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Economy - overview:
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Indonesia, a vast polyglot nation, has been undergoing significant economic reforms under President YUDHOYONO. Indonesia's debt-to-GDP ratio has been declining steadily, its foreign exchange reserves are at an all-time high of over $50 billion, and its stock market has been one of the three best performers in the world in 2006 and 2007, as global investors sought out higher returns in emerging markets. The government has introduced significant reforms in the financial sector, including tax and customs reforms, the introduction of Treasury bills, and improved capital market supervision. Indonesia's new investment law, passed in March 2007, seeks to address some of the concerns of foreign and domestic investors. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. Indonesia has been slow to privatize over 100 state-owned enterprises, several of which have monopolies in key sectors. The non-bank financial sector, including pension funds and insurance, remains weak. Capital markets are underdeveloped. The high global price of oil in 2007 increased the cost of domestic fuel and electricity subsidies, and are contributing to concerns about higher food prices. Located on the Pacific "Ring of Fire" Indonesia remains vulnerable to volcanic and tectonic disasters. Significant progress has been made in rebuilding Aceh after the devastating December 2004 tsunami, and the province now shows more economic activity than before the disaster. Unfortunately, Indonesia suffered new disasters in 2006 and early 2007 including: a major earthquake near Yogyakarta, an industrial accident in Sidoarjo, East Java that created a "mud volcano," a tsunami in South Java, and major flooding in Jakarta, all of which caused additional damages in the billions of dollars. Donors are assisting Indonesia with its disaster mitigation and early warning efforts.
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GDP (purchasing power parity):
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$843.7 billion (2007 est.)
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GDP (official exchange rate):
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$432.9 billion (2007 est.)
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GDP - real growth rate:
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6.3% (2007 est.)
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GDP - per capita (PPP):
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$3,600 (2007 est.)
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GDP - composition by sector:
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agriculture: 13.8%
industry: 46.7%
services: 39.4% (2007 est.)
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Labor force:
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109.9 million (2007 est.)
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Labor force - by occupation:
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agriculture: 43.3%
industry: 18%
services: 38.7% (2004 est.)
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Unemployment rate:
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9.1% (2007 est.)
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Household income or consumption by percentage share:
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lowest 10%: 3.6%
highest 10%: 28.5% (2002)
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Distribution of family income - Gini index:
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36.3 (2005)
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Investment (gross fixed):
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24.9% of GDP (2007 est.)
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Budget:
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revenues: $79.56 billion
expenditures: $84.87 billion (2007 est.)
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Public debt:
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34% of GDP (2007 est.)
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Inflation rate (consumer prices):
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6.3% (2007 est.)
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Central bank discount rate:
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8% (31 December 2007)
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Commercial bank prime lending rate:
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13.86% (31 December 2007)
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Stock of money:
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$47.78 billion (31 December 2007)
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Stock of quasi money:
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$127 billion (31 December 2007)
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Stock of domestic credit:
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$170.2 billion (31 December 2007)
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Agriculture - products:
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rice, cassava (tapioca), peanuts, rubber, cocoa, coffee, palm oil, copra; poultry, beef, pork, eggs
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Industries:
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petroleum and natural gas, textiles, apparel, footwear, mining, cement, chemical fertilizers, plywood, rubber, food, tourism
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Industrial production growth rate:
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4.7% (2007 est.)
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Electricity - production:
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125.7 billion kWh (2006 est.)
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Electricity - consumption:
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110.7 billion kWh (2006 est.)
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Electricity - exports:
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0 kWh (2007 est.)
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Electricity - imports:
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0 kWh (2007 est.)
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Oil - production:
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1.044 million bbl/day (2007 est.)
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Oil - consumption:
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1.219 million bbl/day (2006 est.)
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Oil - exports:
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470,000 bbl/day (2006 est.)
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Oil - imports:
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500,000 bbl/day (2006 est.)
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Oil - proved reserves:
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4.37 billion bbl (1 January 2008 est.)
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Natural gas - production:
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56 billion cu m (2007 est.)
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Natural gas - consumption:
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23.4 billion cu m (2007 est.)
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Natural gas - exports:
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32.6 billion cu m (2007 est.)
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Natural gas - imports:
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0 cu m (2007 est.)
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Natural gas - proved reserves:
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2.659 trillion cu m (1 January 2008 est.)
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Current account balance:
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$11.01 billion (2007 est.)
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Exports:
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$118 billion f.o.b. (2007 est.)
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Exports - commodities:
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oil and gas, electrical appliances, plywood, textiles, rubber
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Exports - partners:
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Japan 20.7%, US 10.2%, Singapore 9.2%, China 8.5%, South Korea 6.6%, Malaysia 4.5%, India 4.3% (2007)
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Imports:
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$84.93 billion f.o.b. (2007 est.)
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Imports - commodities:
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machinery and equipment, chemicals, fuels, foodstuffs
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Imports - partners:
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Singapore 13.2%, China 11.5%, Japan 8.8%, Malaysia 8.6%, US 6.4%, Thailand 5.8%, Saudi Arabia 4.5%, South Korea 4.3%, Australia 4% (2007)
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Reserves of foreign exchange and gold:
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$56.92 billion (31 December 2007 est.)
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Debt - external:
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$140 billion (31 December 2007)
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Stock of direct foreign investment - at home:
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$57.6 billion (2007 est.)
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Stock of direct foreign investment - abroad:
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$9.225 billion (2006 est.)
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Market value of publicly traded shares:
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$138.9 billion (2006)
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Currency (code):
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Indonesian rupiah (IDR)
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Exchange rates:
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Indonesian rupiah (IDR) per US dollar - 9,056 (2007 est.), 9,159.3 (2006), 9,704.7 (2005), 8,938.9 (2004), 8,577.1 (2003)
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