Indonesian GDP grew by 5.72% in Q3/22 following rising commodity prices

According to Indonesia’s statistics office, gross domestic product (GDP) increased by 5.72% year-on-year in the third quarter of 2022. This was better than in the second quarter, which grew by 5.44%. On a quarterly basis, Indonesia’s GDP grew at 1.81% in the third quarter.

Indonesia’s economy is driven by growing exports, which in turn benefit from higher commodity prices.

In the third quarter of this year, Indonesia’s trade surplus grew by 12.6% year-on-year to $14.92 billion. This was due to rising commodity prices such as coal and crude palm oil.

All sectors of the economy grew year-on-year in the third quarter as well, with the exception of the healthcare sector.

Indonesia’s central bank projects GDP growth to be between 4.5% and 5.3% this year, up from 3.69% in 2021, following a 2.07% decline in 2020 due to the impact of Covid 19.

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