade Map (https://m.trademap.org/#/main) and BPS.

FIGURE 3 Indonesia’s Trade with ChinaSource: Trade Map (https://m.trademap.org/#/main) and BPS.

Table 2. Balance of Payments 2021–23 ($ billion)

FIGURE 4 Credit Growth by Loan Purpose (%, year on year)

Source: CEIC (https://www.ceicdata.com/en).

FIGURE 4 Credit Growth by Loan Purpose (%, year on year)Source: CEIC (https://www.ceicdata.com/en).

FIGURE 5 Financial Market Development ($ billion)

Source: CEIC (https://www.ceicdata.com/en).

FIGURE 5 Financial Market Development ($ billion)Source: CEIC (https://www.ceicdata.com/en).

FIGURE 6 Social Protection Budget

Source: Ministry of Finance (2023).

FIGURE 6 Social Protection BudgetSource: Ministry of Finance (2023).

FIGURE 7 Poverty Figures and Targets, 2004–23

Source: BPS various years.

Note: The poverty numbers for 2011–13 were reproduced in 2013 using a new weight from the population census of 2010. The target rate was set under the National Long-Term Development Plan (RPJMN).

FIGURE 7 Poverty Figures and Targets, 2004–23Source: BPS various years.Note: The poverty numbers for 2011–13 were reproduced in 2013 using a new weight from the population census of 2010. The target rate was set under the National Long-Term Development Plan (RPJMN).

FIGURE 8 Growth Incidence Curve (GIC) (real)

Source: Susenas 2016, 2019, 2020 and 2023.

Note: Average growth in a and 8b is geometric growth. The GIC shows the annualised growth rate of per capita expenditure for every percentile of expenditure between two points in time.

FIGURE 8 Growth Incidence Curve (GIC) (real)Source: Susenas 2016, 2019, 2020 and 2023.Note: Average growth in figures 8a and 8b is geometric growth. The GIC shows the annualised growth rate of per capita expenditure for every percentile of expenditure between two points in time.

Table 3. Budget Performance, 2021–23 (Rp trillion)

FIGURE 9 Fiscal Deficit and Debt Ratio of Selected Countries

Source: Ministry of Finance of Indonesia and IMF.

Note: * 2023 values comprise realisation values for Indonesia and IMF forecasts for other countries.

FIGURE 9 Fiscal Deficit and Debt Ratio of Selected CountriesSource: Ministry of Finance of Indonesia and IMF.Note: * 2023 values comprise realisation values for Indonesia and IMF forecasts for other countries.

Table 4. The 2024 Budget Posture (Rp trillion)

FIGURE 10 Indonesia Crude Price and Energy Subsidy

Source: Ministry of Finance of Indonesia.

Note: * 2023 values are unaudited.

FIGURE 10 Indonesia Crude Price and Energy SubsidySource: Ministry of Finance of Indonesia.Note: * 2023 values are unaudited.

FIGURE 11 Revenue and Expenditure of Selected Southeast Asia Countries

Source: IMF (2023b).

FIGURE 11 Revenue and Expenditure of Selected Southeast Asia CountriesSource: IMF (2023b).

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