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Indonesia Economy
Indonesia Economy: A summary of information about Indonesia Economy, from government research data as well as independent research and other sources.
Indonesia: Economy
Economy - overview
The Indonesian economy stabilized in 1999, following the sharp contraction and high inflation of 1998. By following tight monetary policy, the government reduced inflation from over 70% in 1998 to 2% in 1999. Although interest rates spiked as high as 70% in response to the monetary contraction, they fell rapidly to the 10% to 15% range. The economy stopped its free-fall as GDP showed some growth in the second half of 1999, although GDP for the year as a whole showed no growth. The government managed to recapitalize a handful of private banks and has begun recapitalizing the state-owned banking sector. New lending, however, remains almost unavailable as banks continue to be wary of issuing new debt in an environment where little progress has been made in restructuring the huge burden of outstanding debts. IMF payments were suspended late in 1999 as the result of evidence that a private bank had illegally funneled payments it received from the government to one of the political parties. The government has forecast growth of 3.8% for FY00/01. The spread of sectarian violence and continuing dissatisfaction with the pace of bank and debt restructuring will make it difficult for Indonesia to attract the private investment necessary to achieve this goal.
GDP
purchasing power parity - $610 billion (1999 est.)
GDP - real growth rate
0% (1999 est.)
GDP - per capita
purchasing power parity - $2,800 (1999 est.)
GDP - composition by sector
agriculture: 21% industry: 35% services: 44% (1999 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: 3.6% highest 10%: 30.3% (1996)
Inflation rate (consumer prices)
2% (1999 est.)
Labor force
88 million (1998)
Labor force - by occupation
agriculture 45%, trade, restaurant, and hotel 19%, manufacturing 11%, transport and communications 5%, construction 4% (1998)
Unemployment rate
15%-20% (1998 est.)
Budget
revenues: $25.4 billion (of which $6 billion is from international financial institutions) expenditures: $25.4 billion, including capital expenditures of $NA (FY99/00 est.)
Industries
petroleum and natural gas; textiles, apparel, and footwear; mining, cement, chemical fertilizers, plywood; rubber; food; tourism
Industrial production growth rate
1.5% (1999 est.)
Electricity - production
73.13 billion kWh (1998)
Electricity - production by source
fossil fuel: 88.19% hydro: 8.39% nuclear: 0% other: 3.42% (1998)
Electricity - consumption
68.011 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
rice, cassava (tapioca), peanuts, rubber, cocoa, coffee, palm oil, copra; poultry, beef, pork, eggs
Exports
$48 billion (f.o.b., 1999 est.)
Exports - commodities
oil and gas, plywood, textiles, rubber
Exports - partners
Japan 18%, EU 15%, US 14%, Singapore 13%, South Korea 5%, Hong Kong 4%, China 4%, Taiwan 3% (1999 est.)
Imports
$24 billion (c.i.f., 1999 est.)
Imports - commodities
machinery and equipment; chemicals, fuels, foodstuffs
Imports - partners
Japan 17%, US 13%, Singapore 10%, Germany 9%, Australia 6%, South Korea 5%, Taiwan 3%, China 3% (1999 est.)
Debt - external
$140 billion (1998 est.)
Economic aid - recipient
$43 billion from IMF program and other official external financing (1997-2000)
Currency
Indonesian rupiah (Rp) = 100 sen
Exchange rates
Indonesian rupiahs (Rp) per US$1 - 7,278.8 (January 2000), 7,855.2 (1999), 10,013.6 (1998), 2,909.4 (1997), 2,342.3 (1996), 2,248.6 (1995)
Fiscal year
1 April - 31 March