December 2022 Indonesia Economic Quarterly: Strengthening Competitiveness

Indonesia's GDP growth during the third quarter remained broadly steady at 5.2%, driven by domestic demand. Investments rebounded on the back of stronger construction investment. While private consumption eased slightly, a surge in government consumption kept total consumption growth on an even keel. Current account deficit widened to 2.7% of GDP in the third quarter. This was contributed by high crude oil prices through October and continued robust growth in equipment investment.

The Rupiah depreciated through October, with the currency reaching a trough of IDR 15,237 per USD on October 30. Year-to-September, the currency depreciated 8.2% in nominal terms and 7.6% real effective terms,