INDONESIA
Analyst
Cyrillus Harinowo
Former Director Central BankRecent Country Insights
Reasonably good numbers, amid global crises
INDONESIA · Report · 13 Apr 2026
Despite global crises, especially war in the Middle East, the Indonesian economy still showed some decent numbers, in particular in the external balance and on the inflation front. The impacts of global economic trends on the domestic real economy could start being felt in the coming months. B...
Increasing uncertainty
INDONESIA · Report · 13 Mar 2026
Indonesia has recently felt increasing uncertainty in the economy, especially related to government finance. The main reason for this is that the government continues to create new programs, for example, the Free Nutritious Meals program (known as "MBG") and the Red and White Village Cooperative....
A decoupling of the market and the real sector?
INDONESIA · Report · 10 Feb 2026
The Indonesian economy seemed to be experiencing a kind of decoupling between the financial markets and the real sector. The market was very much affected by the warning by MSCI about the country's stock market and the lowering of the Indonesia's sovereign outlook by Moody's. However, real sector...
Positive results at the end of 2025
INDONESIA · Report · 09 Jan 2026
The Indonesian economy has shown resilience in the midst global uncertainty as well as uncertainty in domestic policies. The external balance remained strong, but the fiscal situation faced increasing challenges. The real sector continued to be driven by the external accounts, domestic consumptio...
A powerful ending to 2025
INDONESIA · Report · 09 Dec 2025
As the year 2025 comes to a close, the Indonesian economy continues robust. For the last three quarters the Indonesian economy has grown by slightly over 5%, and the last quarter of this year is also expected to post decent growth. For example, the S&P Global Indonesian Manufacturing PMI rose to ...
Growth remains robust
INDONESIA · Report · 10 Nov 2025
The Indonesian economy as reported by the Central Board of Statistics grew by 5.04% in Q3 2025. The rate of growth remained robust due to strong private consumption and exports. Exports grew by 9.91%, supporting the regions with strong export activity. For industrial products, the main export act...
Almost like business as usual
INDONESIA · Report · 08 Oct 2025
In writing this report, it was interesting to note that the data presented, the trade balance as well as the inflation figures, did not show anything unusual. Exports registered another increase in August 2025, while the trade balance reported a larger surplus than the previous month. At the same...
A changing of the finance guard
INDONESIA · Report · 09 Sep 2025
On September 8, 2025, there was a change in the line-up of the Indonesian cabinet involving an important post, that of the Finance Secretary. Sri Mulyani Indrawati, the former Finance Secretary, who was in that job for more than 10 years, was replaced by Purbaya Yudhi Sadewa, who had been in the ...
Industry leads growth
INDONESIA · Report · 11 Aug 2025
The Central Board of Statistics released its report on the National Accounts Data, which showed a rate of growth in the economy of 5.12% Y/Y in Q2 2025. The report became controversial since most economic observers had predicted that the economy would slow further in Q2 from the less-than-5% grow...