According to the latest data from BPS, the Indonesian economy grew by 5.04 percent year-on-year (y/y) in the final quarter of 2023 (Q4-2023). Meanwhile, with all 2023 data collected, BPS also determined Indonesia’s full-year 2023 economic growth at 5.05 percent (y/y).

Obviously, an economic growth rate of 5.05 percent (y/y) in 2023 is a good result for Indonesia, particularly amid hectic international times, with a looming China-led global economic slowdown, uncertainty over when the US Federal Reserve will start cutting interest rates, sliding global commodity prices, and the Russo-Ukrainian and Israel-Hamas wars. However, growth failed to meet the Indonesian government’s growth target of 5.3 percent (y/y). In this article we zoom in on all GDP components of Indonesia to give a comprehensive overview of the Indonesian economy.

When we break down economic output per person, then we see that Indonesia’s per capita GDP had risen to USD $4,919.7 at the very end of 2023 (see table 2).


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