# EDGAR Filing Document

**Accession Number:** 0001719614
**File Stem:** 0001193125-25-233967
**Filing Date:** 2025-10
**Character Count:** 187984
**Document Hash:** ce57a2a12a9fd352e41275a06a016932
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**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-233967.hdr.sgml**: 20251008

**ACCESSION NUMBER**: 0001193125-25-233967

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20251008

**DATE AS OF CHANGE**: 20251008

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Republic of Indonesia
- **CENTRAL INDEX KEY:** 0001719614
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **STATE OF INCORPORATION:** K8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-221871
- **FILM NUMBER:** 251381200

**BUSINESS ADDRESS:**
- **STREET 1:** GEDUNG FRANS SEDA LANTAI 2
- **STREET 2:** JALAN DR. WAHIDIN RAYA NO. 1
- **CITY:** JAKARTA
- **STATE:** K8
- **ZIP:** 10710
- **BUSINESS PHONE:** 62213500841

**MAIL ADDRESS:**
- **STREET 1:** GEDUNG FRANS SEDA LANTAI 2
- **STREET 2:** JALAN DR. WAHIDIN RAYA NO. 1
- **CITY:** JAKARTA
- **STATE:** K8
- **ZIP:** 10710

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 18-K/A** 

**For Foreign Governments and Political Subdivisions Thereof** 

**AMENDMENT NO. 1** 

**TO** 

**ANNUAL REPORT** 

**OF** 

## REPUBLIC OF INDONESIA
**(Name of Registrant)** 

**Date of end of last fiscal year: December 31, 2024** 

**SECURITIES REGISTERED\*** 

**(As of the close of the fiscal year)** 

---

| | | |
|:---|:---|:---|
| **Title of Issue** | **Amount as to**<br> **Which Registration**<br> **is Effective** | **Names of**<br> **Exchanges on**<br> **Which Registered** |
|  N/A | N/A | N/A |

---

**Name and address of person authorized to receive notices** 

**and communications from the Securities and Exchange Commission:** 

**Chief Representative of Bank Indonesia New York** 

**Bank Indonesia New York** 

**25/F, 200 Vesey Street, New York, New York, 10285** 

***It is requested that copies of notices and communications from the Securities and Exchange Commission be sent to:***

**Felipe Duque, Esq.** 

**Allen Overy Shearman Sterling (Asia) Pte Ltd** 

**c/o 50 Collyer Quay** 

**#09-01 OUE Bayfront** 

**Singapore 049321** 

\* The Registrant is filing this annual report on a voluntary basis.

------

**EXPLANATORY NOTE** 

This amendment to the Republic of Indonesia's Annual Report on Form 18-K for the fiscal year ended December 31, 2024 (the "Annual Report") comprises:

(a) Pages numbered 1 to 4 consecutively.

(b) The following exhibit:

Exhibit 99.E: Recent Developments

This amendment to the Annual Report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions thereof.

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**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Republic of Indonesia has duly caused this amendment to the Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Jakarta, Indonesia on the 8th day of October 2025.

---

| | |
|:---|:---|
|  | REPUBLIC OF INDONESIA |
|  | acting for and on behalf of the Minister of Finance |
| By | /s/ Suminto |
|  | Suminto |
|  | *Director General of Budget Financing and Risk Management of the Ministry of Finance of the Republic of Indonesia* |

---

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**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.E: | [Recent Developments](d946336dex99e.htm) |

---

## Ex-99.E

**EXHIBIT 99.E** 

**RECENT DEVELOPMENTS** 

*The information contained in this section supplements the information about the Republic corresponding to the headings below that is contained in Exhibit 99.D to the Republic's annual report on Form 18-K for the fiscal year ended December 31, 2024. To the extent the information in this section differs from the information contained in that annual report, you should rely on the information in this section. Capitalized terms not defined in this section have the meanings ascribed to them in the annual report.* 

**REPUBLIC OF INDONESIA** 

**Recent Developments** 

***2026 Budget***

On September 23, 2025, the Parliament approved the State Budget for 2026 (the "2026 Budget"). The 2026 Budget sets a revenue target of Rp3,153.6 trillion, comprising tax revenues of Rp2,693.7 trillion, non-tax revenues of Rp459.2 trillion and grants of Rp0.7 trillion. The revenue target represents an increase of approximately 7.3% from the 2025 Budget revenue target of Rp2,937.9 trillion.

Expenditures under the 2026 Budget are targeted at Rp3,842.7 trillion, comprising Government expenditures of Rp3,149.7 trillion (including Rp1,510.6 trillion for ministries and agencies and Rp1,639.2 trillion for non-ministerial expenditures) and transfers to regions and villages of Rp693.0 trillion. The expenditure target represents an increase of approximately 11.1% from the 2025 State Budget expenditure target of Rp3,457.8 trillion.

The 2026 Budget sets a primary balance deficit target of Rp89.7 trillion and a budget deficit target of Rp689.2 trillion (or 2.7% of GDP). The budget deficit target represents an increase of approximately 32.5% from the 2025 Budget deficit target of Rp519.9 trillion (or 2.1% of GDP).

The 2026 Budget sets a financing need of Rp689.15 trillion to cover the budget deficit.

The key macroeconomic assumptions underlying the 2026 Budget are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an economic growth rate of 5.4%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an inflation rate of 2.5%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exchange rate of Rp16,500 to U.S.$1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an average Government 10-year bond rate of 6.9%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an ICP of U.S.$70 per barrel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oil production by the Republic of 610 thousand barrels of oil per day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gas production by the Republic of 904 thousand barrels of oil equivalent of gas per day.

The philosophy underlying the 2026 Budget is centered on accelerating inclusive and sustainable economic growth while maintaining fiscal prudence, in alignment with the "Asta Cita" principles of the administration of President Prabowo Subianto, as described under "*Republic of Indonesia — Government and Political Developments—Asta Cita*" in Exhibit 99.D to the Republic's annual report on Form 18-K for the fiscal year ended December 31, 2024. This framework guides the budget's design to foster job creation, reduce inequality, and support long-term national resilience.

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The 2026 Budget sets out expenditure for several priority sectors: Rp164.7 trillion for food security, Rp402.4 trillion for energy security, Rp335.0 trillion for the Free Nutritious Meals Program, Rp769.1 trillion for education, Rp244.0 trillion for health, Rp181.8 trillion for village development, cooperatives, and MSMEs, and Rp425.0 trillion for defense, order and security, and law enforcement. The principal priorities for budget allocation in 2026 include significant investments in human capital and social welfare, as reflected in the Free Nutritious Meals Program aimed at combating stunting and improving child nutrition, as well as funding for school renovations and health facilities, which are included in the education and health budgets, respectively. The 2026 Budget also aims to accelerate investment and trade by, among other measures, strengthening Danantara's role in accelerating productive investment, and investment in the Government's affordable housing program, water security, and waste management. Other key areas encompass infrastructure development to enhance connectivity and regional equity, downstreaming of natural resources to boost value-added industries, social protection programs to alleviate poverty, support for small and medium enterprises, and initiatives in education, health, and green economy transitions to align with sustainable growth objectives.

***Free Trade Agreement between Indonesia and the European Union***

On September 23, 2025, the Republic and the European Union concluded negotiations on a free trade agreement known as the Comprehensive Economic Partnership Agreement (the "CEPA"), and a parallel investment protection agreement known as the EU-Indonesia Investment Protection Agreement (the "IPA"). The CEPA is intended to eliminate tariffs on more than 98% of tariff lines and nearly 100% of trade value, to be liberalized over time. It is also intended to establish modern, comprehensive rules covering, among others, goods, services and investment, digital trade, government procurement, intellectual property, subsidies and state-owned enterprises, trade and sustainable development, and dispute settlement with institutional cooperation. The IPA is intended to provide modern and rules-based investor protections, including safeguards against unlawful expropriation, non-discrimination, and fair and equitable treatment, while affirming each side's right to regulate for legitimate public policy objectives.

***Policy Synergy between Bank Indonesia and Ministry of Finance***

On September 4, 2025, the Ministry of Finance and Bank Indonesia announced the strengthening of policy coordination to support the Government's *Asta Cita* programs in promoting a "people-centered" economy, and specifically an agreement on interest cost sharing for the Government's affordable housing programs and *Koperasi Desa Merah Putih*, or Cooperatives, that are described in Exhibit 99.D to the Republic's annual report on Form 18-K for the fiscal year ended December 31, 2024.

Specifically, the corresponding budget allocations may be placed with government agencies and domestic financial institutions to support lending schemes under these programs. After accounting for returns on such placements, the remaining interest costs on government securities (*Surat Berharga Negara*, or SBN) are shared equally between the Ministry of Finance and Bank Indonesia. Bank Indonesia provides its share in the form of additional interest credited to Government accounts maintained at Bank Indonesia, consistent with its State Treasury function under the Bank Indonesia Act. This arrangement, effective in 2025 and continuing until such period as has been agreed between the Government and Bank Indonesia, is implemented in accordance with prudent fiscal and monetary policy principles aimed at maintaining market discipline and safeguarding financial-system integrity.

In addition to the interest-sharing mechanism, Bank Indonesia has also resumed the purchase of SBN in the secondary market, with purchases amounting to approximately Rp217.1 trillion as of September 16, 2025. These purchases, which include debt-switching operations, reflect Bank Indonesia's expansionary monetary policy stance.

***Establishment of AMTN Program***

The Republic of Indonesia established an Australian Dollar Medium-Term Note ("AMTN") program in July 2025 and completed the first drawdown that raised AUD800 million across two tranches in August 2025. By

------

tapping into the Australian dollar market, the Government aims to broaden its investor base, enhance its presence in global capital markets, and reduce reliance on any single currency or investor group to strengthen fiscal resilience and manage refinancing risks more effectively. The Government regards the AMTN program as an important milestone in Indonesia's ongoing efforts to optimize its sovereign debt portfolio, promote financial innovation, and reinforce the country's standing in the international financial community.

***United States Tariffs***

On July 15, 2025, the U.S. Government and the Republic announced a trade agreement under which the U.S. would impose a 19% tariff on Indonesian imports. Meanwhile, Indonesia would eliminate tariff on substantially all U.S. imports and reduce key non-tariff barriers for U.S. industrial and agricultural exports, including relaxing local content requirements for certain industrial products, strengthening rules of origin, and improving labor standards. The agreement also envisions finalizing commitments on digital trade, services, and investment, and enhancing cooperation to bolster supply-chain resilience.

On August 26, 2025, the U.S. agreed in principle to exempt Indonesian exports of cocoa, palm oil and rubber from the 19% tariff. The scope of such exemption, including the specific tariff lines, any quota or tariff-rate quota conditions, and timing, are under negotiation.

To date, the U.S. and Indonesia have been discussing the trade agreement's implementation issues, such as rules of origin, digital trade commitments, and enforcement mechanisms.

***Economic Stimulus Package Launched in September 2025***

In September 2025, the Government launched an economic stimulus package, also known as the "8+4+5 program". The stimulus package groups measures into eight acceleration programs for 2025, four continuation programs for 2026, and five job-creation programs.

The eight acceleration programs for 2025 comprise: (1) national internship program for 20,000 recent university graduates, launching in mid-October 2025, with a monthly stipend for each graduate equal to the minimum wage of the relevant province; (2) expansion of personal income tax relief to workers in the tourism, hotel, restaurant, and café sectors, whose monthly earnings are below Rp10 million, from October through December 2025; (3) food assistance for 18.3 million beneficiary families, providing 10 kilograms of rice per month to each beneficiary household; (4) a 50% subsidy on social security contributions for work accident and death insurance for informal workers, such as online motorcycle taxi drivers, couriers, and logistics personnel; (5) lower interest rates and enhanced benefits (such as more financing options and easier eligibility) for housing loans facilitated through the Employment Social Security Agency (*BPJS Ketenagakerjaan*); (6) a targeted "cash-for-work" (*padat karya*) initiative designed to create approximately 600,000 temporary jobs in labor-intensive infrastructure projects such as road repairs, flood control, and community facilities; (7) accelerating deregulation and licensing reforms to simplify and expedite the process of obtaining business permits through the Online Single Submission (OSS) system; and (8) pilot projects for new economic models, aimed at testing innovative economic frameworks to boost job creation and urban development, which involve launching pilot urban hubs to support the gig economy by providing dedicated platforms, infrastructure, and services for flexible workers (e.g., ride-hailing drivers and freelancers).

Four continuation programs are designed to extend the duration or beneficiary scope of certain benefits already in place or to be delivered under the 2025 programs: (1) the extension of a 0.5% income tax rate for MSMEs, which is already in place, through 2029; (2) continued income tax relief for low-income workers in the tourism, hotel, restaurant, and café sectors; (3) continued personal income tax relief for workers in labor-intensive industries such as textiles, footwear, garments, furniture, and leather goods; and (4) extending the 50% subsidy for work accident and death insurance to farmers, traders, fishermen, construction laborers, and domestic workers.

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The five job-creation programs comprise: (1) the development of Merah Putih Village Cooperatives, which are community-owned businesses designed to support local enterprises and jobs ("Merah Putih" refers to Indonesia's national colors); (2) the Merah Putih Fishing Village program to strengthen coastal livelihoods, facilities, and local fisheries value chains; (3) revitalization of fish and shrimp farms on the northern coast of Java to raise productivity and farmers' incomes; (4) modernization of fishing vessels to improve safety, efficiency, and catch quality; and (5) the People's Plantations program to support smallholder plantations, expand rural employment, and increase incomes.

**Selected Key Economic Indicators** 

The following table sets forth certain of the Republic's principal economic indicators as of and for the specified dates and periods.

**Selected Key Economic Indicators** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Six Months<br>Ended<br>June 30,** |
|  | **2020<sup>L</sup>** | **2021<sup>L</sup>** | **2022<sup>L</sup>** | **2023<sup>L</sup>** | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  National account and prices: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real GDP growth (period-on-period) | (2.1)% | 3.7% | 5.3% | 5.1% | 5.0% | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per capita GDP (in millions of Rupiah) | 56.9 | 62.2 | 71 | 75 | 78.6 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per capita GDP (in U.S. dollars)<sup>(1)</sup> | 3912 | 4350 | 4784 | 4856 | 4960 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation rate (year-on-year change in CPI) | 1.7% | 1.9% | 5.5% | 2.6% | 1.6% | 2.7%<sup>(2)</sup> |
|  External sector: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current account (% of GDP) | (0.4)% | 0.3% | 1.0% | (0.1)% | 0.6% | (0.5)% |
|  Fiscal account: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Budget (deficit) / surplus (% of GDP) | (6.1)% | (4.6)% | (2.4)% | (1.6)% | (2.3)% | (0.81)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; External debt of the central Government (in trillions of Rupiah) | 2041 | 2077.8 | 2302.7 | 2346 | 2525.1 | 2583.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt service ratio (% of Government revenue) | 47.3% | 45.0% | 34.5% | 38.5% | 42.9% | 56.5% |

---

*Sources:* Statistics Indonesia (*Badan Pusat Statistik* ("BPS")), BI and Ministry of Finance

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>P</sup> Preliminary.

<sup>N/A</sup> Not available.

<sup>(1)</sup> Per capita GDP in U.S. dollars has been converted from Rupiah into U.S. dollars and the U.S. dollar amounts of external debt of the central Government have been converted into Rupiah at the following exchange rates per U.S. dollar: Rp14,556 per U.S. dollar for 2020, Rp14,309 per U.S. dollar for 2021, Rp14,848 per U.S. dollar for 2022, Rp15,439 per U.S. dollar for 2023 and Rp15,849 per U.S. dollar for 2024. These exchange rates are calculated by BPS with reference to the weighted average monthly exchange rates applicable to export and import transactions for each month in a given period. 

<sup>(2)</sup> As of September 2025.

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**Economy and Gross Domestic Product** 

***Principal Sectors of the Economy***

The tables below show the composition of Indonesia's GDP by sector at current prices and constant prices, respectively, for the periods indicated.

**Gross Domestic Product by Industry** 

**(at current prices)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2024<sup>P</sup>** | **%** | **2025<sup>P</sup>** | **%** |
|  | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** |
|  Manufacturing Industry |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal Industry and Oil and Gas Refining | 196294 | 1.8 | 202769 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Coal, Oil and Gas Manufacturing Industries | 1848460 | 17.1 | 1998029 | 17.2 |
|  **Total Manufacturing Industry** | **2044754** | **18.9** | **2200798** | **19.0** |
|  Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles | 1414814 | 13.1 | 1523339 | 13.1 |
|  Agriculture, Forestry, and Fishery |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agriculture, Livestock, Hunting & Agriculture Services | 1049593 | 9.7 | 1197470 | 10.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestry and Logging | 62778 | 0.6 | 61763 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | 264047 | 2.4 | 280615 | 2.4 |
|  **Total Agriculture, Forestry, and Fishery** | **1376418** | **12.7** | **1539848** | **13.3** |
|  Mining and Quarrying |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas and Geothermal Mining | 263159 | 2.4 | 261471 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal and Lignite Mining | 403846 | 3.7 | 406686 | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metal Ore | 165502 | 1.5 | 195393 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Mining and Quarrying | 147271 | 1.4 | 156577 | 1.3 |
|  **Total Mining and Quarrying** | **979778** | **9.1** | **1020126** | **8.8** |
|  Construction | 1074540 | 9.9 | 1121063 | 9.7 |
|  Government Administration, Defence Compulsory Social Security | 357066 | 3.3 | 381620 | 3.3 |
|  Information and Communication | 472726 | 4.4 | 512250 | 4.4 |
|  Transportation and Warehousing | 659051 | 6.1 | 713913 | 6.1 |
|  Financial and Insurance Service | 462835 | 4.3 | 487873 | 4.2 |
|  Education Service | 305224 | 2.8 | 321561 | 2.8 |
|  Other\* | 1223910 | 11.3 | 1312568 | 11.3 |
|  **Gross Value Added at Basic Prices** | **10371115** | **95.8** | **11134957** | **95.9** |
|  Taxes less Subsidies on Products | 454051 | 4.2 | 477978 | 4.1 |
|  **Total GDP** | **10825165** | **100.0** | **11612936** | **100.0** |

---

*Source:* BPS

<sup>P</sup> Preliminary.

\* Includes the Procurement of Electricity and Gas; Procurement of Water, Management of Trash, Waste and Recycle; Accommodation and Food Beverages Supply; Real Estate; Corporate Services; Health Service and Social Activity; and Other Services sectors.

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**Gross Domestic Product by Industry** 

**(at constant 2010 prices)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2024<sup>P</sup>** | **%** | **2025<sup>P</sup>** | **%** |
|  | **(in billions of Rupiah and percentage of<br>GDP)** | **(in billions of Rupiah and percentage of<br>GDP)** | **(in billions of Rupiah and percentage of<br>GDP)** | **(in billions of Rupiah and percentage of<br>GDP)** |
|  Manufacturing Industry |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal Industry and Oil and Gas Refining | 106069 | 1.7 | 113384 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Coal, Oil and Gas Manufacturing Industries | 1173017 | 18.5 | 1231156 | 18.5 |
|  **Total Manufacturing Industry** | **1279086** | **20.2** | **1344539** | **20.2** |
|  Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles | 826351 | 13.0 | 869341 | 13.1 |
|  Agriculture, Forestry, and Fishery |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agriculture, Livestock, Hunting & Agriculture Services | 560704 | 8.8 | 599291 | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestry and Logging | 30486 | 0.5 | 29812 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | 139618 | 2.2 | 142796 | 2.1 |
|  **Total Agriculture, Forestry, and Fishery** | **730809** | **11.5** | **771900** | **11.6** |
|  Mining and Quarrying |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas and Geothermal Mining | 121933 | 1.9 | 124064 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal and Lignite Mining | 157195 | 2.5 | 156377 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metal Ore | 91007 | 1.4 | 86488 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Mining and Quarrying | 93234 | 1.5 | 98194 | 1.5 |
|  **Total Mining and Quarrying** | **463368** | **7.3** | **465122** | **7.0** |
|  Construction | 609029 | 9.6 | 630764 | 9.5 |
|  Government Administration, Defence Compulsory Social Security | 212160 | 3.3 | 222211 | 3.3 |
|  Information and Communication | 427739 | 6.7 | 461199 | 6.9 |
|  Transportation and Warehousing | 293894 | 4.6 | 319623 | 4.8 |
|  Financial and Insurance Service | 261400 | 4.1 | 270781 | 4.1 |
|  Education Service | 182657 | 2.9 | 188424 | 2.8 |
|  Other\* | 791459 | 12.5 | 842830 | 12.7 |
|  **Gross Value Added at Basic Prices** | **6077953** | **95.8** | **6386734** | **95.9** |
|  Taxes less Subsidies on Products | 266077 | 4.2 | 274103 | 4.1 |
|  **Total GDP** | **6344030** | **100.0** | **6660836** | **100.0** |

---

*Source:* BPS

<sup>P</sup> Preliminary.

\* Includes the Procurement of Electricity and Gas; Procurement of Water, Management of Trash, Waste and Recycle; Accommodation and Food Beverages Supply; Real Estate; Corporate Services; Health Service and Social Activity; and Other Services sectors.

***Manufacturing Industry***

In the first half of 2025, the manufacturing sector grew by 5.1%, compared to the first half of 2024, driven by both domestic and external demand, as well as downstreaming activities. In the first half of 2025, the food and beverage subsector, which accounted for 34.7% of the manufacturing sector, grew by 6.1%, supported by higher demand and increased rice milling activities. Growth in the manufacturing sector was also bolstered by a growth of 14.7% in base metal industry, supported by rising export demand, particularly for iron and steel products. Additionally, the footwear industry grew by 7.6% and the machinery and equipment industry grew by 9.0%, both in line with higher demand both domestically and internationally.

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***Wholesale and retail trade, repair of motor vehicles and motorcycles***

In the first half of 2025, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 5.2%, compared to the first half of 2024. This was driven by a growth of 6.4% in wholesale and retail trade of goods other than cars and motorcycles.

***Agriculture, forestry and fishery***

In the first half of 2025, the agriculture, forestry and fishery sector grew by 5.6%, compared to the first half of 2024. This was primarily due to a growth of 11.9% in food crops, a growth of 8.9% in animal husbandry and a growth of 3.2% in plantation crops.

***Mining and Quarrying***

In the first half of 2025, the mining and quarrying sector grew by 0.4%, compared to the first half of 2024. This was due to a growth of 5.3% in mining and other excavations and a growth of 1.7% in oil, gas and geothermal mining, partially offset by a decline of 5.0% in metal ore mining and a decline of 0.5% in coal and lignite mining.

***Oil and Natural Gas***

The following table sets forth the average price of Indonesian crude oil, measured by the ICP, for the periods indicated.

**Average Price of Crude Oil** 

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| | | |
|:---|:---|:---|
|  | **As of<br>December 31,** | **As of<br>June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in U.S. dollars per barrel)** | **(in U.S. dollars per barrel)** |
|  ICP<sup>(1)</sup> | 71.2 | 69.3 |

---

*Sources*: Directorate General of Oil and Gas, Ministry of Energy and Mineral Resources

<sup>P</sup> Preliminary.

<sup>(1)</sup> For a description of the ICP, see "*Certain Defined Terms and Conventions*" in Exhibit 99.D to the Republic's annual report on Form 18-K for the fiscal year ended December 31, 2024.

***Construction***

In the first half of 2025, the construction sector grew by 3.6%, compared to the first half of 2024.

***Transportation and Warehousing***

In the first half of 2025, the transportation and warehousing sector grew by 8.8%, compared to the first half of 2024. In particular, rail transportation grew by 13.1%, land transportation grew by 9.9%, warehousing and transportation support services and post and courier increased by 9.4% and sea transportation grew by 8.4%.

***Information and Communication***

In the first half of 2025, the information and communication sector grew by 7.8%, compared to the first half of 2024. This growth was fueled by higher revenues from both wired and wireless telecommunications, an increase in the number of start-ups in Indonesia, increased production of Indonesian films, and the opening of new cinemas in several regions, including West Java and Banten.

------

***Financial and Insurance Service***

In the first half of 2025, the financial and insurance service sector grew by 3.6%, compared to the first half of 2024. This growth was primarily due to a growth of 3.1% in financial intermediary services and a growth of 8.2% in other financial services.

***Other sectors***

None of the other sectors shown in the tables above comprised more than 5.0% of GDP, at either current prices or constant prices, for the periods indicated.

***Gross Domestic Product by Expenditure***

The following tables show the distribution of GDP in the Indonesian economy by expenditure at current prices and constant prices, respectively, for the periods indicated (at current prices).

**Gross Domestic Product by Expenditure** 

**(at current prices)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2024<sup>P</sup>** | **%** | **2025<sup>P</sup>** | **%** |
|  | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** |
|  GDP | 10825165 | 100.0 | 11612936 | 100.0 |
|  Add: Imports of goods and services | 2129568 | 19.7 | 2351035 | 20.2 |
|  **Total supply of goods and services** | **12954733** | **119.7** | **13963971** | **120.2** |
|  Less: Exports of goods and services | 2319435 | 21.4 | 2584002 | 22.3 |
|  **Total domestic expenditure** | **10635298** | **98.2** | **11379969** | **98.0** |
|  Allocation of total domestic expenditure: |  |  |  |  |
|  Household consumption expenditure | 5924269 | 54.7 | 6317281 | 54.4 |
|  NPISHs consumption expenditure | 149164 | 1.4 | 159097 | 1.4 |
|  Government consumption expenditure | 739217 | 6.8 | 745525 | 6.4 |
|  **Total consumption** | **6812650** | **62.9** | **7221902** | **62.2** |
|  Gross domestic fixed capital formation | 3076688 | 28.4 | 3243147 | 27.9 |
|  Change in inventories (residual)<sup>(1)</sup> | 745960 | 6.9 | 914920 | 7.9 |
|  **Total domestic expenditure** | **10635298** | **98.2** | **11379969** | **98.0** |

---

*Source*: BPS

<sup>P</sup> Preliminary.

<sup>(1)</sup> Includes statistical discrepancies.

------

**Gross Domestic Product by Expenditure** 

**(at constant 2010 prices)<sup>(1)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2024<sup>p</sup>** | **%** | **2025<sup>p</sup>** | **%** |
|  | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** |
|  GDP | 6344030 | 100.0 | 6660836 | 100.0 |
|  Add: Imports of goods and services | 1209895 | 19.1 | 1306178 | 19.6 |
|  **Total supply of goods and services** | **7553925** | **119.1** | **7967015** | **119.6** |
|  Less: Exports of goods and services | 1463895 | 23.1 | 1589385 | 23.9 |
|  **Total domestic expenditure** | **6090030** | **96.0** | **6377629** | **95.7** |
|  Allocation of total domestic expenditure: |  |  |  |  |
|  Household consumption expenditure | 3371511 | 53.1 | 3538892 | 53.1 |
|  NPISHs consumption expenditure | 86157 | 1.4 | 90808 | 1.4 |
|  Government consumption expenditure | 418630 | 6.6 | 415277 | 6.2 |
|  **Total consumption** | **3876299** | **61.1** | **4044977** | **60.7** |
|  Gross domestic fixed capital formation | 1911820 | 30.1 | 1998739 | 30.0 |
|  Change in inventories (residual)<sup>(2)</sup> | 301911 | 4.8 | 333913 | 5.0 |
|  **Total domestic expenditure** | **6090030** | **96.0** | **6377629** | **95.7** |

---

*Source*: BPS

<sup>P</sup> Preliminary.

<sup>(1)</sup> Calculated with calendar year 2010 as the Base Year.

<sup>(2)</sup> Includes statistical discrepancies.

***Inflation***

The following table shows the CPI as of the end of the periods indicated and the percentage change against the previous period.

**Changes in Consumer Price Index** 

---

| | | |
|:---|:---|:---|
|  | **As of<br>December 31,** | **As of<br>September 30,** |
|  | **2024<sup>(1)</sup>** | **2025<sup>(1)</sup>** |
|  CPI | 106.8 | 108.7 |
|  Annual percentage year-on-year | 1.6% | 2.7% |

---

*Source*: BPS

<sup>(1)</sup> Calculated on the basis of 2022 CPI = 100. From January 2024, BPS calculated CPI based on consumption pattern obtained from 2022 Cost of Living Survey in 150 cities in Indonesia.

------

The following table shows percentage changes year-on-year in the CPI for certain commodities for the periods indicated.

**Inflation by Commodity<sup>(1)</sup>** 

---

| | | |
|:---|:---|:---|
|  | **As of<br>December 31,** | **As of<br>September 30,** |
|  | **2024** | **2025** |
|  Food, drinks, and tobacco | 1.9 | 5 |
|  Clothing and Footwear | 1.2 | 0.8 |
|  Housing, water, electricity, and household fuel | 0.6 | 1.6 |
|  Household equipment, tools, and routine maintenance | 1 | 0.3 |
|  Health | 1.9 | 2 |
|  Transportation | (0.3) | (0.2) |
|  Information, communication, and financial services | (0.3) | (0.3) |
|  Recreation, sports, and culture | 1.2 | 1.1 |
|  Education | 1.9 | 1.2 |
|  Food and beverage providers/restaurant | 2.5 | 1.8 |
|  Personal care and other services | 7 | 9.6 |

---

*Source*: BPS

<sup>(1)</sup> Annual percentage year-on-year. 

In September 2025, annual inflation was 2.7%, which was higher than the annual inflation of 2.3% in August 2025. This increase was primarily due to higher inflation in food, drinks, and tobacco and personal care and other services: annual inflation for these sectors were 5.0% and 9.6% in September 2025, respectively, compared to 4.0% and 8.7% in August 2025, respectively.

***Income Distribution***

As of March 2025, Indonesia had a Gini Index of 0.375.

The percentage of people living below the poverty line in Indonesia has exhibited a decreasing trend since the Asian financial crisis in 1998. BPS measures poverty using a basic needs approach and defines poverty as an economic inability to fulfil food and non-food basic needs, measured by consumption and expenditure. Based on this methodology, approximately 49.5 million people, or 24.2% of the population, were living below the poverty line in 1998, and this decreased to approximately 23.9 million, or 8.5% of the population, as of March 2025.

***Regional Growth***

In the first half of 2025, Java contributed 56.9% of Indonesia's GDP, Sumatera contributed 22.2%, Kalimantan contributed 8.1%, Sulawesi contributed 7.2%, Bali and Nusa Tenggara contributed 2.8%, and Maluku and Papua contributed 2.7%.

------

**Foreign Investment** 

***Foreign Investment in Indonesia***

The following table sets out the amounts of foreign investments in Indonesia by non-residents.

**Foreign Investment in Indonesia** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Direct Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Capital | 10601 | 8689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt instrument | 396 | (743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total direct investments | 10997 | 7946 |
|  Portfolio investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | (1245) | (3758) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities | 4701 | (2729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total portfolio investments | 3456 | (6487) |
|  Financial derivatives | (376) | (1038) |
|  Other investments | 1891 | 4617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total foreign investment** | **15968** | **5038** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

***Foreign Direct Investment***

The following table sets out the amounts of foreign direct investments in Indonesia by non-residents.

**Foreign Direct Investment** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Equity capital<sup>(1)</sup> | 10601 | 8689 |
|  Debt instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflow | 21875 | 20652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outflow | (21479) | (21395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt instruments | 396 | (743) |
|  **Total direct investments** | **10997** | **7946** |
|  Memorandum |  |  |
|  Direct investment in Indonesia<sup>(2)</sup> | 11762 | 7747 |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

<sup>(1)</sup> Includes privatization and banking restructuring.

<sup>(2)</sup> Presents foreign direct investment in accordance with the directional principle prescribed by BPM5.

------

**Foreign Direct Investment in Indonesia by Country of Origin<sup>(1)</sup>** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  **North America** | **527** | **592** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA | 494 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 32 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other North America<sup>(2)</sup> | 2 | 0 |
|  **Central and South America** | **239** | **778** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 4 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1 | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands | 27 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Central and South America | 206 | 743 |
|  **Europe** | **984** | **(270)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Union and United Kingdom | 437 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | 197 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 191 | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | (3) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | (42) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | (18) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 42 | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | (18) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | (55) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 5 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 135 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | (0) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 3 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | (8) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 414 | (1004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other European Union | 9 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | 7 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Europe | 124 | 75 |
|  **Asia** | **10219** | **6146** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 1032 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People's Republic of China | 1283 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 553 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | (15) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong SAR | 1448 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 59 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 2 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASEAN | 5915 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brunei Darussalam | 0 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambodia | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lao PDR | (0) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 96 | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myanmar | (0) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 7 | 4 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 5549 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 256 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | 6 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Asia | (57) | 22 |
|  **Australia and Oceania** | **(243)** | **361** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | (244) | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Australia and Oceania | 0 | 103 |
|  **Africa** | **1** | **(1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | (0) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Africa | 1 | 0 |
|  **Others** | **35** | **140** |
|  **Total** | **11762** | **7747** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

<sup>(1)</sup> Presents foreign direct investment in accordance with the directional principle prescribed by BPM5.

<sup>(2)</sup> Includes Bermuda, Greenland and Saint Pierre & Miquelon.

Foreign direct investment recorded a surplus of U.S.$7.9 billion in the first half of 2025, primarily in the form of equity capital. This amount represents a 27.7% decrease from the U.S.$11.0 billion surplus recorded in the first half of 2024. The decline was primarily attributable to the sectors of (i) wholesale and retail trade, repair of motor vehicles and motorcycles, and personal and household goods; (ii) electricity, gas, and water supply; (iii) financial intermediation; (iv) health and social work; and (v) manufacturing. By country of origin, the decrease in foreign direct investment was largely driven by lower investment from Singapore and the United Kingdom.

The sectors of (i) manufacturing; (ii) wholesale and retail trade, repair of motor vehicles and motorcycles, and personal and household goods; and (iii) transportation, storage, and communication were the main contributors to net foreign direct investment inflows in the first half of 2025. By country of origin, investment from Singapore was the largest contributor to the net foreign direct investment inflows, followed by the investments from the People's Republic of China and Hong Kong SAR.

------

***Foreign Portfolio Investment***

The following table sets out the amounts of foreign portfolio investments in Indonesia by non-residents.

**Foreign Portfolio Investments** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Equity securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflow | 36293 | 32463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outflow | (37538) | (36221) |
|  Net equity securities | (1245) | (3758) |
|  Debt securities (net) | 4701 | (2729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total portfolio investments** | **3456** | **(6487)** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

In the first half of 2025, foreign capital flows in the form of portfolio investments in Indonesia recorded a net outflow of U.S.$6.5 billion, compared to the net inflow of U.S.$3.5 billion in the first half of 2024. The net outflow was mainly driven by foreign capital outflow from the stock market and Bank Indonesia Rupiah Securities (*Sekuritas Rupiah Bank Indonesia*, "SRBI").

***Other Foreign Investment***

The following table sets out the amounts of other investments (other than portfolio or foreign direct investments) in Indonesia by non-residents, mainly consisting of loans received and paid.

**Other Foreign Investments** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Loans |  |  |
|  Bank sector: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disbursements | 2138 | 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt repayments | (1131) | (2120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total bank sector** | **1007** | **(408)** |
|  Corporate sector: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disbursements | 7126 | 7406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt repayments | (7856) | (5421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total corporate sector** | **(730)** | **1985** |
|  Other (net)<sup>(1)</sup> | 1614 | 3041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total other investments** | **1891** | **4617** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

------

<sup>(1)</sup> Consists of loans of public sector and trade credit, currency and deposits, SDR allocations, and other liabilities of private sector and public sector.

In the first half of 2025, other foreign investments increased from a surplus of U.S.$1.9 billion in the first half of 2024 to a surplus of U.S.$4.6 billion. The surplus is primarily attributable to inflows from the withdrawal of currency and deposits abroad and net drawings of foreign loans by corporate and government sector.

***Direct Investment Realizations***

The following table sets forth the amount of realized foreign direct investment by sector of the economy for the periods indicated.

**Realized Foreign Direct Investment by Sector<sup>(1)</sup>** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30,** | **Six Months Ended**<br>**June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Primary Sector |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Crops, Plantation & Livestock | 866.2 | 536.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestry | 62.3 | 47.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | 52.6 | 10.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining | 2299.3 | 2449.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Primary Sector** | **3280.3** | **3043.9** |
|  Secondary sector: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Industry | 1274.7 | 1134.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textile Industry | 400.4 | 370.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leather Goods & Footwear Industry | 337.0 | 803.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wood Industry | 45.0 | 71.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper and Printing Industry | 1817.0 | 1211.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemical and Pharmaceutical Industry | 1924.5 | 1564.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rubber and Plastic Industry | 424.4 | 678.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non Metallic Mineral Industry | 314.0 | 339.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metal, Industry not Machinery & Electronic Industry | 7145.9 | 7288.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical Precision & Optical Instruments, Watches & Clock, Machinery and Electronic Industry | 1133.0 | 1101.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Vehicles & Other Transport Equipment Industry | 1054.6 | 1114.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Industry | 277.9 | 263.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Secondary Sector** | **16148.2** | **15939.9** |
|  Tertiary sector: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, Gas & Water Supply | 1396.8 | 1020.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | 464.8 | 185.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade & Repair | 828.2 | 1020.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Restaurant | 504.6 | 432.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation, Storage & Communication | 1956.0 | 1693.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing, Ind. Estate & Office Building | 1752.2 | 1382.9 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**June 30,** | **Six Months Ended**<br>**June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Services | 1786.0 | 2192.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Tertiary Sector** | **8688.6** | **8050.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **28117.2** | **27034.2** |

---

*Source*: BKPM

<sup>P</sup> Preliminary.

<sup>(1)</sup> Excludes foreign investment in oil and natural gas projects, banking, non-bank financial institutions, insurance, leasing, mining in terms of contracts of work, coal mining in terms of agreement of work, investment in which licenses were issued by a technical/sectoral agency, portfolio as well as household investment. 

*Domestic Direct Investment* 

In addition to direct equity investments by foreign persons, BKPM also approves certain types of domestic direct investments. The following table sets forth the amount of realized domestic direct investment by sector of the economy for the periods indicated.

**Realized Domestic Direct Investment by Sector<sup>(1)</sup>** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in billions of Rupiah)** | **(in billions of Rupiah)** |
|  Primary sector: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Crops, Plantation & Livestock | 19015.9 | 25557.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestry | 27590.9 | 6070.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | 925.1 | 1771.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining | 53392.6 | 63059.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Primary Sector** | **100924.5** | **96458.4** |
|  Secondary sector: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Industry | 32977.1 | 35235.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textile Industry | 3490.8 | 4294.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leather Goods & Footwear Industry | 606.9 | 967.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wood Industry | 3126.2 | 1168.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper and Printing Industry | 5314.6 | 8834.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemical and Pharmaceutical Industry | 16778.4 | 19830.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rubber and Plastic Industry | 3949.9 | 7068.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non Metallic Mineral Industry | 4782.8 | 5012.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metal Industry not Machinery & Electronic Industry | 14984.9 | 17779.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical Precision & Optical Instruments, Watches & Clock, Machinery, and Electronic Industry | 2441.3 | 4229.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Vehicles & Other Transport Equipment Industry | 3649.2 | 7258.9 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in billions of Rupiah)** | **(in billions of Rupiah)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Industry | 2721.9 | 2579.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Secondary Sector** | **94824.1** | **114259.2** |
|  Tertiary sector: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, Gas & Water Supply | 23857.6 | 21561.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | 12808.5 | 20835.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade & Repair | 34963.7 | 51075.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Restaurant | 11575.9 | 18970.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation, Storage & Communication | 59866.4 | 83613.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing, Ind. Estate & Office Building | 36631.6 | 52924.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Services | 32745.4 | 50625.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Tertiary Sector** | **212449.0** | **299605.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **408197.5** | **510323.0** |

---

*Source:* BKPM

<sup>P</sup> Preliminary.

<sup>(1)</sup> Excludes foreign investment in oil and natural gas projects, banking, non-bank financial institutions, insurance, leasing, mining in terms of contracts of work, coal mining in terms of agreement of work, investment in which licenses were issued by a technical/sectoral agency, portfolio as well as household investment. 

**Foreign Trade and Balance of Payments** 

***Exports and Imports***

The following table shows Indonesia's exports and imports for the periods indicated as published by Bank Indonesia.

**Exports and Imports** 

---

| | | |
|:---|:---|:---|
|  | **Seven Months Ended<br>July 31,** | **Seven Months Ended<br>July 31,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Exports: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas exports (f.o.b.) | 8737 | 7127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas exports (f.o.b.) | 137610 | 151230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total exports (f.o.b.) | 146347 | 158357 |
|  Total imports (c.i.f.) | 131880 | 136626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Balance of trade** | **14467** | **21731** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

------

In the first seven months of 2025, Indonesia recorded a trade surplus of U.S.$21.7 billion, which increased by 50.2% from the U.S.$14.5 billion surplus in the same period of 2024. The higher surplus was driven by an 8.2% year-on-year increase in exports, supported by rising international commodity prices. This increase was partially offset by a 3.6% year-on-year increase in imports.

***Export-Import Data from the Central Statistics Agency***

In addition to the exports and imports related data published by Bank Indonesia, the Central Statistics Agency or BPS also publishes data relating to imports and exports compiled based on the International Merchandise Trade Statistics Manual issued by the United Nations. Due to the different methods and timing of compiling export-import statistics, the export-import data published by BPS is different to the export-import data published by Bank Indonesia.

The tables below show Indonesia's exports and imports for the periods indicated as published by the BPS.

---

| | | |
|:---|:---|:---|
|  | **Seven Months Ended<br>July 31,** | **Seven Months Ended<br>July 31,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  **Exports:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas exports | 138936 | 152197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas exports | 9323 | 7965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total exports** | **148259** | **160163** |
|  **Imports:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas imports | 110441 | 118134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas imports | 21565 | 18376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total imports** | **132007** | **136511** |

---

*Source*: BPS.

<sup>P</sup> Preliminary.

<sup>R</sup> Revised.

------

***Exports***

The following table sets forth Indonesia's exports by major commodity groups for the periods indicated.

**Exports by Sector** 

---

| | | |
|:---|:---|:---|
|  | **Seven Months Ended<br>July 31,** | **Seven Months Ended<br>July 31,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** |
|  **General merchandise** | **145770562** | **157137718** |
|  **Agricultural products** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coffee bean | 628075 | 1341916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medicinal herb, aromatic and spice plant | 237323 | 374592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bird nest | 326002 | 260324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seasonal fruit | 276139 | 465840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-timber forest product | 310929 | 343823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seaweed and other algae | 106454 | 98308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresh / chilled fish | 79693 | 95251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clove | 135502 | 138883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vegetables | 99527 | 179036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White pepper | 58171 | 79283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 58945 | 42135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cocoa bean | 46929 | 51418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shrimp and prawn | 49346 | 76719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rubber latex | 30001 | 33854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crab | 64863 | 72439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other agricultural products | 649318 | 696861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Agricultural products** | **3157218** | **4350681** |
|  **Manufacturing products** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm oils | 11243672 | 15491854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron/steel | 15462914 | 16517010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clothing and apparel of textile fabrics | 4038254 | 4244797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical equipment | 4603318 | 6149995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organic chemicals derived from agricultural products | 3540574 | 5440762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor vehicle, four-wheel drive and more | 3711651 | 3896262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sport shoes | 2218973 | 2388471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crumb rubber | 1458918 | 1851719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulp | 1912630 | 2061950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jewellery and precious articles | 3670990 | 5054777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel | 4279294 | 4824761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper | 2028697 | 2269175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other papers | 1283505 | 1248042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spare parts for four or more wheeled vehicles | 1380563 | 1376458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machines for general purposes | 1235022 | 1338013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tin | 564708 | 951143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soap and household cleaning agents | 1150807 | 1314025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other telecommunications equipment | 1442716 | 1394820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outer and inner tires | 964790 | 961187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wooden furniture | 839349 | 843283 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Seven Months Ended<br>July 31,** | **Seven Months Ended<br>July 31,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fertilizers | 749783 | 742117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Computer equipment | 822329 | 1023947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organic chemicals derived from oil | 471570 | 514231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plywood | 739948 | 799869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spun yarn | 541839 | 490354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanks and other armoured fighting vehicles and parts of such vehicles | 642667 | 927326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Televisions and television equipment | 815857 | 833077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frozen shrimp and prawn | 566686 | 698329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors and other electronic components | 1248817 | 2443462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Margarine | 1008581 | 1456870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil-cake and solid residues | 1090736 | 377887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machines for special purposes | 727227 | 778278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artificial resin (synthetic resin) and raw materials | 724836 | 730046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other organic chemicals | 694872 | 853565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil products<sup>(1)</sup> | 1956645 | 1512034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquefied Petroleum Gas<sup>(1)</sup> | 149 | 8667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other manufacture products | 28176522 | 32319073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Manufacturing products** | **108010410** | **126127636** |
|  **Mining products** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal | 17652124 | 13820365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper ore | 4878825 | 2943800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lignite | 4078561 | 2901425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other metal ore | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Oil<sup>(1)</sup> | 1310486 | 899174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas<sup>(1)</sup> | 4649482 | 4062773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w Liquefied Natural Gas | 3672575 | 3080812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other mining products | 632387 | 981628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Mining products** | **33201880** | **25609165** |
|  **Other merchandise<sup>(2)</sup>** | **1401054** | **1050236** |
|  **Other goods<sup>(3)</sup>** | **576856** | **1219064** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Exports** | **146347417** | **158356782** |
|  **Memorandum<sup>(4)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil & gas exports | 137610446 | 151229861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & gas exports | 8736971 | 7126922 |

---

*Source*: Bank Indonesia

<sup>P</sup> Preliminary.

<sup>(1)</sup> As a component of oil and gas exports.

<sup>(2)</sup> Consists of art goods, goods not elsewhere specified, and goods procured in ports by carriers.

<sup>(3)</sup> Consists of non-monetary gold and merchanting goods.

<sup>(4)</sup> Presents the classification of exports based on two main groups of commodities: (i) oil and gas and (ii) non-oil and gas.

------

The table below sets forth Indonesia's exports by destination for the periods indicated.

**Exports by Destination** 

---

| | | |
|:---|:---|:---|
|  | **Seven Months Ended<br>July 31,** | **Seven Months Ended<br>July 31,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** |
|  **America** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America | 14332520 | 17531549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 792610 | 1007022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other North America | 2213 | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total North America** | **15127342** | **18541078** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central and South America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 104278 | 197185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 955589 | 1320035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1276701 | 1414541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Central and South America | 1405502 | 1622399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Central and South America | 3742070 | 4554160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total America** | **18869412** | **23095238** |
|  **Europe** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Union |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 2611627 | 3211269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 801665 | 1086823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 1344750 | 1573598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 1317666 | 1562207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 512726 | 634367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 1246733 | 951605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other European Union | 1985934 | 2120504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total European Union** | **9821102** | **11140374** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 931727 | 906099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | 863309 | 1109039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | 1031435 | 1049547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Europe | 1212032 | 2982076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Europe** | **13859604** | **17187134** |
|  **Asia and Middle East** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASEAN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brunei Darussalam | 153217 | 110548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 5846682 | 6033279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambodia | 503988 | 504730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDR Laos | 10621 | 8406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 6759865 | 7437513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myanmar | 321564 | 456160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 5972956 | 6962001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 4304201 | 5297619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | 5060769 | 6056271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total ASEAN** | **28933863** | **32866527** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Seven Months Ended<br>July 31,** | **Seven Months Ended<br>July 31,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong SAR | 1581792 | 1234043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 12328459 | 10872778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iraq | 200581 | 196758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 11988121 | 9657589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 6174362 | 5572815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan | 1727491 | 2158514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People's Republic of China | 32944503 | 35689150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 1349039 | 1881040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 3866138 | 3277355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Asia and Middle East | 5691143 | 7333350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asia and Middle East** | **106785491** | **110739919** |
|  **Australia and Oceania** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 2521277 | 2098649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand | 356944 | 451867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Australia and Oceania | 310808 | 328136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Australia and Oceania** | **3189029** | **2878651** |
|  **Africa** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 411240 | 574147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Africa | 2062724 | 3105087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Africa** | **2473964** | **3679235** |
|  **Unclassified exports<sup>(1)</sup>** | **1169917** | **776605** |
|  **Total (f.o.b.)** | **146347417** | **158356782** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

<sup>(1)</sup> Consists of goods procured in ports by carriers and merchanting goods.

------

***Imports***

The following table sets forth Indonesia's imports by major commodity groups for the periods indicated.

**Imports by Sector<sup>(1)</sup>** 

---

| | | |
|:---|:---|:---|
|  | **Seven Months Ended<br>July 31,** | **Seven Months Ended<br>July 31,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** |
|  **General Merchandise** | **130088904** | **133171498** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Consumption Goods** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food and beverages, primary, mainly for household | 1581915 | 1621644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food and beverages, processed, mainly for household | 3949821 | 2602696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger motor cars | 697161 | 1039834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transport equipment, nonindustrial | 137361 | 119039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Durable consumer goods | 1357153 | 1343818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semi-durable consumer goods | 2280403 | 2583167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-durable consumer goods | 1869196 | 2226815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuels and lubricants, processed, oil products<sup>(2)</sup> | 7695574 | 5383771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods not elsewhere specified | 132447 | 171098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumption Goods** | **19701030** | **17091882** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Raw materials and auxiliary goods** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food and beverages, primary, mainly for industry | 4417109 | 4402258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food and beverages, processed, mainly for industry | 3224956 | 2699558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial supplies, primary | 4534992 | 5092836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial supplies, processed | 39559578 | 41338067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parts and accessories for capital goods | 13915957 | 13815051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parts and accessories for transport equipment | 4804548 | 5272873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuels and lubricants, primary | 8583183 | 7579859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w Crude oil<sup>(2)</sup> | 6331294 | 5658746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuels and lubricants, processed | 7921867 | 7606962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w Oil products<sup>(2)</sup> | 5323494 | 4853202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w Liquefied Petroleum Gas<sup>(2)</sup> | 2175173 | 2326159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Raw materials and auxiliary goods** | **86962190** | **87807462** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Capital Goods** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital goods (except transport equipment) | 19915965 | 23310217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger motor cars | 697161 | 1039834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other transport equipment, industrial | 2280462 | 3471916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Capital Goods** | **22893587** | **27821967** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other merchandise<sup>(3)</sup>** | **532096** | **450187** |
|  **Other goods<sup>(4)</sup>** | **1791386** | **3454618** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **131880289** | **136626116** |

---

*Source:* Bank Indonesia

------

<sup>P</sup> Preliminary.

<sup>(1)</sup> Data collected on a cost, insurance and freight basis.

<sup>(2)</sup> As a component of oil and gas imports.

<sup>(3)</sup> Consists of goods procured in ports by carriers.

<sup>(4)</sup> Consists of nonmonetary gold.

The following table sets forth Indonesia's imports by country of origin for the periods indicated.

**Imports by Place of Origin<sup>(1)</sup>** 

---

| | | |
|:---|:---|:---|
|  | **Seven Months Ended<br>July 31,** | **Seven Months Ended<br>July 31,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  **America** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America | 6792352 | 7430641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 1279074 | 1709453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other North America | 80 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total North America** | **8071506** | **9140096** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central and South America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 868557 | 668061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 3053335 | 2392958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 208650 | 192199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Central and South America | 402005 | 642161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Central and South America** | **4532547** | **3895379** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total America** | **12604052** | **13035474** |
|  **Europe** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Union |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 476291 | 482259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 276154 | 296270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 921833 | 941451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 2055892 | 2065606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 799534 | 829169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 323650 | 312112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other European Union | 2285195 | 1685569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total European Union** | **7138549** | **6612436** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 541583 | 633302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | 1244977 | 1129576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | 219271 | 292973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Europe | 1367297 | 973824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Europe** | **10511677** | **9642111** |
|  **Asia and Middle East** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ASEAN** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brunei Darussalam | 240719 | 179723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 909169 | 921876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambodia | 90594 | 68933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDR Laos | 39797 | 47677 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Seven Months Ended<br>July 31,** | **Seven Months Ended<br>July 31,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 5877465 | 6098043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myanmar | 280133 | 99934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 13215790 | 11219406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 5733499 | 5530828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | 3560439 | 3558326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total ASEAN** | **29947605** | **27724746** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong SAR | 1788903 | 1836106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 3197163 | 2781584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iraq | 479 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 7949879 | 8798903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 5444280 | 4811220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan | 390311 | 92772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People's Republic of China | 39471544 | 47886091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 2433947 | 2023706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 2252881 | 2617458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Asia and Middle East | 3062901 | 3142385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asia and Middle East** | **95939894** | **101715044** |
|  **Australia and Oceania** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 5942433 | 5217070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand | 618140 | 668492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Australia and Oceania | 28801 | 27821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Australia and Oceania** | **6589373** | **5913383** |
|  **Africa** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 1019688 | 578850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Africa | 4683509 | 5291068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Africa** | **5703197** | **5869917** |
|  **Unclassified imports<sup>(2)</sup>** | **532096** | **450187** |
|  **Total** | **131880289** | **136626116** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

<sup>(1)</sup> Data collected on a cost, insurance and freight basis.

<sup>(2)</sup> Consists of goods procured in ports by carriers.

------

***Balance of Payments***

Balance of payments figures measure the relative flow of goods, services and capital into and out of a country as represented in the current account and the capital and financial account. The current account tracks a country's trade in goods and services, as well as income and current transfer transactions. The capital and financial account covers all transactions involving capital transfers, acquisition or disposal of non-produced, non-financial assets, and financial assets and liabilities. A balance of payments surplus indicates a net inflow of foreign currencies, while a balance of payments deficit indicates a net outflow of foreign currencies.

The following table sets forth the Republic's balance of payments for the periods indicated.

**Balance of Payments<sup>(1)</sup>** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  **Current account** | **(5435)** | **(3242)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods<sup>(2)</sup> | 19310 | 23574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total exports (f.o.b.) | 124262 | 133924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas exports | 116858 | 127755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas exports | 7404 | 6169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total imports (f.o.b.) | (104952) | (110349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas imports | (87404) | (95298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas imports | (17548) | (15051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services | (9200) | (10976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary income | (18281) | (19174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secondary income | 2736 | 3333 |
|  **Capital account** | **13** | **11** |
|  **Financial account** | **215** | **(5608)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Public sector | 7579 | (493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio investment | 6185 | (1109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | 6185 | (1109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investment | 1394 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets | (991) | (2024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | 2385 | 2640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 2242 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drawings | 4956 | 3593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments | (2714) | (2990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 143 | 2037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Private sector | (7364) | (5114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investment | 7196 | 5127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets | (3801) | (2819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | 10997 | 7946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio investment | (5084) | (5920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets | (2355) | (543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (2729) | (5377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial derivatives | (28) | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investment | (9448) | (4489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets | (8955) | (6467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (494) | 1977 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  Errors and omissions | (1320) | 1309 |
|  **Overall balance** | **(6527)** | **(7530)** |
|  **Reserves and related items Memorandum** | **6527** | **7530** |
|  **Reserve asset position<sup>(3)</sup>** | **140177** | **152567** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

<sup>(1)</sup> Bank Indonesia uses (+) and (-) signs in its published data to follow BPM5 whereby (+) means inflow and (-) means outflow. In financial account, (+) denotes increase in liabilities or decrease in assets, while (-) represents increase in assets or decrease in liabilities. The table above has been adjusted to align with the formatting hereof. 

<sup>(2)</sup> The calculation of export and import figures included in the balance of payments data compiled by Bank Indonesia differs in coverage and timing from the data on export/import trade compiled by BPS.

<sup>(3)</sup> Presents the position of reserve assets at the end of period. A change in the overall balance of payments during a reporting period will affect the outstanding amount of reserve assets at the end of that period. 

In the first half of 2025, the current account recorded a deficit of U.S.$3.2 billion, a decrease from the U.S.$5.4 billion deficit in the first half of 2024. This improvement was primarily due to a larger surplus in the goods trade balance, supported by non-oil and gas export performance. The secondary income account surplus also increased as compared to the previous year, which also contributed to the decrease in the current account deficit.

The capital and financial account recorded a deficit of U.S.$5.6 billion in the first half of 2025, compared to the U.S.$0.2 billion surplus in the first half of 2024. This change was attributed to the capital outflows in portfolio investment, primarily from the SRBI market and the stock market. Meanwhile, direct investment continued to book a surplus, thus reflecting maintained investor confidence in the promising domestic economic outlook and solid investment climate.

As a result of the foregoing, Indonesia's balance of payments booked a deficit of U.S.$7.5 billion in the first half of 2025, which was wider than the U.S.$6.5 billion deficit in the first half of 2024. As of June 30, 2025, official reserve assets stood at U.S.$152.6 billion, up from U.S.$140.2 billion as of June 30, 2024.

**Financial System** 

***The Banking System***

As of June 30, 2025, total banking assets were Rp13,053.1 trillion, consisting of commercial bank assets of Rp12,822.7 trillion and rural bank assets (including assets of Sharia rural banks) of Rp230.4 trillion.

***Islamic Financial System***

As of June 30, 2025, out of the 87 underwriters licensed by OJK, 36 were involved in issuances of Sukuk; and out of the 90 investment managers licensed by OJK, there were 60 investment managers with Sharia investment management units.

As of June 30, 2025, assets of Sharia banks were Rp942.5 trillion, or 7.2% of Indonesia's total banking assets.

------

***Bank Indonesia***

The following table sets forth the balance sheet of Bank Indonesia and was prepared in accordance with the Monetary and Financial Statistics Manual published by the IMF, as of the dates indicated.

**Analytical Balance Sheet of Bank Indonesia** 

---

| | | |
|:---|:---|:---|
|  | **As of<br>December 31,** | **As of<br>August 31,** |
|  | **2024** | **2025<sup>P</sup>** |
|  | **(in billions of Rupiah)** | **(in billions of Rupiah)** |
|  Base Money (M0) | 1774691 | 1577502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency in Circulation<sup>(1)</sup> | 1204536 | 1180492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Banks Demand Deposits at Bank Indonesia | 472592 | 366328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private sector Demand Deposits | 7022 | 4547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Indonesia Certificates ("SBI")<sup>(2)</sup> |  |  |
|  Factors Affecting Base Money (M0) | 1774691 | 1577502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Foreign Assets | 2077811 | 2091825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on Non-Residents | 2687251 | 2691334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities to Non-Resident | 609440 | 599510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on Other Depository Corporations | 56 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity Credits | 56 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Claims |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net claims on central Government | (417471) | (381029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on central Government | 77638 | 69503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities to central Government | 495109 | 450532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on Other Sectors | 9858 | 9920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on Other Financial Institutions | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on Private Sectors | 9818 | 9880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monetary Policy Control<sup>(3)</sup> | 664662 | 541896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Liabilities to Commercial & Rural Banks | (73286) | (81915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits included in Broad Money (M2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits excluded from Broad Money (M2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares and Other Equity | (494934) | (613441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Other Items | 7996 | 10191 |

---

Source: Bank Indonesia

<sup>(1)</sup> Currency outside banks plus cash in vault.

<sup>(2)</sup> SBI (*Sertifikat Bank Indonesia*) which is used to fulfill the secondary statutory reserve requirement of banks and accounted for as primary money supply components. Included in base money from October 2009 to June 2018. Starting from July 2018 SBI is not accounted as component of primary money supply, due to changes in the reserve requirement regulation. 

<sup>(3)</sup> Consists of total outstanding SBI (*Sertifikat Bank Indonesia*) (net of the SBI used to fulfil the secondary statutory reserve requirement of banks and accounted for as a component of base money (see footnote 2)), including Syariah SBI, open market repurchase agreement, term deposit, Bank Indonesia facilities, Government bonds, SRBI, Sukuk Valuta Asing Bank Indonesia (*Sekuritas Valuta Asing Bank Indonesia*), and Bank Indonesia Foreign Currency Sukuk (*Sukuk Valuta Asing Bank Indonesia*). 

***Banks and Other Financial Institutions***

The Indonesian financial system consists of banks and non-bank financial institutions. Non-bank financial institutions consist of, among others, insurance companies, pension funds, finance companies, venture capital companies, securities companies, mutual funds, credit guarantee companies and pawn shops.

------

The following table sets forth the total number of financial institutions in operation and their share of total assets of the financial system as of the date indicated.

**Indonesian Financial Institutions as of June 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>institutions** | **Assets\*** | **Percentage<br>of total<br>assets** |
|  | | **(in trillions<br>of Rupiah)** | **(%)** |
|  Banking: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial banks | 105 | 12822.7 | 98.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rural credit banks<sup>(1)</sup> | 1512 | 230.4 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total banking** | **1617** | **13053.1** | **100.0** |
|  Insurance: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | 48 | 596.0 | 32.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General insurance & Reinsurance | 79 | 296.4 | 16.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social insurance<sup>(2)</sup> | 2 | 951.6 | 51.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total insurance** | **129** | **1844.0** | **100.0** |
|  Pension funds: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial institution pension funds | 25 | 151.7 | 38.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employer pension funds | 162 | 239.7 | 61.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total pension funds** | **187** | **391.4** | **100.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance companies<sup>(3)</sup> | 146 | 585.9 | 41.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture capital companies | 50 | 27.2 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities companies<sup>(4)</sup> | 118 | 87.8 | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual funds (collective investment schemes. not institutions) | 1508 | 510.2 | 35.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit guarantee companies | 23 | 47.3 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pawn shops | 197 | 126.1 | 8.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fintech peer to peer lending<sup>(5)</sup> | 97 | 9.9 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Micro financial institutions<sup>(6)</sup> | 250 | 1.6 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance and reinsurance brokers | 191 | 26.6 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **2580** | **1422.6** | **100.0** |

---

*Source*: *OJK*

<sup>\*</sup> Unaudited.

<sup>(1)</sup> Including Sharia rural banks.

<sup>(2)</sup> Social insurance encompasses traffic and public transportation. health social security programs. worker social security programs and insurance for civil servants and the armed forces.

<sup>(3)</sup> Finance companies provide investment financing, working capital financing, multipurpose financing, Sharia financing and other financing based on OJK approval.

<sup>(4)</sup> These include 26 securities companies that are not members of a securities exchange but acting as broker-dealers and/or underwriters. Assets of securities companies for June 2025 are as declared in their semi-annual financial report or if a company's semi-annual financing report is not yet available, its report on net adjusted working capital. 

<sup>(5)</sup> Fintech peer to peer lending includes Sharia.

<sup>(6)</sup> Micro financial institutions include Sharia micro financial institutions.

------

***Bank Assets and Liabilities***

The following table sets forth the consolidated balance sheets of the commercial banks as of the dates indicated.

**Consolidated Balance Sheet of Commercial Banks** 

---

| | | |
|:---|:---|:---|
|  | **As of<br>December 31,** | **As of<br>June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 7942.9 | 8167.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interbank Assets | 275.1 | 339.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Placements at Bank Indonesia | 858.9 | 921.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities (including Government Bonds) | 2222.6 | 2.316.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Participation | 126.1 | 128.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Claims | 478.6 | 410.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 556.8 | 539.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **12461.0** | **12822.7** |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Funds | 8837.2 | 9329.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities owed to Bank Indonesia | 23.6 | 15.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interbank Liabilities | 192.6 | 211.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities | 99.3 | 110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowing | 395.4 | 407.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Liabilities | 355.3 | 241.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee Deposits | 5.2 | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 699.8 | 666.4 |
|  **Capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in Capital | 313.8 | 315.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserves | 104.9 | 111.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current Earnings/Loss | 255.2 | 131.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained Earnings/Loss | 810.4 | 907.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimates of Additional Paid in Capital | 300.4 | 311.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 67.8 | 60.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities and Capital** | **12461.0** | **12822.7** |

---

*Source*: OJK

The following table shows the average capital adequacy ratio of the banking system as of the dates indicated:

**Average Capital Adequacy Ratios** 

---

| | | |
|:---|:---|:---|
|  | **As of<br>December 31,** | **As of<br>June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(percentages)** | **(percentages)** |
|  CAR | 26.8 | 25.9 |

---

*Source:* OJK.

------

***Non-Performing Loans***

The following table shows the gross NPL ratios as of the dates indicated.

**Non-Performing Loans Ratios** 

---

| | | |
|:---|:---|:---|
|  | **As of<br>December 31,** | **As of<br>June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(percentages)** | **(percentages)** |
|  Gross NPL ratio\* | 2.1 | 2.2 |

---

*Source:* OJK.

\* Interbank loans excluded.

<sup>P</sup> Preliminary.

***Capital Markets and Capital Markets Regulation***

The following table sets forth key indicators regarding the IDX and any securities traded on the IDX as of and for the six months ended June 30, 2025.

**Indonesian Stock Exchange** 

---

| | |
|:---|:---|
|  | **IDX** |
|  Market capitalization (in trillions of Rupiah) | 12178.4 |
|  Listed shares (in billions of shares) | 11626.2 |
|  Average daily transaction value (in billions of Rupiah)<sup>(1)</sup> | 13293.7 |
|  Average daily transaction volume (in millions of shares)<sup>(1)</sup> | 21008.0 |

---

*Source*: IDX

The JII consists of the 30 largest Sharia-compliant listings by market capitalization and average liquidity in the regular market. As of June 30, 2025, the market capitalization of the JII was Rp3,673.4 trillion. 

As of June 30, 2025, the ISSI comprised of 614 Sharia stocks listed on the IDX and its market capitalization was Rp7,578.2 trillion.

**Monetary Policy** 

In September 2025, Bank Indonesia reduced the BI Rate to 4.75%, while reducing the deposit facility rate and lending facility rate to 3.75% and 5.50%, respectively.

The decision is consistent with joint efforts to stimulate economic growth by maintaining low inflation, projected in 2025 and 2026 within the 2.5±1% target corridor, while maintaining Rupiah exchange rate stability in line with economic fundamentals. Moving forward, Bank Indonesia will continue monitoring economic growth and inflation to consider further room for BI-Rate reductions based on Rupiah exchange rate stability. Therefore, Bank Indonesia will continue strengthening monetary liquidity expansion and accommodative macroprudential policy to lower interest rates, boost liquidity and revive lending and financing in pursuit of higher economic growth. Payment system policy remains oriented towards supporting economic growth by expanding the acceptance of digital payments, while strengthening the structure of the payment system industry and strengthening the resilience of payment system infrastructure.

------

Bank Indonesia has, therefore, strengthened its monetary, macroprudential and payment system policy mix to strengthen economic growth while maintaining stability through the following policy measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. strengthening the pro-market monetary operations strategy to enhance
the effective transmission of lower interest rates, increase liquidity, accelerate money market and foreign exchange market deepening and attract foreign capital inflows by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. managing the interest rate structure of monetary instruments and forex swaps in line with monetary liquidity
expansion and to accelerate the effective transmission to lower deposit and lending rates in the banking industry,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. increasing liquidity in the money market and banking industry by lowering the position of SRBI and purchasing
government securities (*Surat Berharga Negara* ("SBN")) in the secondary market in a measured manner, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. strengthening the function of primary dealers to increase SRBI transactions in the secondary market and
repurchase agreement ("repo") transactions between market players;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. strengthening the Rupiah stabilisation strategy in line with economic fundamentals, primarily through domestic
foreign exchange market intervention with a focus on spot and domestic non-deliverable forward transactions as well as intervention in offshore non-deliverable forward
transactions, while also purchasing SBN in the secondary market to increase liquidity and maintain financial market stability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. strengthening the assessment of prime lending rate transparency with a focus on interest rates based on
priority sectors in accordance with the scope of macroprudential liquidity incentive policy (*Kebijakan Insentif Likuiditas Makroprudensial*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. expanding digital acceptance by strengthening the implementation of QRIS Cross-Border and QRIS Tap. QRIS
Cross-Border is an initiative to enable payments under Quick Response Code Indonesian Standard ("QRIS") for transactions between Indonesia and other countries. QRIS Tap is an initiative to apply QRIS in contactless payments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Strengthening and expanding international cooperation among central banks, including payment system
connectivity and local currency transactions, while promoting trade and investment in priority sectors in synergy with relevant institutions.

Bank Indonesia is also strengthening policy synergy with the Government to maintain stability and nurture economic growth in line with the Government's Asta Cita program. In addition, Bank Indonesia will continue strengthening policy synergy with the Financial System Stability Committee (*Komite Stabilitas Sistem Keuangan*) to maintain financial system stability.

***Money Supply***

The following table sets forth the money supply as of the periods indicated.

**Money Supply** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Money** | **Money** | **Money** | **Money** | **Money** | **Money** | **Money** | **Money** |
| **End of period** | **Base<br>money** | **Currency** | **Demand<br>deposits** | **Rupiah<br>saving<br>deposits<sup>(1)</sup>** | **Total<sup>M1</sup> <sup>(1)</sup>** | **Quasi-<br>money** | **Securities<br>other<br>than<br>shares** | **Total<sup>M2</sup>** |
|  | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** |
| 2024 | 1774691 | 1062795 | 1776745 | 2384441 | 5223981 | 3908462 | 114187 | 9246630 |
|  July 2024 | 1544188 | 939541 | 1685723 | 2317245 | 4942509 | 3951324 | 89551 | 8983383 |
|  July 2025<sup>(2)</sup> | 1543935 | 1042732 | 1897512 | 2433307 | 5373552 | 4139884 | 56275 | 9569710 |

---

------

*Source:* Bank Indonesia.

<sup>M1</sup> Narrow money.

<sup>M2</sup> Broad money.

<sup>(1)</sup> Since September 2021, Rupiah saving deposits that can be withdrawn at any time is reclassified from quasi-money to narrow money, due to their high liquidity.

<sup>(2)</sup> Money supply data are ordinarily released approximately one month after the analytical balance sheet of Bank Indonesia.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Factors affecting money supply** | **Factors affecting money supply** | **Factors affecting money supply** | **Factors affecting money supply** |
| **End of period** | **Foreign<br>assets (net)** | **Claims on central<br>Government (net) <sup>(1)</sup>** | **Claims on<br>business sectors** | **Other<br>items (net)<sup>(2)</sup>** |
|  | | **(in billions of Rupiah)** | **(in billions of Rupiah)** | |
| 2024 | 1982701 | 748934 | 7046941 | 1414908 |
|  July 2024 | 1868086 | 757007 | 6776884 | 1373699 |
|  July 2025<sup>(3)</sup> | 2004123 | 709770 | 7250072 | 1612576 |

---

*Source:* Bank Indonesia.

<sup>(1)</sup> Claims on the Government include net of the Government's deposits with the banking system.

<sup>(2)</sup> Includes capital accounts, tradeable government bonds held by central bank and inter-system accounts.

<sup>(3)</sup> Money supply data are ordinarily released approximately one month after the analytical balance sheet of Bank Indonesia.

As of July 31, 2025, broad money grew by 6.5% (year-on-year) compared to 7.6% (year-on-year) as of July 31, 2024, due to a lower increase in quasi-money and a decrease in securities other than shares. Quasi-money grew by 4.8% (year-on-year) as of July 31, 2025 compared to 7.5% (year-on-year) as of July 31, 2024. Meanwhile, narrow money grew by 8.7% as of July 31, 2025 and by 6.3% as of July 31, 2024.

**Government Budget** 

***Fiscal Policy***

The following table sets forth Government revenues and expenditures for the periods indicated.

**Government Revenues and Expenditures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Eight Months Ended<br>August 31,** |
|  | **2023<sup>L</sup>** | **2024<sup>B</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  **Revenues and grants:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic revenues |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax revenues | 2154.2 | 2309.9 | 2231.8 | 2490.9 | 1330.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-tax revenue | 612.5 | 492.0 | 584.4 | 513.6 | 306.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total domestic revenues | 2766.7 | 2801.9 | 2816.2 | 3004.5 | 1637.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grants | 17.2 | 0.4 | 34.4 | 0.6 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenues and grants** | **2783.9** | **2802.3** | **2850.6** | **3005.1** | **1638.7** |
|  **Expenditures:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central government expenditures | 2239.8 | 2467.5 | 2496.2 | 2701.4 | 1388.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to regions and rural fund | 881.4 | 857.6 | 863.5 | 919.9 | 571.5 |
|  **Total expenditures** | **3121.2** | **3325.1** | **3359.8** | **3621.3** | **1960.3** |
|  Primary balance<sup>(1)</sup> | 102.6 | (25.5) | 20.7 | (63.3) | 21.9 |
|  Surplus/(deficit) | (337.3) | (522.8) | (509.2) | (616.2) | (321.6) |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Eight Months Ended<br>August 31,** |
|  | **2023<sup>L</sup>** | **2024<sup>B</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  **Financing:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Debt Financing** | **404.0** | **648.1** | **558.1** | **775.9** | **463.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Financing | (89.9) | (176.2) | (59.3) | (154.5) | (40.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On-Lending | 4.5 | (0.3) | (0.2) | (5.4) | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Guarantee | (0.3) | (0.8) | (1.5) | 0.0 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Financing | 38.5 | 52.0 | 57.8 | 0.3 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financing** | **356.7** | **522.8** | **554.9** | **616.2** | **425.4** |

---

*Source*: Ministry of Finance

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>B</sup> Budget.

<sup>P</sup> Preliminary.

<sup>(1)</sup> Primary balance represents revenues minus expenditures excluding interest expenditures.

***Government Finances***

The following table sets forth information regarding the revenues and expenditures of the Government for the periods indicated.

*Government Revenues* 

The following table sets forth Government revenues by category for the periods indicated.

**Government Revenues** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Eight Months Ended<br>August 31,** |
|  | **2023<sup>L</sup>** | **2024<sup>B</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  **Domestic revenues:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax revenues |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic tax |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas | 68.8 | 76.4 | 65.1 | 62.8 | 8.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas | 992.5 | 1063.4 | 996.8 | 1146.4 | 625.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income tax | 1061.2 | 1139.8 | 1061.9 | 1209.3 | 634.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value added tax (VAT) | 763.6 | 811.4 | 828.4 | 945.1 | 415.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land and building tax | 33.3 | 27.2 | 32.5 | 27.1 | 14.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excises | 221.9 | 246.1 | 226.4 | 244.2 | 144.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other taxes | 9.7 | 10.5 | 8.7 | 7.8 | 71.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total domestic taxes | 2089.7 | 2235.0 | 2158.0 | 2433.5 | 1279.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International trade taxes: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Import duties | 50.9 | 57.4 | 53.0 | 52.9 | 32.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export tax | 13.6 | 17.5 | 20.9 | 4.5 | 18.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total international trade taxes | 64.5 | 74.9 | 73.9 | 57.4 | 50.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total tax revenues** | **2154.2** | **2309.9** | **2231.8** | **2490.9** | **1330.4** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Eight Months Ended<br>August 31,** |
|  | **2023<sup>L</sup>** | **2024<sup>B</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-tax revenues: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural resources: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil | 87.4 | 80.5 | 78 | 89 | 57.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas | 28.8 | 29.6 | 32.7 | 32 | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total oil and gas | 116.2 | 110.2 | 110.6 | 121 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General mining | 129.1 | 85.8 | 107.8 | 87.5 | 70.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestry | 5.4 | 6 | 6.7 | 5.7 | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | 0.6 | 3.5 | 1 | 1.6 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geothermal | 2.8 | 2.2 | 2.8 | 2.2 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-oil and gas | 138 | 97.5 | 118.3 | 97 | 75.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total natural resources** | **254.2** | **207.7** | **228.9** | **218.0** | **140.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit transfer from SOEs | 82.1 | 85.8 | 86.4 | 90 | 11.8<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-tax revenues | 180.4 | 115.1 | 164.3 | 127.7 | 91.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Agency (BLU) Income | 95.9 | 83.4 | 104.7 | 77.9 | 62.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-tax revenues** | **612.5** | **492.0** | **584.4** | **513.6** | **306.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total domestic revenues** | **2766.7** | **2801.9** | **2816.2** | **3004.5** | **1637.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grants | 17.2 | 0.4 | 34.4 | 0.6 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenues and grants** | **2783.9** | **2802.3** | **2850.6** | **3005.1** | **1638.7** |

---

*Source:* Ministry of Finance.

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>B</sup> Budget.

<sup>P</sup> Preliminary.

<sup>(1)</sup> Profits of the SOEs held by BPI Danantara are being transferred to BPI Danantara rather than the Government. See "*Privatization and Management of State-Owned Enterprises — BPI Danantara*" in Exhibit 99.D to the Republic's annual report on Form 18-K for the fiscal year ended December 31, 2024. 

*Sources of Government Revenues* 

Government revenues realization improved by 2.4% from Rp2,783.9 trillion in 2023 to Rp2,850.6 trillion in 2024, representing 101.7% of the 2024 budget Government revenues. In 2024, tax revenues realization was Rp2,231.8 trillion or an increase of 3.6% from Rp2,154.2 trillion in 2023, and non-tax revenues realization was Rp584.4 trillion or a decrease of 4.6% from Rp612.5 trillion in 2023, representing 96.6% and 118.8% of the 2024 budget figures, respectively.

Government revenues realization decreased by 7.8% from Rp1,777.3 trillion in the first eight months of 2024 to Rp1,638.7 trillion in the first eight months of 2025, representing 54.5% of the 2025 budget Government revenues target. In the first eight months of 2025, tax revenues realization was Rp1,330.4 trillion or a decrease of 3.6% from Rp1,379.8 trillion in the first eight months of 2024, and non-tax revenues realization was Rp306.7 trillion or a decrease of 20.1% from Rp384.1 trillion in the first eight months of 2024, representing 53.4% and 59.7% of the 2025 budget figures, respectively. The decrease in non-tax revenues was driven by lower ICP, fluctuations in oil and gas lifting, and a drop in coal production compared to the prior period. Additionally, following the creation of BPI Danantara, profit from SOEs is now being transferred to BPI Danantara rather than the Government.

------

*Government Expenditures* 

The following table sets forth the expenditures of the Government for the periods indicated.

**Government Expenditures** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Eight Months Ended**<br>**August 31,** |
|  | **2023<sup>L</sup>** | **2024<sup>B</sup>** | **2024<sup>P</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  Central Government expenditures: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personnel expenditures | 412.7 | 484.4 | 464.9 | 521.5 | 351.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Good and services expenditures | 432.7 | 407.0 | 523.4 | 486.9 | 232.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | 303.0 | 247.5 | 355.5 | 234.1 | 139.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic debt | 409.3 | 456.8 | 445.9 | 497.6 | 314.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign debt | 30.6 | 40.5 | 42.5 | 55.2 | 28.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest payments | 439.9 | 497.3 | 488.4 | 552.9 | 343.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subsidies: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy subsidies | 164.3 | 189.1 | 177.6 | 203.4 | 108.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-energy subsidies | 105.3 | 96.9 | 115.1 | 104.5 | 41.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total subsidies | 269.6 | 286.0 | 292.7 | 307.9 | 149.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant expenditures | 0.2 | 0.0 | 0.3 | 0.2 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social assistance<sup>(1)</sup> | 156.9 | 157.3 | 154.9 | 140.1 | 101.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenditures | 225.0 | 388.0 | 216.1 | 458.0 | 70.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total central Government expenditures** | **2239.8** | **2467.5** | **2496.2** | **2701.4** | **1388.8** |
|  Transfers to Regions and Rural Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Regions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balanced funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General transfer funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue sharing funds | 205.7 | 143.1 | 153.2 | 192.3 | 108.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General allocation funds | 398.0 | 427.7 | 429.2 | 446.6 | 303.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total general transfer funds | 603.7 | 570.8 | 582.4 | 638.9 | 411.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific allocation funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Physical special allocation fund | 50.3 | 53.8 | 50.9 | 37.0 | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-physical special allocation fund | 128.1 | 133.8 | 130.4 | 146.7 | 94.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grants to Regions<sup>(2)</sup> | 2.9 | 0.5 | 2.2 | 1.6 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total specific allocation funds | 181.4 | 188.1 | 183.5 | 185.2 | 98.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total balanced funds | 785.0 | 758.9 | 765.9 | 824.2 | 510.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional incentive fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific autonomy funds<sup>(3)</sup> | 17.2 | 18.3 | 18.3 | 17.5 | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific Fund for Special Region of Yogyakarta | 1.4 | 1.4 | 1.4 | 1.2 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal Incentives<sup>(4)</sup> | 7.9 | 8.0 | 7.0 | 71.0 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Transfer to Regions | 811.5 | 786.6 | 863.5 | 913.9 | 571.5 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Eight Months Ended**<br>**August 31,** |
|  | **2023<sup>L</sup>** | **2024<sup>B</sup>** | **2024<sup>P</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rural Fund | 69.9 | 71.0 | 70.9 | 6.0 | 51.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total transfers to regions and Rural Fund** | **881.4** | **857.6** | **934.4** | **919.9** | **622.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Government expenditures** | **3121.2** | **3325.1** | **3359.8** | **3621.3** | **1960.3** |

---

*Source:* Ministry of Finance.

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>B</sup> Budget.

<sup>P</sup> Preliminary.

<sup>(1)</sup> Consists of social assistance from ministries/agencies spending and social assistance for disaster relief.

<sup>(2)</sup> Starting in 2023, became part of the Transfer to the Regions.

<sup>(3)</sup> Consists of specific autonomy fund for Aceh and Papua Provinces and additional infrastructure fund for Papua Provinces.

<sup>(4)</sup> In periods prior to 2023, this item was presented as "regional incentive fund."

*Government Expenditures* 

Total Government expenditures in 2024 reached Rp3,359.8 trillion or an increase of 7.6% from Rp3,121.2 trillion in 2023, representing 101.0% of the 2024 budget Government expenditures. This was primarily driven by the realization of central government expenditures which increased by 11.4% from Rp2,239.8 trillion to Rp2,496.2 trillion, representing 101.2% of the 2024 budget figure, partially offset by the decrease of 2.0% in transfer to regions and rural fund from Rp881.4 trillion to Rp863.5 trillion, representing 100.7% of the 2024 budget figure.

Total Government expenditures in the first eight months of 2025 reached Rp1,960.3 trillion or an increase of 1.5% from Rp1,930.3 trillion in the first eight months of 2024, representing 54.1% of the 2025 budget Government expenditures. In the first eight months of 2025, central Government expenditures were Rp1,388.8 trillion or an increase of 1.5% from Rp1,368.6 trillion in the first eight months of 2024, representing 51.4% of the 2025 budget figure. In the first eight months of 2025, transfer to regions and rural funds reached Rp571.5 trillion or an increase of 1.7% from Rp562.1 trillion in the first eight months of 2024, representing 62.1% of the 2025 budget figure.

*Fuel Prices and Subsidies* 

The table below sets forth the amounts of subsidies for the periods indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Eight Months Ended**<br>**August 31,** |
|  | **2023<sup>L</sup>** | **2024<sup>B</sup>** | **2024<sup>P</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  Subsidies: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy subsidies | 164.3 | 189.1 | 177.6 | 203.4 | 108.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-energy subsidies | 105.3 | 96.9 | 115.1 | 104.5 | 41.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total subsidies** | **269.6** | **286.0** | **292.7** | **307.9** | **149.4** |

---

*Source:* Ministry of Finance.

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

------

<sup>B</sup> Budget.

<sup>P</sup> Preliminary.

*Government Expenditure Allocation* 

The following table sets forth, by percentage, the allocation of central Government expenditures by function for the periods indicated.

**Allocation of Central Government Expenditures by Function** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Eight Months Ended**<br>**August 31,** |
|  | **2023<sup>L</sup>** | **2024<sup>B</sup>** | **2024<sup>P</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** |
|  | **(Percentages)** | **(Percentages)** | **(Percentages)** | **(Percentages)** | **(Percentages)** |
|  General public services | 36.2 | 34.8 | 35.9 | 31.2 | 31.6 |
|  Defense | 7.7 | 5.5 | 7.6 | 6.1 | 10.1 |
|  Public order and safety | 8.6 | 7.7 | 9.2 | 7.7 | 9.6 |
|  Economic affairs | 21.7 | 26.0 | 21.9 | 29.5 | 20.9 |
|  Environmental protection | 0.6 | 0.6 | 0.6 | 0.4 | 0.3 |
|  Housing and community amenities | 1.7 | 1.5 | 1.9 | 0.6 | 0.5 |
|  Health | 4.4 | 4.0 | 4.0 | 3.8 | 4.2 |
|  Tourism and culture | 0.2 | 0.1 | 0.2 | 0.1 | 0.1 |
|  Religion | 0.5 | 0.5 | 0.5 | 0.5 | 0.6 |
|  Education | 7.7 | 9.0 | 7.9 | 10.1 | 8.0 |
|  Social protection | 10.8 | 10.3 | 10.3 | 10.0 | 14.1 |
|  **Total** | **100.0** | **100.0** | **100.0** | **100.0** | **100.0** |

---

*Source:* Ministry of Finance.

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>B</sup> Budget.

<sup>P</sup> Preliminary.

The table below sets forth certain government budget expenditures for priority sectors for the periods indicated.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Eight Months Ended<br>August 31,** |
|  | **2023<sup>L</sup>** | **2024<sup>B</sup>** | **2024<sup>P</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  Education | 503.8 | 665.0 | 569.1 | 724.3 | 346.9 |
|  Infrastructure | 389.3 | 423.4 | 395.1 | 399.3 | N/A |
|  Energy Subsidy | 164.3 | 189.1 | 177.6 | 203.4 | 108.0 |
|  Health | 183.2 | 187.5 | 194.4 | 218.5 | 114.3 |

---

*Source:* Ministry of Finance.

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>B</sup> Budget.

<sup>P</sup> Preliminary.

------

*Deficit Financing* 

The following table sets forth, by amount, information on deficit financing for the periods indicated.

**Deficit Financing** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Eight**<br>**Months Ended**<br>**August 31,** |
|  | **2023<sup>L</sup>** | **2024<sup>B</sup>** | **2024<sup>P</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  Debt financing |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government securities (net) | 308.2 | 666.4 | 450.7 | 642.6 | 431.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic loans (net) | 14.6 | (0.6) | 15.0 | 5.2 | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross drawings: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Program loan | 83.0 | 30.0 | 60.0 | 80.0 | 34.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project loan | 79.7 | 37.8 | 119.7 | 136.5 | 59.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gross drawing | 162.7 | 67.8 | 179.8 | 216.5 | 94.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (81.5) | (85.5) | (87.5) | (88.4) | (61.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total foreign loan (net) | 81.2 | (17.7) | 92.3 | 128.1 | 32.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans (net) | 95.8 | (18.4) | 107.3 | 133.3 | 32.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total debt financing** | **404.0** | **648.1** | **558.1** | **775.9** | **463.7** |
|  Investment financing |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment to SOEs | (42.1) | (30.7) | (35.2) | (22.7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment to other institutions |  | (10.0) | (5.0) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment to public service agencies | (52.5) | (41.2) | (23.1) | (36.8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in financial organizations/institutions | (1.6) | (1.9) | (2.0) | (1.8) | (1.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue of investment | 26.8 |  | 22.9 |  | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government's Investments | (20.5) | (13.7) | (17.0) | (18.8) | (40.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others investment financing |  | (65.7) |  | (55.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment financing reserves |  | (13.0) |  | (19.4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment financing** | **(89.9)** | **(176.2)** | **(59.3)** | **(154.5)** | **(40.1)** |
|  Lending | 4.5 | (0.3) | (0.2) | (5.4) | 1.5 |
|  Government guarantee | (0.3) | (0.8) | (1.5) |  |  |
|  Other financing | 38.5 | 52.0 | 57.8 | 0.3 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total financing (net)** | **356.7** | **522.8** | **554.9** | **616.2** | **425.7** |

---

*Source:* Ministry of Finance.

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>B</sup> Budget.

<sup>P</sup> Preliminary.

------

*Government Revenues* 

The following table sets forth the revenues of the Government as (i) audited 2023 revenue as a percentage of the 2023 GDP at current prices and (ii) audited 2024 revenue as a percentage of the preliminary 2024 GDP at current prices, respectively.

**Government Revenues** 

---

| | | |
|:---|:---|:---|
|  | **2023 LKPP<br>Audited** | **2024 LKPP**<br>**Audited** |
|  | **(percentage**<br> **of 2023 GDP)** | **(percentage**<br> **of 2024 GDP)** |
|  Total revenues and grants (in trillions of Rupiah) | 2783.9 | 2850.6 |
|  Domestic revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas | 0.33 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas | 4.75 | 4.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income tax | 5.08 | 4.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value added tax (VAT) | 3.65 | 3.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land and building tax | 0.16 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excises | 1.06 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other taxes | 0.05 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total domestic taxes | 10.00 | 9.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International trade taxes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Import duties | 0.24 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export tax | 0.07 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total international trade taxes | 0.31 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total tax revenue** | **10.31** | **10.08** |
|  Non-tax revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural resources: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil | 0.42 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas | 0.14 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total oil and gas | 0.56 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mining | 0.62 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestry | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geothermal | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-oil and gas | 0.66 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total natural resources** | **1.22** | **1.03** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit transfer from SOEs | 0.39 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-tax revenues | 0.86 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Agency (BLU) Income | 0.46 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-tax revenues** | **2.93** | **2.64** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total domestic revenues** | **13.24** | **12.72** |
|  Grants | 0.08 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Revenues and Grants** | **13.32** | **12.88** |

---

*Source:* Ministry of Finance

------

*Government Expenditures* 

The following table sets forth the expenditures of the Government as (i) audited 2023 expenditures as a percentage of the 2023 GDP at current prices and (ii) audited 2024 expenditure as a percentage of the preliminary 2024 GDP at current prices, respectively.

**Government Expenditure** 

---

| | | |
|:---|:---|:---|
|  | **2023 LKPP<br>Audited** | **2024 LKPP**<br>**Audited** |
|  | **(percentages<br>of 2023 GDP)** | **(percentages**<br> **of 2024 GDP)** |
|  **Total expenditures** (in trillions of Rupiah) | 3121.2 | 3359.8 |
|  Central Government expenditures: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personnel expenditures | 1.98 | 2.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Good and services expenditures | 2.07 | 2.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | 1.45 | 1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic debt | 1.96 | 2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign debt | 0.15 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest payments | 2.11 | 2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subsidies: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy subsidies | 0.79 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-energy subsidies | 0.50 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total subsidies | 1.29 | 1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant expenditures | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social assistance<sup>(1)</sup> | 0.75 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenditures | 1.08 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total central Government expenditures** | **10.72** | **11.28** |
|  Transfers to Regions and Rural Fund: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Regions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General transfer funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue sharing funds | 0.98 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General allocation funds | 1.91 | 1.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total general transfer funds | 2.89 | 2.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific allocation funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Physical special allocation fund | 0.24 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-physical special allocation fund | 0.61 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grants to region | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total specific allocation funds | 0.87 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total balanced funds | 3.76 | 3.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific autonomy funds<sup>(2)</sup> | 0.08 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific Fund for Special Region of Yogyakarta | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal Incentive<sup>(3)</sup> | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total transfer to Regions | 3.88 | 3.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rural Fund | 0.33 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total transfer to regions and rural fund** | **4.22** | **4.22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Government expenditures** | **14.94** | **15.18** |

---

------

*Source:* Ministry of Finance

<sup>(1)</sup> Consists of Social Assistance from Ministries/Agencies Spending and Social Assistance for Disaster Relief.

<sup>(2)</sup> Consists of specific autonomy fund and additional specific infrastructure autonomy fund for Papua and West Papua Provinces.

<sup>(3)</sup> It is the regional incentive fund before 2023.

***Government Deficit Financing***

The following table sets forth the deficit financing of the Government, by amount and (i) audited 2023 deficit financing as a percentage of the 2023 GDP at current prices and (ii) audited 2024 deficit financing as a percentage of the preliminary 2024 GDP at current prices, respectively.

***Government Deficit Financing***

---

| | | |
|:---|:---|:---|
|  | **2023<br>LKPP<br>Audited** | **2024<br>LKPP<br>Audited** |
|  | **(percentages**<br> **of 2023 GDP)** | **(percentages**<br> **of 2024 GDP)** |
|  **Total financing (net) (in trillions of Rupiah)** | 356.7 | 554.9 |
|  Debt financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government securities (net) | 1.48 | 2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic loans (net) | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign loans: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross drawings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Program loan | 0.40 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project loan | 0.38 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gross drawing | 0.78 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (0.39) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total foreign loan (net) | 0.39 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans (net) | 0.46 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total debt financing** | **1.93** | **2.52** |
|  Investment financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment to SOEs | (0.20) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment to other institutions | (0.00) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment to public service agencies | (0.25) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in financial organizations/institutions | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue of investment | 0.13 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government's investments | (0.10) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others investment financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment financing reserves |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment financing** | **(0.43)** | **(0.27)** |
|  Lending | 0.02 | (0.00) |
|  Government guarantee | (0.00) | (0.01) |
|  Other financing | 0.18 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total financing (net)** | **1.71** | **2.51** |

---

*Source:* Ministry of Finance

------

**Public Debt** 

As of June 30, 2025, the central Government's foreign debt-to-GDP ratio was 12.0%, with a foreign debt to total debt ratio of 28.7%.

***External Public Debt of the Republic***

External public debt of the Republic consists of central Government debt (other than public domestic debt) and debt of Bank Indonesia owed to creditors outside Indonesia. The discussion below treats the external debt of Bank Indonesia as part of the Republic's external debt. However, SBI and SRBI, which are issued by Bank Indonesia in its role as formulator and implementer of the Republic's monetary policy, are not considered liabilities of the Republic. Accordingly, SBI and SRBI are not reflected in the Government debt discussions herein. See "*Financial System — Bank Indonesia*." The discussion of debt of the Republic in this section differs from the discussion of "Government debt" elsewhere in this report, in which Bank Indonesia debt is excluded and only central Government debt, which depends on Government revenue for its repayment, is included. See "*Government Budget — Government Finances*."

The following table sets forth information on the outstanding external public debt of the Republic in terms of creditor type as of the dates indicated.

**Outstanding External Public Debt of the Republic by Source<sup>(1)</sup>** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of August 31,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** |
|  Concessional Loans: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multilateral creditors | 37.0 | 39.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bilateral creditors | 16.6 | 17.3 |
|  Commercial<sup>(2)</sup> | 102.7 | 106.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **156.3** | **163.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total external public debt of the Republic, as a percentage of GDP for the period indicated<sup>(3)</sup> | 11.4% | 12.0% |

---

*Source*: Ministry of Finance.

<sup>P</sup> Preliminary.

<sup>(1)</sup> Foreign currency values of outstanding external debt have been converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

<sup>(2)</sup> Includes securities (bonds and Sukuk) issued in international capital markets and commercial bank borrowings.

<sup>(3)</sup> In calculating as a percentage of GDP, GDP in U.S. dollars has been converted from Rupiah into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated. 

As of August 31, 2025, 65.2% and 34.8% of the outstanding external public debt of the Republic were from commercial and concessional loans, respectively. The total outstanding external public debt of the Republic as of August 31, 2025 was U.S.$163.0 billion.

------

***Sources of External Public Borrowing***

The following table sets forth the outstanding amounts of international development assistance received by the Republic as of the dates indicated.

**International Development Assistance<sup>(1)(2)</sup>** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of August 31,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** |
|  Bilateral loans | 16627 | 17327 |
|  Multilateral loans: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Monetary Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Bank Group | 21247 | 21008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asian Development Bank | 11183 | 11520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Islamic Development Bank | 1361 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordic Investment Bank | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Fund for Agricultural Development | 289 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asian Infrastructure Investment Bank | 2918 | 2915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multilateral Investment Guarantee Agency |  |  |
|  Total multilateral loans | 37003 | 37074 |
|  **Total loans** | **53630** | **54401** |

---

*Source:* Ministry of Finance.

<sup>P</sup> Preliminary.

<sup>(1)</sup> The term international development assistance includes any concessionary loans provided by international financial institutions or foreign governments, excluding grants.

<sup>(2)</sup> Foreign currency values of international development assistance have been converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

The following table sets forth the external public debt of the Republic by currency as of the dates indicated.

**Outstanding External Public Debt of the Republic by Major Currency** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024<sup>P</sup>** | **2024<sup>P</sup>** | **2025<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in millions of<br>original currency)** | **(in millions of<br>U.S. dollars)<sup>(1)</sup>** | **(in millions of<br>original currency)** | **(in millions of<br>U.S. dollars)<sup>(1)</sup>** |
|  U.S. dollars | 111511 | 111511 | 109943 | 109943 |
|  Japanese yen | 2605730 | 17133 | 2272580 | 15459 |
|  Euros | 22052 | 26026 | 27783 | 32441 |
|  SDR | 314 | 241 | 118 | 161 |
|  British pounds |  |  |  |  |
|  Others | Multiple Currencies | 1374 | Multiple Currencies | 4972 |
|  **Total** | **N/A** | **156285** | **N/A** | **162977** |

---

*Source:* Ministry of Finance.

<sup>P</sup> Preliminary.

<sup>(1)</sup> Calculated based on the applicable BI middle exchange rates as of the date indicated for each column.

------

As of August 31, 2025, 67.5%, 9.5%, 19.9% and 3.1% of the external public debt of the Republic was denominated in U.S. dollars, Japanese Yen, Euros and other currencies (including SDR), respectively.

The following table sets forth the external debt service requirements of the central Government for the years indicated.

**External Debt Service Requirements of the Central Government** 

---

| | | | |
|:---|:---|:---|:---|
| **Period** | **Principal<br>repayment** | **Interest<br>repayment** | **Total** |
|  | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** |
| 2023<sup>R</sup> | 11.8 | 5.6 | 17.5 |
| 2024<sup>R</sup> | 11.8 | 6.4 | 18.2 |
| 2025<sup>\*</sup> | 14.3 | 6.4 | 20.8 |
| 2026<sup>\*\*</sup> | 13.6 | 6.1 | 19.7 |
| 2027<sup>\*\*</sup> | 16.5 | 5.6 | 22.1 |

---

*Source:* Ministry of Finance

<sup>R</sup> Realization.

\* Calculated based on (i) actual principal and interest payments made from January 1, 2025 to August 31, 2025 and (ii) projected principal and interest payments to be made from September 1, 2025 to December 31, 2025 based on external debt outstanding as of August 31, 2025.

\*\* Projected based on external debt outstanding as of August 31, 2025.

***External Debt of Bank Indonesia***

The following table sets forth the outstanding multilateral and commercial external debt of Bank Indonesia by type of credit as of the dates indicated.

**Outstanding Multilateral and Commercial External Debt of Bank Indonesia<sup>(1)</sup>** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of July 31,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Multilateral | 8393 | 8761 |
|  Commercial<sup>(2)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **8393** | **8761** |

---

*Source*: Bank Indonesia

<sup>P</sup> Preliminary.

<sup>(1)</sup> Foreign currency values of outstanding external debt have been converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

<sup>(2)</sup> Includes bonds issued in international capital markets and commercial bank borrowings but excludes SBI and SRBI owned by non-residents, currencies and deposits and other liabilities. 

As of July 31, 2025, the external debt of Bank Indonesia amounted to U.S.$8.8 billion, comprised entirely of SDR allocation (and excluding currency, deposits and SRBI), while commercial debt was nil. For calculation purposes, foreign currency values of outstanding external debt were converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

------

The following table sets forth the external debt service requirements of Bank Indonesia for the years indicated.

**External Debt Service Requirements of Bank Indonesia<sup>(1)(2)</sup>** 

---

| | | | |
|:---|:---|:---|:---|
| **Period** | **Principal<br>repayment** | **Interest<br>repayment** | **Total** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
| 2023<sup>P</sup> | 0.0 | 174 | 174 |
| 2024<sup>P</sup> | 0.0 | 196 | 196 |
| 2025<sup>\*</sup> | 0.0 | 272 | 272 |

---

*Source:* Bank Indonesia.

<sup>P</sup> Preliminary

\* Calculated based on (i) actual principal and interest payments made from January 1, 2025 to July 31, 2025 and (ii) projected principal and interest payments to be made from August 1, 2025 to December 31, 2025 based on external debt outstanding as of July 31, 2025.

<sup>(1)</sup> Excludes SBI and SRBI owned by non-residents, currencies and deposits and other liabilities. 

<sup>(2)</sup> Foreign currency values of outstanding external debt have been converted into U.S. dollars at the applicable BI middle exchange rates as of the end of each year and, for 2025, as of July 31, 2025.

In order to strengthen its international reserves and support its balance of payments, the Republic has entered into a swap arrangement with ASEAN as well as bilateral swap arrangements with other countries. See "*— Foreign Exchange and Reserves — Regional Swap Arrangements of the Republic*" in Exhibit 99.D to the Republic's annual report on Form 18-K for the fiscal year ended December 31, 2024. 

***External Debt of State-Owned Enterprises***

The following table sets forth the outstanding direct external debt of SOEs as of the dates indicated.

**Outstanding Direct External Debt of State-Owned Enterprises<sup>(1)</sup>** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of July 31,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Financial institutions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank | 7326 | 6902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-bank | 1271 | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total financial institutions | 8596 | 8146 |
|  Non-financial institutions | 35788 | 34505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **44384** | **42651** |

---

*Source:* Bank Indonesia.

<sup>P</sup> Preliminary.

<sup>(1)</sup> Foreign currency values of outstanding direct external debt have been converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

For a discussion of the Republic's guarantee of certain external debt in connection with infrastructure projects in the country, see "*— Public Debt — Contingent Liabilities from Government Guarantees*."

------

***Domestic Public Debt of the Central Government***

The following table sets forth the outstanding domestic public debt of the central Government as of the dates indicated.

**Domestic Public Debt of the Central Government** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of August 31,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  Total domestic public debt<sup>(1)</sup> | 6278.8 | 6650.5 |

---

*Source*: Ministry of Finance.

<sup>P</sup> Preliminary.

<sup>(1)</sup> Excludes SBI, which are obligations of Bank Indonesia and not of the Government. See "*Financial System — Bank Indonesia*."

***Domestic Debt Service Requirements of the Central Government***

The following table sets forth the debt service requirements for the central Government for the years indicated.

---

| | | | |
|:---|:---|:---|:---|
| **Period** | **Principal<br>repayment and<br>redemption** | **Interest<br>repayment** | **Total** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
| 2023<sup>R</sup> | 444.5 | 354.5 | 799.0 |
| 2024<sup>R</sup> | 531.6 | 387.7 | 919.3 |
|  2025\* | 664.1 | 406.8 | 1070.9 |
|  2026\* | 719.6 | 403.9 | 1123.5 |
|  2027\*\* | 676.7 | 362.0 | 1038.7 |

---

Source: Ministry of Finance

<sup>R</sup> Realization.

\* Calculated based on (i) actual principal and interest payments made from January 1, 2025 to August 31, 2025 and (ii) projected principal and interest payments to be made from July 1, 2025 to December 31, 2025 based on external debt outstanding as of August 31, 2025.

\*\* Projected based on external debt outstanding as of August 31, 2025.

***Contingent Liabilities from Government Guarantees***

As of August 31, 2025, the Government had provided infrastructure guarantees of Rp379.7 trillion, an increase from active guarantees of Rp372.2 trillion as of December 31, 2024.

As of August 31, 2025, the Government had accumulated Rp13.7 trillion in the guarantee reserve fund account.

The guarantee that the Government provided to infrastructure projects included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full default risk guarantees relating to the PT PLN loans for the construction of coal power plants with a total
capacity of 10,000 MW and the associated transmission lines under the 'Fast Track I' program. The outstanding guarantee for this program amounted to Rp0.2 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business viability guarantees for independent power producers, ensuring PT PLN's ability to fulfill its
financial obligations under power purchase agreements related to the 'Fast Track II' program. The guarantee for this program amounted to Rp65.2 trillion;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full default risk guarantees relating to the PT PLN loans for the construction of electricity infrastructure,
together with business viability guarantees, under a 35 GW program. The outstanding guarantee for this program amounted to Rp92.0 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full default risk guarantees relating to direct lending from international financial institutions (multilateral
and bilateral agencies) to SOEs for the construction of infrastructure projects. The outstanding guarantee for this program amounted to Rp53.1 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partial default risk guarantees for loans to local government-owned water companies in connection with the
Millennium Development Goals in water provision. The outstanding guarantee for this program amounted to Rp0.2 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• co-guarantee scheme between the Government and the Indonesia
Infrastructure Guarantee Fund to guarantee private-public partnership projects such as power plant projects (e.g., the Central Java steam power plant) and several toll road sections (e.g., Jakarta Cikampek II Elevated, Cileunyi — Sumedang
— Dawunan, Krian — Legundi — Bunder — Manyar, Serang — Panimbang, Probolinggo — Banyuwangi, and Jakarta Cikampek II Selatan). The guarantee for this program amounted to Rp110.5 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full default risk guarantees relating to PT Hutama Karya's loans and bonds for the construction of Sumatera
Toll Roads. The outstanding guarantee for this program amounted to Rp26.3 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full default risk guarantees relating to PT Kereta Api Indonesia's loans for the construction of rail
transport projects. The outstanding guarantees for this program amounted to Rp22.6 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• guarantee for local infrastructure financing through PT SMI. The outstanding guarantees for this program amounted
to Rp0.3 trillion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full default risk guarantees relating to PT Kereta Api Indonesia's loans for the construction of the
Jakarta-Bandung high-speed rail. The outstanding guarantees for this program amounted to Rp8.8 trillion.

**Foreign Exchange and Reserves** 

***Exchange Rates***

The following table sets forth information on exchange rates between the Rupiah and the U.S. dollar for the periods indicated.

---

| | | |
|:---|:---|:---|
|  | **Rupiah per U.S. dollar** | **Rupiah per U.S. dollar** |
|  | **End of<br>period** | **Period<br>average** |
| 2020 | 14050 | 14525 |
| 2021 | 14253 | 14296 |
| 2022 | 15568 | 14873 |
| 2023 | 15397 | 15247 |
| 2024 | 16095 | 15841 |
|  January 2025 | 16300 | 16256 |
|  February 2025 | 16580 | 16342 |
|  March 2025 | 16560 | 16587 |
|  April 2025 | 16600 | 16813 |
|  May 2025 | 16290 | 16409 |
|  June 2025 | 16235 | 16297 |
|  July 2025 | 16455 | 16278 |
|  August 2025 | 16490 | 16305 |
|  September 2025 | 16665 | 16517 |

---

*Source:* Bank Indonesia

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***International Reserves***

The following table sets forth the Republic's total official international reserves, expressed in (i) U.S. dollar equivalents and (ii) the number of months of imports and Government external debt repayments, in each case at the end of the periods indicated. These reserves consist of foreign exchange, gold, SDRs and a reserve position with the IMF. Indonesia complies with the IMF's Special Data Dissemination Standard requirement on international reserves and foreign exchange currency liquidity. ****

**Official International Reserves of the Republic<sup>(1)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** |  | **As of August 31,** |  |
|  | **2024** |  | **2025** |  |
|  | **(in millions of U.S. dollars, except for<br>months)** | **(in millions of U.S. dollars, except for<br>months)** | **(in millions of U.S. dollars, except for<br>months)** |  |
|  Gold | 6602 |  | 8819 |  |
|  SDRs | 7236 |  | 7594 |  |
|  Reserve position with the IMF | 1034 |  | 1086 |  |
|  Foreign exchange and others | 140848 |  | 132345 |  |
|  **Total** | **155719** |  | **150709** |  |
|  Total as number of months of imports and Government external debt repayments | 6.5 | <sup>P</sup> | 6.1 | <sup>P</sup> |

---

*Source:* Bank Indonesia.

<sup>P</sup> Preliminary.

<sup>(1)</sup> Converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

As of August 31, 2025, official international reserves position was U.S.$150.7 billion, equivalent to 6.1 months of imports and servicing government's external debt. This is well above the international adequacy standard of around three months of imports.

***Regional Swap Arrangements of the Republic***

As September 30, 2025, no drawdowns on existing bilateral and regional swap arrangements have been made.

**Debt-to-GDP Ratios** 

The following table sets forth the central Government's debt-to-GDP ratio and debt service to GDP ratio as of the dates indicated. Under the State Finances Law No. 17 of 2003, the Republic's debt-to-GDP ratio must remain below 60%.

**Debt-to-GDP Ratios** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of June 30,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(percentages, unless**<br> **indicated otherwise)** | **(percentages, unless**<br> **indicated otherwise)** |
|  Debt-to-GDP ratio | 39.8 | 39.9 |
|  Debt service to GDP ratio | 5.5<sup>(1)</sup> | 3.0<sup>(2)</sup> |
|  Total public debt of the central Government<br>(in billions of U.S.$) <sup>(3)</sup> | 545.5 | 563.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% in Loans | 12.3 | 12.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% in Bonds | 87.7 | 87.3 |

---

*Source:* Ministry of Finance, Bank Indonesia.

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<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>P</sup> Preliminary.

<sup>(1)</sup> Calculated as debt service for 2024 divided by 2024 GDP at current prices.

<sup>(2)</sup> Calculated as debt service for the six months to June 30, 2025, divided by GDP at current prices for the twelve months to June 30, 2025 (comprising the second half of 2024 and the first half of 2025), as reported by BPS.

<sup>(3)</sup> Outstanding foreign currency debt was converted to U.S. dollars using the BI middle exchange rate as of each period indicated in the table.

As of June 30, 2025, the central Government's debt-to-GDP ratio was 39.9%, with U.S.$563.0 billion of total public debt of the central Government, of which 12.7% was in loans and 87.3% was in bonds.