Economy - overview While Indonesia was long touted for its sound macroeconomic management and spectacular growth, the Asian financial crisis in 1997/98 revealed the weak underpinnings of the economy: an unhealthy banking sector, untenable levels of private foreign debt, and uncompetitive practices that favored the financial interests of former President SOEHARTO's family and friends. Indonesia sought IMF assistance early in the crisis and eventually brokered a $42 billion bailout package; but Jakarta jeopardized the program by resisting strict IMF reforms, partly in response to the rupiah's collapse, which lost as much as 80% of its value at one point. Economic prospects look bleak for 1998: the economy probably will shrink between 4% to 10%, unemployment top historic highs - in excess of 15% - and inflation move toward hyper levels.

GDP purchasing power parity - $960 billion (1997 est.)

GDP - real growth rate 4% (1997 est.)

GDP - per capita purchasing power parity - $4,600 (1997 est.)

GDP - composition by sector
agriculture: 16%
industry: 43%
services: 41% (1996)

Inflation rate - consumer price index 50% (1998 est.)

Labor force
total: 67 million
by occupation: agriculture 44%, manufacturing 13%, construction 5%, transport and communications 4%, other 34% (1995 est.)

Unemployment rate 15%; underemployment 50% (1998 est.)

Budget
revenues: $42.8 billion
expenditures: $42.8 billion, including capital expenditures of $14.4 billion (FY97/98 est.)

Industries petroleum and natural gas, textiles, mining, cement, chemical fertilizers, plywood, food, rubber; tourism

Industrial production growth rate 10.5% (1996 est.)

Electricity - capacity 16.265 million kW (1995)

Electricity - production 60.4 billion kWh (1995)

Electricity - consumption per capita 297 kWh (1995)

Agriculture - products rice, cassava (tapioca), peanuts, rubber, cocoa, coffee, palm oil, copra, other tropical products; poultry, beef, pork, eggs

Exports
total value: $53.4 billion (f.o.b., 1997)
commodities: textiles/garments 20.6%, wood products 15.7%, electronics 9.9%, footwear 6.1%
partners: Japan 27.1%, US 13.9%, Singapore 8.3%, South Korea 6.4%, Taiwan 3.9%, China 3.8%, Hong Kong 3.6% (1995)

Imports
total value: $41.6 billion (f.o.b., 1997)
commodities: manufactures 75.3%, raw materials 9.0%, foodstuffs 7.8%, fuels 7.7%
partners: Japan 22.7%, US 11.7%, Germany 6.9%, South Korea 6.0%, Singapore 5.8%, Australia 5.0%, Taiwan 4.5% (1995)

Debt - external $136 billion (yearend 1997 est.)

Economic aid
recipient: IMF program, $42 billion (1998 est.)

Currency Indonesian rupiah (Rp)

Exchange rates Indonesian rupiahs (Rp) per US$1 - 8,000 (April 1998), 2,909.4 (1997), 2,342.3 (1996), 2,248.6 (1995), 2,160.8 (1994), 2,087.1 (1993)

Fiscal year 1 April - 31 March

NOTE: The information regarding Indonesia on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Indonesia Economy 1998 information contained here. All suggestions for corrections of any errors about Indonesia Economy 1998 should be addressed to the CIA.