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MACROECONOMIC ANALYSIS SERIES: Indonesia Economic Outlook Q1-2023

Author

Listed:
  • Jahen F. Rezki

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

  • Syahda Sabrina

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

  • Nauli A. Desdiani

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

  • Teuku Riefky

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

  • Amalia Cesarina

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

  • Meila Husna

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

  • Faradina Alifia Maizar

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

Abstract

Despite the economic bleakness in the global economy following serious disruptions of prolonged Covid-19 spread, geopolitical tension, rising food and energy prices, and overheating inflation throughout 2022, Indonesia has managed to persistently grow at 5.72% (y.o.y) in Q3-2022. The figure is the highest level in the last ten years and marks its third consecutive quarter having a growth rate higher than expectations. The growth was mainly supported by the solid demand and production activity as Indonesia managed to channel the commodity windfall profit to increase the budget and delay the fuel price hike. Moreover, the relatively low growth in the same period previous year has also contributed to the higher-than-expected growth in Q3-2022. Manufacturing industry as the biggest sector to contribute to GDP recorded a significant growth increase from 4.01% (y.o.y) in Q2-2022 to 4.83% (y.o.y) in Q3-2022. From expenditure side, the robust household consumption of 5.39% (y.o.y) and investment growth of 4.96% (y.o.y) has played an important role in boosting economic growth.

Suggested Citation

  • Jahen F. Rezki & Syahda Sabrina & Nauli A. Desdiani & Teuku Riefky & Amalia Cesarina & Meila Husna & Faradina Alifia Maizar, 2023. "MACROECONOMIC ANALYSIS SERIES: Indonesia Economic Outlook Q1-2023," LPEM FEBUI Quarterly Economic Outlook 202301, LPEM, Faculty of Economics and Business, University of Indonesia, revised Jan 2023.
    • Handle: RePEc:lpe:queout:202301
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    Keywords

    gdp — economic quarterly — economic outlook — inflation — macroeconomics;

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