# EDGAR Filing Document

**Accession Number:** 0001719614
**File Stem:** 0001193125-26-065082
**Filing Date:** 2026-2
**Character Count:** 150130
**Document Hash:** aab901306c7a4d7aa4a6058d3919f222
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## Filing Content

## Filing Summary
**0001193125-26-065082.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001193125-26-065082

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**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:** 26667362

**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. 6** 

**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.

------

**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 24th day of February 2026.

---

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

---

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.E: | [Recent Developments](d33360dex99e.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, as it may be amended from time to time. 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, as amended.* 

**Recent Developments** 

***U.S.-Indonesia Agreement on Reciprocal Trade***

On February 19, 2026, the United States and Indonesia finalized the Agreement on Reciprocal Trade. Under the agreement, the United States will apply a reciprocal tariff rate of 19% on most originating goods of Indonesia (in addition to the applicable MFN rate), except for certain identified products that will enter at a zero reciprocal tariff rate. The United States has committed to establish a mechanism that will allow a to-be-specified volume of certain textile and apparel goods from Indonesia to enter at a zero reciprocal tariff rate, with the volume determined in relation to the quantity of U.S. exports of textiles produced from American cotton and man-made fiber textile inputs.

Under the agreement, Indonesia has committed, among other things, to: (i) eliminate tariff barriers on over 99% of U.S.-origin goods across all sectors; (ii) address non-tariff barriers by exempting U.S. companies and U.S.-origin goods from local content requirements, accepting U.S. federal motor vehicle safety and emission standards, accepting FDA standards for medical devices and pharmaceuticals, removing burdensome certification and labeling requirements, eliminating pre-shipment inspection requirements, and resolving intellectual property issues; (iii) address and eliminate barriers affecting U.S. agricultural products (including by exempting U.S. food and agricultural products from all import licensing regimes) and digital trade; (iv) remove restrictions on exports to the United States for all industrial commodities, including critical minerals; and (v) adopt and implement a forced-labor import ban and remove provisions from its labor laws that restrict workers and unions from fully exercising freedom of association and collective bargaining rights.

Implementation of the agreement remains subject to the parties' completion of their respective domestic legal procedures. The agreement will enter into force 90 days after the exchange of written notifications certifying completion of those procedures, or on such other date as the parties may agree. On February 19, 2026, the Presidents of the United States and Indonesia signed a joint statement confirming their strong commitment to implementing the agreement and instructed their relevant ministers and secretaries to take further steps toward that end.

Separately, U.S. and Indonesian companies signed commercial agreements valued at approximately U.S.$33 billion, including purchases of approximately U.S.$15 billion in U.S. energy commodities, U.S.$13.5 billion in commercial aircraft and aviation-related goods and services (including from Boeing), and over U.S.$4.5 billion in U.S. agricultural products.

On February 20, 2026, the U.S. Supreme Court held that the International Emergency Economic Powers Act does not authorize the U.S. President to impose tariffs. On the same day, the U.S. Trade Representative announced the imposition of a temporary 10% surcharge on imports pursuant to Section 122 of the Trade Act of 1974 and other measures under alternative statutory authorities. The implications of these developments for existing and prospective U.S. duties on goods of Indonesian origin, and for the entry into force and implementation of the Agreement on Reciprocal Trade, remain subject to subsequent developments. The Government will closely monitor relevant developments.

------

***Preliminary Budget Realization Results for January 2026***

On February 23, 2026, the Ministry of Finance announced the preliminary budget realization results for January 2026. Government revenues are expected to be Rp172.7 trillion, a 9.5% increase from Rp157.8 trillion in January 2025. Out of government revenues, tax revenues are expected to be Rp138.9 trillion, a 20.5% increase from Rp116.2 trillion, and non-tax revenues are expected to be Rp33.9 trillion, a 20.4% decrease from Rp42.5 trillion in January 2025.

Government expenditures for January 2026 are expected to be Rp227.3 trillion, a 25.7% increase from Rp180.8 trillion in January 2025. Out of government expenditures, central government expenditures are expected to be for Rp131.9 trillion, a 53.3% increase from Rp86.0 trillion the previous year, and transfers to regions and rural funds are expected to be Rp95.3 trillion, a 0.6% increase from Rp94.7 trillion in January 2025.

As a result, the government expects to realize a primary balance of Rp4.2 trillion deficit for January 2026, compared to the Rp11.1 trillion surplus in January 2025. The total deficit is expected to be Rp54.6 trillion for January 2026.

*The preliminary January 2026 budget realization results described above are preliminary and subject to finalization and audit by the Government in the ordinary course. The actual January 2026 budget realization results may differ materially from what are described herein and, as such, undue reliance should not be placed on these preliminary results. See "Forward-Looking Statements."* 

**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** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2021<sup>L</sup>** | **2022<sup>L</sup>** | **2023<sup>L</sup>** | **2024<sup>L</sup>** | **2025<sup>P</sup>** |
|  National account and prices: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real GDP growth (period-on-period) | 3.7% | 5.3% | 5.1% | 5.0% | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per capita GDP (in millions of Rupiah) | 62.2 | 71 | 75 | 78.6 | 83.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per capita GDP (in U.S. dollars)<sup>(1)</sup> | 4350 | 4784 | 4856 | 4960 | 5083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation rate (year-on-year change in CPI) | 1.9% | 5.5% | 2.6% | 1.6% | 2.9% |
|  External sector: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current account (% of GDP) | 0.3% | 1.0% | (0.2)% | (0.6)% | (0.1)% |
|  Fiscal account: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Budget (deficit) / surplus (% of GDP) | (4.6)% | (2.4)% | (1.6)% | (2.3)% | (2.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; External debt of the central Government (in trillions of Rupiah) | 2077.8 | 2302.7 | 2346 | 2330.7 | 2829.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt service ratio (% of Government revenue) | 45.0% | 34.5% | 38.5% | 42.1% | 43.0% |

---

*Sources:* Statistics Indonesia (*Badan Pusat Statistik* ("BPS")), Bank Indonesia 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: Rp14,309 per U.S. dollar for 2021, Rp14,848 per U.S. dollar for 2022, 

------

Rp15,439 per U.S. dollar for 2023, Rp15,849 per U.S. dollar for 2024 and Rp16,474.8 per U.S. dollar for 2025. 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.

**Government and Political Developments** 

In January 2026, Indonesian authorities revoked certain mining business licenses, including that of the operator of the Martabe gold mine in North Sumatra, citing environmental and regulatory compliance issues related to flooding events. As of mid-February 2026, the Government is reviewing these revocations, and any potential transfer of operations to a state-owned entity under BPI Danantara remains subject to ongoing legal and administrative processes. The Government continues to affirm its commitment to environmental stewardship, the rule of law, and fair treatment of investors consistent with applicable regulations.

**Foreign Relations and International and Regional Organizations** 

In January 2026, Indonesia signed the Charter of the Board of Peace in Bad Ragaz, Switzerland, following President Prabowo Subianto's attendance at the World Economic Forum in Davos, and became a member of this international body. The Government reaffirmed its longstanding commitment to promoting peace in Palestine through participation in the Board of Peace, which is tasked with monitoring post-conflict stabilization and rehabilitation efforts in Gaza, while continuing to support Palestinian independence and the achievement of a two-state solution consistent with the Republic's independent and active foreign policy.

------

**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)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **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 | 403578 | 1.8 | 424185 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Coal, Oil and Gas Manufacturing Industries | 3799289 | 17.2 | 4117335 | 17.3 |
|  **Total Manufacturing Industry** | **4202867** | **19.0** | **4541520** | **19.1** |
|  Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles | 2893315 | 13.1 | 3136600 | 13.2 |
|  Agriculture, Forestry, and Fishery |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agriculture, Livestock, Hunting & Agriculture Services | 2107419 | 9.5 | 2379116 | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestry and Logging | 129570 | 0.6 | 130592 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | 554677 | 2.5 | 610748 | 2.6 |
|  **Total Agriculture, Forestry, and Fishery** | **2791665** | **12.6** | **3120457** | **13.1** |
|  Mining and Quarrying |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas and Geothermal Mining | 526156 | 2.4 | 525436 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal and Lignite Mining | 850454 | 3.8 | 827364 | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metal Ore | 343502 | 1.6 | 404306 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Mining and Quarrying | 306478 | 1.4 | 327508 | 1.4 |
|  **Total Mining and Quarrying** | **2026589** | **9.2** | **2084613** | **8.8** |
|  Construction | 2233463 | 10.1 | 2340928 | 9.8 |
|  Government Administration, Defense, Compulsory Social Security | 673476 | 3.0 | 715131 | 3.0 |
|  Information and Communication | 960022 | 4.3 | 1048704 | 4.4 |
|  Transportation and Warehousing | 1358117 | 6.1 | 1466257 | 6.2 |
|  Financial and Insurance Service | 922811 | 4.2 | 979736 | 4.1 |
|  Education Service | 621395 | 2.8 | 666887 | 2.8 |
|  Other\* | 2503089 | 11.3 | 2707633 | 11.4 |
|  **Gross Value Added at Basic Prices** | **21186809** | **95.7** | **22808465** | **95.7** |
|  Taxes less Subsidies on Products | 952182 | 4.3 | 1012638 | 4.3 |
|  **Total GDP** | **22138991** | **100.0** | **23821104** | **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.

------

**Gross Domestic Product by Industry** 

**(at constant 2010 prices)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **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 | 222427 | 1.7 | 237826 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Coal, Oil and Gas Manufacturing Industries | 2396428 | 18.5 | 2519761 | 18.6 |
|  **Total Manufacturing Industry** | **2618855** | **20.3** | **2757586** | **20.3** |
|  Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles | 1682612 | 13.0 | 1775025 | 13.1 |
|  Agriculture, Forestry, and Fishery |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agriculture, Livestock, Hunting & Agriculture Services | 1109130 | 8.6 | 1172839 | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestry and Logging | 62758 | 0.5 | 62577 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | 292559 | 2.3 | 307031 | 2.3 |
|  **Total Agriculture, Forestry, and Fishery** | **1464447** | **11.3** | **1542447** | **11.4** |
|  Mining and Quarrying |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas and Geothermal Mining | 247850 | 1.9 | 250675 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal and Lignite Mining | 332527 | 2.6 | 328349 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metal Ore | 180275 | 1.4 | 165990 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Mining and Quarrying | 194609 | 1.5 | 203934 | 1.5 |
|  **Total Mining and Quarrying** | **955260** | **7.4** | **948948** | **7.0** |
|  Construction | 1262793 | 9.8 | 1310966 | 9.7 |
|  Government Administration, Defense, Compulsory Social Security | 403446 | 3.1 | 419017 | 3.1 |
|  Information and Communication | 868447 | 6.7 | 940947 | 6.9 |
|  Transportation and Warehousing | 603051 | 4.7 | 655997 | 4.8 |
|  Financial and Insurance Service | 519736 | 4.0 | 540302 | 4.0 |
|  Education Service | 372319 | 2.9 | 390905 | 2.9 |
|  Other\* | 1613865 | 12.5 | 1721074 | 12.7 |
|  **Gross Value Added at Basic Prices** | **12364830** | **95.7** | **13003214** | **95.7** |
|  Taxes less Subsidies on Products | 555703 | 4.3 | 577311 | 4.3 |
|  **Total GDP** | **12920532** | **100.0** | **13580525** | **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 2025, the manufacturing sector grew by 5.3%, compared to 2024, driven by continued downstreaming activities and strong domestic demand. In 2025, the food and beverage subsector, which accounted for 34.7% of the manufacturing sector, grew by 6.4%, supported by an increase in domestic rice production and external demand for crude palm oil, dairy products, and frozen food products. Growth in the manufacturing sector was also bolstered by a growth of 15.7% in base metal industry, supported by rising export demand, particularly for iron and steel, nickel, and aluminum products. Additionally, the chemical, pharmaceutical and traditional medicine industry grew by 8.3% in line with the higher demand for health services and higher external demand for chemical materials.

------

***Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles***

In 2025, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 5.5%, compared to 2024. This was driven by a growth of 6.6% in wholesale and retail trade of goods other than cars and motorcycles.

***Agriculture, Forestry and Fishery***

In 2025, the agriculture, forestry and fishery sector grew by 5.3%, compared to 2024. This was primarily due to a growth of 9.9% in food crops, in line with supportive measures such as the provision of additional subsidized fertilizer and agricultural machinery, as well as the improvement of irrigation infrastructure. The growth in agriculture, forestry and fishery was also supported by a growth of 7.8% in livestock and a growth of 3.0% in plantation crops.

***Mining and Quarrying***

In 2025, the mining and quarrying sector contracted by 0.7%, compared to 2024. This was due to a contraction of 7.9% in metal ore mining and a contraction of 1.3% in coal and lignite mining, partially offset by a growth of 4.8% in other mining and quarrying and a growth of 1.1% in oil, gas and geothermal 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** | **Average Price of Crude Oil** |
|  | **As of December 31,** | **As of December 31,** |
|  | **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 | 61.1 |

---

*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 2025, the construction sector grew by 3.8%, compared to 2024, supported by infrastructure development, particularly national strategic projects such as public kitchens for free nutritious meals and public schools.

***Transportation and Warehousing***

In 2025, the transportation and warehousing sector grew by 8.8%, compared to 2024. In particular, rail transportation grew by 9.1%, land transportation grew by 9.8%, warehousing and transportation support services and post and courier increased by 9.7% and sea transportation grew by 10.3%. The growth in the transportation and warehousing sector was primarily supported by three factors: increased passenger and freight volumes across modes, a rise in domestic and international tourist trips, and higher container traffic and throughput.

***Information and Communication***

In 2025, the information and communication sector grew by 8.3%, compared to 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 2025, the financial and insurance service sector grew by 4.0%, compared to 2024. This growth was driven by growths in all the subsectors, particularly a growth of 3.4% in financial intermediary services and a growth of 6.8% 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)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **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 | 22138991 | 100.0 | 23821104 | 100.0 |
|  Add: Imports of goods and services | 4538557 | 20.5 | 4893964 | 20.5 |
|  **Total supply of goods and services** | **26677548** | **120.5** | **28715068** | **120.5** |
|  Less: Exports of goods and services | 4939131 | 22.3 | 5442300 | 22.8 |
|  **Total domestic expenditure** | **21738417** | **98.2** | **23272768** | **97.7** |
|  Allocation of total domestic expenditure: |  |  |  |  |
|  Household consumption expenditure | 11965431 | 54.0 | 12834795 | 53.9 |
|  NPISHs consumption expenditure | 300080 | 1.4 | 321543 | 1.3 |
|  Government consumption expenditure | 1714580 | 7.7 | 1794298 | 7.5 |
|  **Total consumption** | **13980092** | **63.1** | **14950636** | **62.8** |
|  Gross domestic fixed capital formation | 6452531 | 29.1 | 6852618 | 28.8 |
|  Change in inventories (residual)<sup>(1)</sup> | 1305794 | 5.9 | 1469514 | 6.2 |
|  **Total domestic expenditure** | **21738417** | **98.2** | **23272768** | **97.7** |

---

*Source*: BPS

<sup>P</sup> Preliminary.

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

------

**Gross Domestic Product by Expenditure** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **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 | 12920532 | 100.0 | 13580525 | 100.0 |
|  Add: Imports of goods and services | 2585472 | 20.0 | 2708775 | 19.9 |
|  **Total supply of goods and services** | **15506004** | **120.0** | **16289299** | **119.9** |
|  Less: Exports of goods and services | 3106474 | 24.0 | 3324995 | 24.5 |
|  **Total domestic expenditure** | **12399530** | **96.0** | **12964304** | **95.5** |
|  Allocation of total domestic expenditure: |  |  |  |  |
|  Household consumption expenditure | 6806893 | 52.7 | 7145802 | 52.6 |
|  NPISHs consumption expenditure | 173143 | 1.3 | 182024 | 1.3 |
|  Government consumption expenditure | 957999 | 7.4 | 981991 | 7.2 |
|  **Total consumption** | **7938035** | **61.4** | **8309818** | **61.2** |
|  Gross domestic fixed capital formation | 4001693 | 31.0 | 4205397 | 31.0 |
|  Change in inventories (residual<sup>)(2)</sup> | 459801 | 3.6 | 449090 | 3.3 |
|  **Total domestic expenditure** | **12399530** | **96.0** | **12964304** | **95.5** |

---

*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 set forth the Consumer Price Index, or 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>January 31,** |
|  | **2025** | **2026** |
|  CPI<sup>(1)</sup> | 109.9 | 109.8 |
|  Annual percentage year-on-year | 2.9% | 3.6% |

---

*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 sets forth 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>January 31,** |
|  | **2025** | **2026** |
|  Food, drinks, and tobacco | 4.6 | 1.5 |
|  Clothing and footwear | 0.7 | 0.6 |
|  Housing, water, electricity, and household fuel | 1.6 | 11.9 |
|  Household equipment, tools, and routine maintenance | 0.2 | 0.2 |
|  Health | 1.8 | 1.6 |
|  Transportation | 1.2 | 0.6 |
|  Information, communication, and financial services | (0.3) | (0.2) |
|  Recreation, sports, and culture | 1.2 | 1.1 |
|  Education | 1.2 | 1.1 |
|  Food and beverage providers/restaurant | 1.5 | 1.4 |
|  Personal care and other services | 13.3 | 15.2 |

---

*Source*: BPS

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

In January 2026, annual inflation was 3.6%, which was higher than the annual inflation of 2.9% in December 2025. This increase was primarily due to higher inflation in housing, water, electricity, and household fuel, and personal care and other services: annual inflation for these two sectors was 11.9% and 15.2% in January 2026, respectively, compared to 1.6% and 13.3% in December 2025, respectively. These increases were primarily offset by lower inflation in food, drinks and tobacco: annual inflation was 1.5% in January 2026, compared to 4.6% in December 2025.

***Regional Growth***

In 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%.

***Income Distribution***

As of September 2025, Indonesia had a Gini Index of 0.363 and 8.25% of the population were living below the poverty line, compared to 0.375 and 8.47% as of March 2025.

------

**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** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **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 | 22595 | 19968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt instrument | 1681 | 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total direct investments | 24275 | 22013 |
|  Portfolio investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | (1032) | (1589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities | 13267 | (5233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total portfolio investments | 12235 | (6822) |
|  Financial derivatives | (965) | (2101) |
|  Other investments | 9518 | 7456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total foreign investment** | 45063 | 20546 |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

The January 2026 MSCI announcement (as described in "*Financial System—Capital Markets and Capital Markets Regulation*") and other events have contributed to volatility in foreign portfolio flows. The Government continues to welcome foreign investment and is advancing targeted reforms to enhance transparency and confidence in the equity market.

***Foreign Direct Investment***

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

**Foreign Direct Investment** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Equity capital<sup>(1)</sup> | 22595 | 19968 |
|  Debt instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflow | 48080 | 46523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outflow | (46400) | (44477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt instruments | 1681 | 2045 |
|  **Total direct investments** | 24275 | 22013 |
|  Memorandum |  |  |
|  Direct investment in Indonesia<sup>(2)</sup> | 24819 | 21435 |

---

*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>** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  **North America** | **705** | **1699** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA | 639 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 64 | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other North America<sup>(2)</sup> | 2 | 2 |
|  **Central and South America** | **699** | **1253** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 0 | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 0 | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands | (359) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Central and South America | 1055 | 1181 |
|  **Europe** | **1930** | **2456** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Union | 626 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | 364 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 302 | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 0 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | (38) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 16 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 75 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | 0 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | (29) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | (135) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 133 | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | (69) | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | 0 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 6 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | (3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other European Union | 5 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 823 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | 2 | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | 8 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Europe | 472 | 650 |
|  **Asia** | **21150** | **14792** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 1628 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People's Republic of China | 2637 | 2715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 1154 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | (5) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong SAR | 3217 | 4961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 104 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 1 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASEAN | 12175 | 6043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brunei Darussalam | 0 | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambodia | 2 | (123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lao PDR | 0 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | (190) | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 87 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 11596 | 6285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 653 | (397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | 27 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Asia | 239 | (456) |
|  **Australia and Oceania** | **109** | **380** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 107 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand | 2 | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Australia and Oceania | 1 | 96 |
|  **Africa** | **12** | **666** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Africa | 12 | 664 |
|  **Others** | **213** | **188** |
|  **Total** | **24819** | **21435** |

---

------

*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.$22.0 billion in 2025, primarily in the form of equity capital. This amount represents a 9.3% decrease from the U.S.$24.3 billion surplus recorded in 2024. The decline was primarily attributable to the sectors of health and social works; financial intermediation; and electricity, gas and water supply. By country of origin, the decrease in foreign direct investment was largely driven by lower investments from Singapore and Japan.

The sectors of manufacturing; wholesale and retail trade, repair of motor vehicles, motorcycles, and personal and household goods; and mining and quarrying were the main contributors to net foreign direct investment inflows in 2025. With respect to country of origin, investment from Singapore was the largest contributor to the net foreign direct investment inflows, followed by investments from Hong Kong SAR and People's Republic of China.

***Foreign Portfolio Investment***

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

**Foreign Portfolio Investments** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **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 | 77752 | 91133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outflow | (78784) | (92721) |
|  Net equity securities | (1032) | (1589) |
|  Debt securities (net) | 13267 | (5233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total portfolio investments** | **12235** | **(6822)** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

In 2025, foreign capital flows in the form of portfolio investments in Indonesia recorded a net outflow of U.S.$6.8 billion, reversing the net inflow of U.S.$12.2 billion in 2024. The net outflow was mainly driven by net foreign capital outflow in the form of Bank Indonesia Rupiah Securities (*Sekuritas Rupiah Bank Indonesia*, "SRBI") and lower net foreign capital inflow in the form of Government Debt Securities.

------

***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** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **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 | 5938 | 3108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt repayments | (3651) | (5726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total bank sector** | **2287** | **(2618)** |
|  Corporate sector: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disbursements | 15070 | 17208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt repayments | (16194) | (16736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total corporate sector** | **(1124)** | **473** |
|  Other (net)<sup>(1)</sup> | 8355 | 9601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total other investments** | **9518** | **7456** |

---

*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 2025, other foreign investments surplus decreased to U.S.$7.5 billion from U.S.$9.5 billion in 2024. The decrease was primarily attributable to higher net loan repayments in the banking sector.

**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** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **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.) | 15029 | 11993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas exports (f.o.b.) | 248062 | 268442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total exports (f.o.b.) | 263091 | 280435 |
|  Total imports (c.i.f.) | 235198 | 242500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Balance of trade** | **27892** | **37935** |

---

*Source*: Bank Indonesia

<sup>P</sup> Preliminary.

------

In 2025, Indonesia recorded a trade surplus of U.S.$37.9 billion, which increased by 36.0% from the U.S.$27.9 billion surplus in 2024. The higher surplus was driven by a 6.6% year-on-year increase in exports, supported by strong demand for Indonesia's export commodities. This increase was partially offset by a 3.1% 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.

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024<sup>R</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 | 250652.3 | 269841.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas exports | 15876.9 | 13067.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total exports** | **266529.2** | **282908.9** |
|  **Imports:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas imports | 198922.8 | 209087.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas imports | 36276.8 | 32768.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total imports** | **235199.6** | **241856.7** |

---

*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** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2025<sup>P</sup>** |
|  | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** |
|  **General merchandise** | **262028545** | **278252284** |
|  **Agricultural products** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coffee bean | 1623533 | 2498935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medicinal herb, aromatic and spice plant | 427439 | 647695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bird nest | 551871 | 490305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seasonal fruit | 582811 | 765974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-timber forest product | 546823 | 628162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seaweed and other algae | 188480 | 178362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresh / chilled fish | 143797 | 167418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clove | 319431 | 217704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vegetables | 218184 | 254706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White pepper | 123096 | 129728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 104337 | 79279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cocoa bean | 80605 | 71050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shrimp and prawn | 104673 | 97291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rubber latex | 56924 | 59925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crab | 98760 | 111372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other agricultural products | 1251197 | 1210263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Agricultural products** | **6421960** | **7608169** |
|  **Manufacturing products** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm oils | 21528367 | 27053815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron/steel | 27147960 | 28648411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clothing and apparel of textile fabrics | 7136576 | 7320483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical equipment | 8636187 | 10068707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organic chemicals derived from agricultural products | 6787146 | 9662318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor vehicle, four-wheel drive and more | 6690545 | 7154420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sport shoes | 4081849 | 4206059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crumb rubber | 2816113 | 2892403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulp | 3566604 | 3604089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jewellery and precious articles | 5530474 | 9135877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel | 7983095 | 9724936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper | 3470968 | 3984398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other papers | 2190766 | 2150026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spare parts for four or more wheeled vehicles | 2384534 | 2429191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machines for general purposes | 2148806 | 2258288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tin | 1432440 | 1783300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soap and household cleaning agents | 1988552 | 2459694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other telecommunications equipment | 2488947 | 2749132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outer and inner tires | 1632083 | 1638757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wooden furniture | 1495017 | 1420180 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **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 | 1169930 | 1402083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Computer equipment | 1591486 | 1939010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organic chemicals derived from oil | 886262 | 1100243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plywood | 1342836 | 1355258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spun yarn | 922259 | 851914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanks and other armoured fighting vehicles and parts of such vehicles | 1223092 | 1643903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Televisions and television equipment | 1440426 | 1444750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frozen shrimp and prawn | 1085577 | 1215959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors and other electronic components | 2246351 | 4973895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Margarine | 1949832 | 2751815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil-cake and solid residues | 1724298 | 678347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machines for special purposes | 1376251 | 1451289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artificial resin (synthetic resin) and raw materials | 1260701 | 1168989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other organic chemicals | 1239541 | 1598553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil products<sup>(1)</sup> | 3483682 | 2448399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquefied Petroleum Gas<sup>(1)</sup> | 399 | 40312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other manufacture products | 52056520 | 57054048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Manufacturing products** | **196136473** | **223463250** |
|  **Mining products** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal | 30478761 | 24481010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper ore | 7969176 | 4892334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lignite | 7345259 | 5732852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other metal ore | 18 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Oil<sup>(1)</sup> | 2153385 | 1520869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas<sup>(1)</sup> | 7989263 | 6854367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w Liquefied Natural Gas | 6245259 | 5215376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other mining products | 1172490 | 1853142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Mining products** | **57108350** | **45334575** |
|  **Other merchandise<sup>(2)</sup>** | **2361761** | **1846290** |
|  **Other goods<sup>(3)</sup>** | **1062178** | **2182535** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Exports** | **263090723** | **280434819** |
|  **Memorandum<sup>(4)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil & gas exports | 248061745 | 268441723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & gas exports | 15028978 | 11993096 |

---

*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 following table sets forth Indonesia's exports by destination for the periods indicated.

**Exports by Destination** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **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 | 26289050 | 30536095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 1407848 | 1684754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other North America | 4116 | 4591 |
| &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** | **27701014** | **32225440** |
| &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 | 217070 | 338743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1715797 | 2203851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 2233794 | 2437940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Central and South America | 2398058 | 2745606 |
| &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** | **6564720** | **7726139** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** | **34265734** | **39951579** |
|  **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 | 4731193 | 5693737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 1552484 | 1903708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 2246495 | 2825990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 2381860 | 2512511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 903408 | 1033504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 2104542 | 1800537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other European Union | 3353092 | 3571283 |
| &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** | **17273073** | **19341270** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1577303 | 1588305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | 1741000 | 1867097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | 1849391 | 1701685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Europe | 1970748 | 5715280 |
| &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** | **24411514** | **30213636** |
|  **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 | 226415 | 186934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 10615047 | 10216905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambodia | 832830 | 879427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDR Laos | 15025 | 13318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 12185787 | 12599337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myanmar | 601229 | 787014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 11015329 | 12549661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 7599925 | 8724759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | 9488148 | 10596829 |
| &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** | **52579735** | **56554185** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **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 | 2611923 | 2298584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 20309149 | 18260791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iraq | 349588 | 386101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 20521911 | 17406094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 10580373 | 10035236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan | 3478649 | 4111467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People's Republic of China | 62191437 | 66785620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 2412781 | 2863935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 6653657 | 5504381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Asia and Middle East | 10536804 | 13177341 |
| &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** | **192226006** | **197383735** |
|  **Australia and Oceania** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 4262039 | 3659692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand | 681653 | 779545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Australia and Oceania | 573420 | 592400 |
| &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** | **5517112** | **5031637** |
|  **Africa** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 787873 | 989772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Africa | 3950910 | 5505698 |
| &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** | **4738783** | **6495470** |
|  **Unclassified exports<sup>(1)</sup>** | **1931574** | **1358762** |
|  **Total (f.o.b.)** | **263090723** | **280434819** |

---

*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>** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2025<sup>P</sup>** |
|  | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** |
|  **General Merchandise** | **230611434** | **237617062** |
| &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;&nbsp;&nbsp; Food and beverages, primary, mainly for household | 3011269 | 3208247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food and beverages, processed, mainly for household | 6855609 | 4864836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger motor cars | 1316067 | 1797876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transport equipment, nonindustrial | 236984 | 206791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Durable consumer goods | 2411584 | 2236519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semi-durable consumer goods | 4261601 | 4820506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-durable consumer goods | 3431645 | 3858239 |
| &nbsp;&nbsp;&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> | 12116558 | 9331233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods not elsewhere specified | 350833 | 530810 |
| &nbsp;&nbsp;&nbsp;&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** | **33992150** | **30855058** |
| &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;&nbsp;&nbsp; Food and beverages, primary, mainly for industry | 7315156 | 7329875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food and beverages, processed, mainly for industry | 5473984 | 4425346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial supplies, primary | 8365986 | 9732525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial supplies, processed | 70945694 | 71996772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parts and accessories for capital goods | 23679113 | 24310298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parts and accessories for transport equipment | 9087142 | 9447210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuels and lubricants, primary | 14359260 | 13818167 |
| &nbsp;&nbsp;&nbsp;&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> | 10734952 | 10500508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuels and lubricants, processed | 14309116 | 14005567 |
| &nbsp;&nbsp;&nbsp;&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> | 9109120 | 9072404 |
| &nbsp;&nbsp;&nbsp;&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> | 4459849 | 4190639 |
| &nbsp;&nbsp;&nbsp;&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** | **153535451** | **155065761** |
| &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;&nbsp;&nbsp; Capital goods (except transport equipment) | 36299656 | 43326217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger motor cars | 1316067 | 1797876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other transport equipment, industrial | 4635408 | 5874062 |
| &nbsp;&nbsp;&nbsp;&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** | **42251130** | **50998155** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other merchandise<sup>(3)</sup>** | **832703** | **698089** |
|  **Other goods<sup>(4)</sup>** | **4586897** | **4882679** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **235198332** | **242499741** |

---

*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>** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **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 | 12350425 | 13298037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 2137168 | 2671986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other North America | 1 | 24501 |
| &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** | **14487594** | **15994524** |
| &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 | 1378270 | 1281666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 5408179 | 4926606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 337462 | 1096969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Central and South America | 766810 | 920387 |
| &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** | **7890721** | **8225629** |
| &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** | **22378315** | **24220153** |
|  **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 | 978043 | 867549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 499019 | 507224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 1612486 | 1675122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 3736343 | 3563036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 1489903 | 1636194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 584346 | 827088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other European Union | 3879185 | 3194096 |
| &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** | **12779326** | **12270309** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 952554 | 1058204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | 2050875 | 2109220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | 463213 | 566679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Europe | 2468632 | 1968546 |
| &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** | **18714600** | **17972959** |
|  **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 | 507944 | 215437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 1790623 | 1802522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambodia | 142858 | 110432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDR Laos | 64837 | 70442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 10689442 | 11130361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myanmar | 572907 | 171097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 21754793 | 19189657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 9658099 | 8981315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | 6430064 | 6142478 |
| &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** | **51611567** | **47813740** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2025<sup>P</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong SAR | 3292622 | 3168587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 5664387 | 4841016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iraq | 985 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 14952002 | 14473981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 9353293 | 7871773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan | 619031 | 153365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People's Republic of China | 73027640 | 87377584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 4083927 | 3781274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 3909788 | 4413958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Asia and Middle East | 5350775 | 5909341 |
| &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** | **171866018** | **179805012** |
|  **Australia and Oceania** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 10495869 | 9458164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand | 1234993 | 1119342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Australia and Oceania | 80046 | 47498 |
| &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** | **11810908** | **10625005** |
|  **Africa** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 1621629 | 1033439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Africa | 7974159 | 8145083 |
| &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** | **9595788** | **9178523** |
|  **Unclassified imports<sup>(2)</sup>** | **832703** | **698089** |
|  **Total** | **235198332** | **242499741** |

---

*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***

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

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
|  | **2024** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  **Current account** | **(8583)** | **(1454)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods<sup>(2)</sup> | 39839 | 49822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total exports (f.o.b.) | 263091 | 280435 |
| &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 | 248062 | 268442 |
| &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 | 15029 | 11993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total imports (f.o.b.) | (223252) | (230613) |
| &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 | (188577) | (199103) |
| &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 | (34675) | (31510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services | (18485) | (19823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary income | (35815) | (38171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secondary income | 5878 | 6719 |
|  **Capital account** | **280** | **352** |
|  **Financial account** | **17701** | **(4545)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Public sector | 24662 | 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio investment | 16639 | (2702) |
| &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 | 0 | 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; Liabilities | 16639 | (2702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investment | 8023 | 4643 |
| &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 | (1904) | (3258) |
| &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 | 9927 | 7902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 5457 | 4912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 11000 | 10717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | (5543) | (5805) |
| &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 liabilities | 4469 | 2990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Private sector | (6961) | (6486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investment | 15882 | 14082 |
| &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 | (8394) | (7931) |
| &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 | 24275 | 22013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio investment | (8403) | (6722) |
| &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 | (4000) | (2603) |
| &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 | (4403) | (4120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial derivatives | 291 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investment | (14731) | (13792) |
| &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 | (14322) | (13346) |
| &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 | (409) | (446) |
|  Errors and omissions | (2188) | (2195) |
|  **Overall balance** | **7210** | **(7842)** |
|  **Reserves and related items** | **(7210)** | **7842** |
|  **Reserve asset position<sup>(3)</sup>** | **155719** | **156471** |

---

*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 2025, the current account recorded a deficit of U.S.$1.5 billion, compared to the U.S.$8.6 billion deficit in 2024. This was primarily due to an increase in the non-oil and gas trade balance surplus supported by higher exports in line with global demand for Indonesia's export commodities. In addition, the oil and gas trade balance deficit narrowed in line with lower international oil prices.

In 2025, the capital and financial account recorded a deficit of U.S.$4.2 billion, compared to the U.S.$18.0 billion surplus in 2024. This development was attributable to deficits in portfolio investment and other investments underpinned by persistently high global financial market uncertainty. Meanwhile, direct investment maintained a surplus, despite a year-on-year decrease in net direct investment, reflecting sustained investor confidence in Indonesia's economic outlook and conducive investment climate.

As a result of the foregoing, Indonesia's balance of payments in 2025 recorded a deficit of U.S.$7.8 billion, compared to the U.S.$7.2 billion surplus in 2024. The official reserve asset position as of December 31, 2025 was U.S.$156.5 billion, an increase from U.S.$155.7 billion as of December 31, 2024.

------

**Financial System** 

***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 December 31,** | **As of December 31,** | **As of**<br>**January 31,** |
|  | **2024** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** |
|  Base Money (M0) | 1774691 | 1976434 | 1792222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency in Circulation<sup>(1)</sup> | 1204536 | 1359935 | 1267602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Banks Demand Deposits at Bank Indonesia | 472592 | 588514 | 501929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private sector Demand Deposits | 7022 | 6354 | 6210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Indonesia Certificates ("SBI")<sup>(2)</sup> |  |  |  |
|  Factors Affecting Base Money (M0) | 1774691 | 1976434 | 1792222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Foreign Assets | 2077811 | 2207569 | 2172773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on Non-Residents | 2687251 | 2845094 | 2825305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities to Non-Resident | 609440 | 637525 | 652533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on Other Depository Corporations | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity Credits | 56 | 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) | (170442) | (195886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on central Government | 77638 | 93304 | 80477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities to central Government | 495109 | 263746 | 276363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on Other Sectors | 9858 | 9981 | 9976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on Other Financial Institutions | 40 | 56 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on Private Sectors | 9818 | 9925 | 9920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monetary Policy Control<sup>(3)</sup> | 664662 | 705959 | 603658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Liabilities to Commercial & Rural Banks | (73286) | (79099) | (74502) |
| &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) | (706411) | (735175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Other Items | 7996 | 8821 | 11323 |

---

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 SBI used for secondary reserve and included as a component of base money, see footnote 2), SBIS (*Sertifikat Bank Indonesia Syariah*, which refers to Sharia-compliance Bank Indonesia securities), Repo OPT (*Operasi Pasar Terbuka*) (Repo OPT refers to repurchase agreement operations conducted by Bank Indonesia as part of its open market operations), term deposit, Bank Indonesia Deposit Facility, Bank Indonesia Lending Facility, and SBN. 

------

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

In January 2026, MSCI Inc. concluded its consultation on free-float assessment of Indonesian securities and announced interim measures, effective immediately, freezing certain index adjustments for Indonesian constituents in its global indices (including no increases to Foreign Inclusion Factors or Number of Shares, no new additions to Investable Market Indices, and no upward size-segment migrations). MSCI stated that it will reassess Indonesia's market accessibility status in May 2026, which could result in a reduction in weighting within emerging markets indices. In coordination with strategic stakeholders, the OJK has taken decisive action to accelerate the capital market reform agenda. This momentum culminated in the launch of the "Eight Action Plans for the Acceleration of Indonesian Capital Market Integrity Reforms" on February 1, 2026. Furthermore, OJK, IDX, and the Indonesia Central Securities Depository (*Kustodian Sentral Efek Indonesia*) have maintained constructive engagement with MSCI, including high-level consultations in early February 2026 to present proposed reforms. These include enhanced disclosure of significant shareholders, more granular investor classification, and revised minimum free-float requirements. The Republic remains committed to elevating market transparency and preserving Indonesia's competitive appeal to global investors.

**Monetary Policy** 

In February 2026, Bank Indonesia maintained the BI-Rate at 4.75%, the deposit facility rate at 3.75%, and the lending facility rate at 5.50%.

The decision is consistent with Bank Indonesia's current policy focus on strengthening Rupiah exchange rate stabilization amid persistently high global financial market uncertainty, in order to support the achievement of the 2026-2027 inflation target and foster economic growth. Moving forward, Bank Indonesia will continue to enhance the effectiveness of monetary policy easing transmission and macroprudential policies, while monitoring room for further BI-Rate reductions as long as inflation forecasts for 2026–2027 remain manageable within the 2.5%±1% target corridor and the decisions support economic growth. Bank Indonesia's macroprudential policy remains directed at promoting growth by increasing bank credit and financing to the real sector, particularly to the Government-designated priority sectors, and accelerating reductions in bank lending rates through the implementation of the macroprudential liquidity incentive policy (*Kebijakan Insentif Likuiditas Makroprudensial* ("KLM")), while upholding prudential principles. Payment system policy remains oriented towards supporting economic growth by strengthening synergy to broaden digital payment acceptance, reinforcing the payment system industry structure, and enhancing the reliability and resilience of payment system infrastructure.

The monetary, macroprudential, and payment system policy mix aimed at maintaining stability while bolstering sustainable economic growth is supported by the following policy measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. strengthening the Rupiah exchange rate stabilization strategy through intervention in both offshore non-deliverable forward transactions and domestic markets through spot and domestic non-deliverable forward transactions. This strategy is complemented by the purchase of SBN
in the secondary market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. strengthening the pro-market monetary operations strategy to attract
portfolio inflows to maintain adequate liquidity in the money market and banking industry by managing the interest rate structure and volume of monetary instruments as well as SBN transactions in the secondary market in a measured manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. strengthening synergy with the Government and other stakeholders to enhance the effectiveness of accommodative
macroprudential policy towards reviving lending and financing and lowering interest rates in the banking industry through Indonesian Intermediation Acceleration Program and publishing the assessment of prime lending rate transparency, with a focus
on interest rates based on priority sectors in accordance with the scope of KLM policy. The Indonesian Intermediation Acceleration Program (*Program Indonesia Intermediation Acceleration*) is a strategic initiative launched by Bank
Indonesia to boost banking credit growth, particularly targeting micro, small, and medium enterprises and other productive sectors;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. developing Indonesia Digital Innovation Center (*Pusat Inovasi Digital Indonesia*) in synergy with
relevant authorities, associations and government ministries and agencies to accelerate digital economy and finance transformation, including through the organizing hackathons and the Digdaya digital talent development program. Indonesia Digital
Innovation Center a strategic initiative by Bank Indonesia designed to serve as a hub for digital innovation and economic development. The Digdaya digital talent development program is a Bank Indonesia program initiated in late February 2026 that
provides practical training and mentorship to develop digital talent and support startup growth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. strengthening national payment system readiness ahead of the Eid-ul-Fitr 1447 H by ensuring the availability, reliability and security of the Bank Indonesia Payment Systems (*Sistem Pembayaran Bank Indonesia*) and industry payment systems, and guaranteeing the
availability of high-quality Rupiah currency nationwide, including through the Semarak Rupiah Ramadan dan Berkah Idulfitri (SERAMBI) 2026 program. Eid-ul-Fitr 1447 H is
the 2026 Islamic holiday marking the end of Ramadan in the Hijri calendar. SERAMBI 2026 is Bank Indonesia's seasonal cash services program during Ramadan and Eid to ensure sufficient Rupiah currency and exchange services nationwide.

Bank Indonesia continues strengthening policy coordination with the Government, including close synergy between monetary and fiscal policies to maintain stability and foster economic growth. Furthermore, Bank Indonesia is strengthening policy synergy with the Financial System Stability Committee (*Komite Stabilitas Sistem Keuangan*), primarily to promote financing for the Government's Asta Cita program. In addition, Bank Indonesia is expanding international cooperation, including payment system connectivity and local currency transactions, while promoting trade and investment in priority sectors in synergy with relevant institutions.

***Money Supply***

The following table sets forth the money supply as of the end 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 |
| 2025 | 1976434 | 1214729 | 2172153 | 2569025 | 5955908 | 4124723 | 52469 | 10133099 |

---

*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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 |
| 2025 | 2158916 | 851096 | 7580585 | 1669894 |

---

*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.

------

As of December 31, 2025, broad money grew by 9.6% (year-on-year), compared to 4.8% (year-on-year) as of December 31, 2024, due to a higher increase in narrow money, which grew by 14.0% (year-on-year) as of December 31, 2025, compared to 5.8% (year-on-year) as of December 31, 2024, and a higher increase in quasi- money, which grew by 5.5% (year-on-year) as of December 31, 2025, compared to 1.2% (year-on-year) as of December 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,** | **Year Ended December 31,** |
|  | **2024<sup>B</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** | **2026<sup>B</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 | 2309.9 | 2231.8 | 2490.9 | 2217.9 | 2693.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-tax revenue | 492.0 | 584.4 | 513.6 | 534.1 | 459.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total domestic revenues | 2801.9 | 2816.2 | 3004.5 | 2752.0 | 3152.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grants | 0.4 | 34.4 | 0.6 | 4.3 | 0.7 |
| &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 revenues and grants** | 2802.3 | 2850.6 | 3005.1 | 2756.3 | 3153.6 |
|  **Expenditures:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central government expenditures | 2467.5 | 2496.2 | 2701.4 | 2602.3 | 3149.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to regions and rural fund | 857.6 | 863.5 | 919.9 | 849.0 | 693.0 |
|  **Total expenditures** | **3325.1** | **3359.8** | **3621.3** | **3451.4** | **3842.7** |
|  Primary balance<sup>(1)</sup> | (25.5) | 20.7 | (63.3) | (180.7) | (89.7) |
|  Surplus/(deficit) | (522.8) | (509.2) | (616.2) | (695.1) | (689.1) |
|  **Financing:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Debt Financing** | **648.1** | **558.1** | **775.9** | **736.3** | **832.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Financing | (176.2) | (59.3) | (154.5) | (86.2) | (203.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On-Lending | (0.3) | (0.2) | (5.4) | 0.0 | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Guarantee | (0.8) | (1.5) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Financing | 52.0 | 57.8 | 0.3 | 93.9 | 60.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financing** | **522.8** | **554.9** | **616.2** | **744.0** | **689.1** |

---

*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,** | |
|  | **2024<sup>B</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** | <br>**2026<sup>B</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;&nbsp;&nbsp; Tax revenues |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas | 76.4 | 65.1 | 62.8 | 34.1 | 1154.1 |
| &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; Non-oil and gas | 1063.4 | 996.8 | 1146.4 | 986.3 | 55.2 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income tax | 1139.8 | 1061.9 | 1209.3 | 1020.4 | 1209.4 |
| &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; Value added tax (VAT) | 811.4 | 828.4 | 945.1 | 790.1 | 995.3 |
| &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; Land and building tax | 27.2 | 32.5 | 27.1 | 29.2 | 26.1 |
| &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; Excises | 246.1 | 226.4 | 244.2 | 221.7 | 243.5 |
| &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; Other taxes | 10.5 | 8.7 | 7.8 | 77.9 | 126.9 |
| &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 domestic taxes | 2235 | 2158 | 2433.5 | 2139.3 | 2601.2 |
| &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; Import duties | 57.4 | 53 | 52.9 | 50.2 | 49.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export tax | 17.5 | 20.9 | 4.5 | 28.4 | 42.6 |
| &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 international trade taxes | 74.9 | 73.9 | 57.4 | 78.6 | 92.5 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total tax revenues** | **2309.9** | **2231.8** | **2490.9** | **2217.9** | **2693.7** |
| &nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil | 80.5 | 78 | 89 | 73.9 | 80.2 |
| &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; Gas | 29.6 | 32.7 | 32 | 26.4 | 32.9 |
| &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 oil and gas | 110.2 | 110.6 | 121 | 100.3 | 113.1 |
| &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; General mining | 85.8 | 107.8 | 87.5 | 111.2 | 113.4 |
| &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; Forestry | 6 | 6.7 | 5.7 | 6.6 | 5.9 |
| &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; Fishery | 3.5 | 1 | 1.6 | 1 | 1.7 |
| &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; Geothermal | 2.2 | 2.8 | 2.2 | 2.5 | 2.6 |
| &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 non-oil and gas | 97.5 | 118.3 | 97 | 121.3 | 123.5 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total natural resources** | **207.7** | **228.9** | **218.0** | **221.6** | **236.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit transfer from SOEs | 85.8 | 86.4 | 90 | 12.7<sup>(1)</sup> | 1.8<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-tax revenues | 115.1 | 164.3 | 127.7 | 196.2 | 122.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Agency (BLU) Income | 83.4 | 104.7 | 77.9 | 103.7 | 98.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-tax revenues** | **492.0** | **584.4** | **513.7** | **534.1** | **459.2** |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total domestic revenues** | **2801.9** | **2816.2** | **3004.6** | **2752.0** | **3152.9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grants | 0.4 | 34.4 | 0.6 | 4.3 | 0.7 |
| &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 revenues and grants** | **2802.3** | **2850.6** | **3005.2** | **2756.3** | **3153.6** |

---

*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. 

------

Government revenues realization decreased by 3.3% from Rp2,850.6 trillion in 2024 to Rp2,756.3 trillion in 2025, representing 91.7% of the 2025 budget Government revenues target. In 2025, tax revenues realization was Rp2,217.9 trillion or a decrease of 0.6% from Rp2,231.8 trillion in 2024, and non-tax revenues realization was Rp534.1 trillion or a decrease of 8.6% from Rp584.4 trillion in 2024, representing 89.0% and 104.0% of the 2025 budget figures, respectively. Additionally, following the creation of BPI Danantara, profit from SOEs is 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** | |
|  | **2024<sup>B</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** | <br>**2026<sup>B</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;&nbsp;&nbsp; Personnel expenditures | 484.4 | 464.9 | 521.5 | 501.1 | 582.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Good and services expenditures | 407 | 523.4 | 486.9 | 566.5 | 707.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | 247.5 | 355.5 | 234.1 | 427.5 | 284.1 |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Domestic debt | 456.8 | 445.9 | 497.6 | 471.3 | 538.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign debt | 40.5 | 42.5 | 55.2 | 43.1 | 60.7 |
| &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; Total interest payments | 497.3 | 488.4 | 552.9 | 514.4 | 599.4 |
| &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Energy subsidies | 189.1 | 177.6 | 203.4 | 185.2 | 210.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-energy subsidies | 96.9 | 115.1 | 104.5 | 96.4 | 108.8 |
| &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; Total subsidies | 286 | 292.7 | 307.9 | 281.6 | 318.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant expenditures | 0 | 0.3 | 0.2 | 0.3 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social assistance<sup>(1)</sup> | 157.3 | 154.9 | 140.1 | 186.6 | 167.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenditures | 388 | 216.1 | 458 | 124.3 | 489.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total central Government expenditures** | **2467.5** | **2496.2** | **2701.4** | **2602.3** | **3149.7** |
|  Transfers to Regions and Rural Fund |  |  |  |  |  |
| &nbsp;&nbsp;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue sharing funds | 143.1 | 153.2 | 192.3 | 168.9 | 58.5 |
| &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; General allocation funds | 427.7 | 429.2 | 446.6 | 433.3 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 570.8 | 582.4 | 638.9 | 602.2 | 458.5 |
| &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; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Physical special allocation fund | 53.8 | 50.9 | 37 | 17.6 | 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; Non-physical special allocation fund | 133.8 | 130.4 | 146.7 | 145.1 | 149.3 |
| &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; Grants to Regions<sup>(2)</sup> | 0.5 | 2.2 | 1.6 | 0.2 | 2.7 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total specific allocation funds | 188.1 | 183.5 | 185.2 | 162.9 | 157.1 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total balanced funds | 758.9 | 765.9 | 824.2 | 765.1 | 615.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Specific autonomy funds<sup>(3)</sup> | 18.3 | 18.3 | 17.5 | 17 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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 | 1.2 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal Incentives | 8 | 7 | 71 | 4.3 | 1.8 |
| &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;&nbsp;&nbsp; Total Transfer to Regions | 786.6 | 792.9 | 913.9 | 787.4 | 632.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rural Fund | 71 | 70.9 | 6 | 61.6 | 60.6 |
| &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 transfers to regions and Rural Fund** | **857.6** | **863.5** | **919.9** | **849.0** | **693.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** | **3325.1** | **3359.8** | **3621.3** | **3451.4** | **3842.7** |

---

*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> 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.

Total Government expenditures in 2025 reached Rp3,451.4 trillion or an increase of 2.7% from Rp3,359.8 trillion in 2024, representing 95.3% of the 2025 budget Government expenditures. In 2025, central Government expenditures were Rp2,602.3 trillion or an increase of 4.3% from Rp2,496.2 trillion in 2024, representing 96.3% of the 2025 budget figure. In 2025, transfer to regions and rural funds reached Rp849.0 trillion, or a decrease of 1.7% from Rp863.5 trillion in 2024, representing 92.3% of the 2025 budget figure.

*Fuel Prices and Subsidies* 

The following table 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** | **Year ended December 31** |
|  | **2024<sup>B</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** | **2026<sup>B</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;&nbsp;&nbsp; Energy subsidies | 189.1 | 177.6 | 203.4 | 185.2 | 210.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-energy subsidies | 96.9 | 115.1 | 104.5 | 96.4 | 108.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total subsidies** | **286.0** | **292.7** | **307.9** | **281.6** | **318.9** |

---

*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** | **Year ended December 31** |
|  | **2024<sup>B</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** | **2026<sup>B</sup>** |
|  | **(Percentages)** | **(Percentages)** | **(Percentages)** | **(Percentages)** | **(Percentages)** |
|  General public services | 34.8 | 35.9 | 31.2 | 27.4 | 25.2 |
|  Defense | 5.5 | 7.6 | 6.1 | 13.0 | 10.7 |
|  Public order and safety | 7.7 | 9.2 | 7.7 | 9.2 | 7.7 |
|  Economic affairs | 26.0 | 21.9 | 29.5 | 23.2 | 26.2 |
|  Environmental protection | 0.6 | 0.6 | 0.4 | 0.3 | 0.4 |
|  Housing and community amenities | 1.5 | 1.9 | 0.6 | 0.8 | 0.9 |
|  Health | 4.0 | 4.0 | 3.8 | 4.1 | 4.9 |
|  Tourism and culture | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 |
|  Religion | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
|  Education | 9.0 | 7.9 | 10.1 | 10.1 | 14.6 |
|  Social protection | 10.3 | 10.3 | 10.0 | 11.2 | 8.9 |
|  **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** | **Year ended December 31** |
|  | **2024<sup>B</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** | **2026<sup>B</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  Education | 665.0 | 569.1 | 724.3 | 645.1 | 769.1 |
|  Infrastructure | 423.4 | 395.1 | 402.9 | 343.7 | 434.8 |
|  Energy Subsidy | 189.1 | 177.6 | 203.4 | 185.2 | 210.1 |
|  Health | 187.5 | 194.4 | 218.5 | 208.5 | 247.3 |

---

*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** | **Year ended December 31** |
|  | **2024<sup>B</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** | **2026<sup>B</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;&nbsp;&nbsp;&nbsp; Government securities (net) | 666.4 | 450.7 | 642.6 | 639.3 | 799.5 |
| &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Domestic loans (net) | (0.6) | 15.0 | 5.2 | 8.2 | (6.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Program loan | 30.0 | 60.0 | 80.0 | 59.3 | 41.9 |
| &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;&nbsp;&nbsp;&nbsp; Project loan | 37.8 | 119.7 | 136.5 | 125.2 | 102.6 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gross drawing | 67.8 | 179.8 | 216.5 | 184.5 | 144.5 |
| &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; Amortization | (85.5) | (87.5) | (88.4) | (95.7) | (105.3) |
| &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;&nbsp;&nbsp;&nbsp; Total foreign loan (net) | (17.7) | 92.3 | 128.1 | 88.9 | 39.2 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans (net) | (18.4) | 107.3 | 133.3 | 97.0 | 32.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total debt financing** | **648.1** | **558.1** | **775.9** | **736.3** | **832.2** |
|  Investment financing |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment to SOEs | (30.7) | (35.2) | (22.7) | (11.5) | (5.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment to other institutions | (10.0) | (5.0) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment to public service agencies | (41.2) | (23.1) | (36.8) | (34.2) | (35.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in financial organizations/institutions | (1.9) | (2.0) | (1.8) | (1.9) | (2.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue of investment |  | 22.9 |  | 14.2 | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government's Investments | (13.7) | (17.0) | (18.8) | (52.8) | (51.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others investment financing | (65.7) |  | (55.0) |  | (111.8) |
| &nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment financing** | **(176.2)** | **(59.3)** | **(154.5)** | **(86.2)** | **(203.1)** |
|  Lending | (0.3) | (0.2) | (5.4) | 0.0 | (0.4) |
|  Government guarantee | (0.8) | (1.5) |  |  |  |
|  Other financing | 52.0 | 57.8 | 0.3 | 93.9 | 60.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total financing (net)** | **522.8** | **554.9** | **616.2** | **744.0** | **689.1** |

---

*Source: Ministry of Finance.* 

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

<sup>B</sup> Budget.

<sup>P</sup> Preliminary.

------

***Free Nutritious Meal Program*** 

As of January 7, 2026, marking one year since the Government launched the Free Nutritious Meal Program, the program had reached 56.13 million beneficiaries through 19,343 operational SPPGs and had engaged 789,319 workers. In 2025, total budget utilization for the program amounted to Rp51.5 trillion.

**Public Debt** 

As of December 31, 2025, the central Government's foreign debt-to-GDP ratio was 11.9%, with foreign debt to total debt ratio of 29.4%.

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

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 December 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 | 37.3 | 39.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bilateral creditors | 16.8 | 17.2 |
|  Commercial<sup>(2)</sup> | 102.9 | 112.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **156.9** | **169.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total external public debt of the Republic, as a percentage of GDP<sup>(3)</sup>** | **11.4** **%<sup>(4)</sup>** | **11.9** **%<sup>(5)</sup>** |

---

*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. 

<sup>(4)</sup> Total external public debt as of December 31, 2024 as a percentage of 2024 GDP. 

<sup>(5)</sup> Total external public debt as of December 31, 2025 as a percentage of 2025 GDP. 

As of December 31, 2025, 66.6% and 33.4% 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 December 31, 2025 was U.S.$169.2 billion.

On February 5, 2026, Moody's Investors Service revised its outlook on the Republic's Baa2 foreign-currency sovereign rating to negative while affirming the rating, citing factors including fiscal policy execution risks, policy predictability, and recent institutional and governance developments. The Republic remains committed to fiscal prudence, revenue-enhancing reforms, and maintaining debt sustainability within its statutory deficit ceiling.

------

***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 December 31,** |
|  | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Bilateral loans | 16756 | 17156 |
|  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 | 22093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asian Development Bank | 11417 | 12650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Islamic Development Bank | 1366 | 1371 |
| &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 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asian Infrastructure Investment Bank | 2926 | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multilateral Investment Guarantee Agency |  |  |
|  Total multilateral loans | 37250 | 39378 |
|  **Total loans** | **54006** | **56534** |

---

*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,** |  |  |
|  | **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 | 111575 | 111575 | 113833 | 113833 |
|  Japanese yen | 2599685 | 16642 | 2440033 | 15584 |
|  Euros | 25180 | 26217 | 28929 | 33954 |
|  SDR | 185 | 241 | 107 | 146 |
|  British pounds |  |  |  |  |
|  Others (including AUD and CNY) | Multiple Currencies | 2184 | Multiple Currencies | 5688 |
|  **Total** | **N/A** | **156859** | **N/A** | **169206** |

---

*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 December 31, 2025, 67.3%, 9.2%, 20.1% and 3.5% of the external public debt of the Republic was denominated in U.S. dollars, Japanese Yen, Euros and other currencies (including AUD, CNY and 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>R</sup> | 14.3 | 6.5 | 20.8 |
| 2026<sup>\*\*</sup> | 13.4 | 6.5 | 19.9 |
| 2027<sup>\*\*</sup> | 16.2 | 6.0 | 22.2 |

---

*Source:* Ministry of Finance

R Realization.

\*\* Projected based on external debt outstanding as of December 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<br>December 31,** | **As of**<br>**December 31,** |
|  | **2024** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Multilateral | 8393 | 8822 |
|  Commercial<sup>(2)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **8393** | **8822** |

---

*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 December 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 | 0.0 | 174 | 174 |
| 2024 | 0.0 | 196 | 196 |
| 2025<sup>P</sup> | 0.0 | 265 | 265 |
|  2026\* | 0.0 | 309 | 309 |

---

*Source:* Bank Indonesia.

<sup>P</sup> Preliminary

\* Projected principal and interest payments to be made in the year of 2026 based on external debt outstanding as of December 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.

***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<br>December 31,** | **As of**<br>**December 31,** |
|  | **2024** | **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;&nbsp;&nbsp; Bank | 7326 | 5456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-bank | 1271 | 1597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total financial institutions | 8596 | 7.052 |
|  Non-financial institutions | 35806 | 33613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **44402** | **40665** |

---

*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.

------

***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 December 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 | 6808.8 |

---

*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<br>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 | 676.9 | 407.9 | 1084.8 |
|  2026\*\* | 789.0 | 426.8 | 1215.8 |
|  2027\*\* | 692.8 | 385.2 | 1078.0 |

---

Source: Ministry of Finance

<sup>R</sup> Realization.

<sup>\*\*</sup> Projected based on external debt outstanding as of December 31, 2025.

***Contingent Liabilities from Government Guarantees***

As of December 31, 2025, the total outstanding amount of infrastructure guarantees provided by the Government was Rp385.0 trillion, an increase from guarantees of Rp372.2 trillion as of December 31, 2024.

As of December 31, 2025, the Government had accumulated Rp13.67 trillion in the guarantee reserve fund account.

The guarantees that the Government provided to infrastructure projects comprised:

&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
aggregate capacity of 10,000 MW and the associated transmission lines ('Fast Track I' program). Outstanding guarantees for this program amounted to Rp0.1 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business viability guarantees to independent power producers on the ability of PT PLN to fulfill its financial
obligations based on power purchase agreements related to the 'Fast Track II' program. The guarantee exposure for this program amounted to Rp67.0 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 and
business viability guarantees under 35 GW program. Outstanding guarantees for this program amounted to Rp93.3 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. Outstanding guarantees for this program amounted to Rp56.6 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partial default risk guarantees for local government-owned water companies' loans in connection with the
Millennium Development Goals in water provision. Outstanding guarantees 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 sections of toll road projects (e.g., Jakarta Cikampek II Elevated, Cileunyi —
Sumedang — Dawunan, Krian — Legundi — Bunder — Manyar, Serang — Panimbang, Probolinggo — Banyuwangi, and Jakarta Cikampek II Selatan). The guarantee exposure for this program amounted to Rp113.8 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full default risk guarantees relating to PT Hutama Karya loans and bonds for the construction of Sumatera Toll
Roads. Outstanding guarantees for this program amounted to Rp23.1 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full default risk guarantees relating to PT Kereta Api Indonesia loans for the construction of the Jabodebek LRT
system in Greater Jakarta. Outstanding guarantees for this program amounted to Rp21.5 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• guarantee for local infrastructure financing through PT SMI. Outstanding guarantees for this program amounted to
Rp0.2 trillion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full default risk guarantees relating to PT Kereta Api Indonesia loans for the construction of high-speed rail
Jakarta-Bandung. Outstanding guarantees for this program amounted to Rp9.1 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.

**Exchange Rates** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rupiah per U.S. dollar** | **Rupiah per U.S. dollar** | **Rupiah per U.S. dollar** | **Rupiah per U.S. dollar** |
|  | **End of<br>period** | **End of<br>period** | **Period<br>average** | **Period<br>average** |
|  2021 |  | 14253 |  | 14296 |
|  2022 |  | 15568 |  | 14873 |
|  2023 |  | 15397 |  | 15247 |
|  2024 |  | 16095 |  | 15841 |
|  2025 |  | 16675 |  | 16466 |
|  January 2026 |  | 16785 |  | 16816 |
|  February 2026 (through February 20, 2026) |  | 16865 |  | 16817 |

---

*Source:* Bank Indonesia

***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<br>December 31,** | **As of<br>December 31,** |  | **As of**<br>**January 31,** |  |
|  | **2024** | **2025** |  | **2026** |  |
|  | **(in millions of U.S.<br>dollars, except for<br>months)** | **(in millions of U.S.<br>dollars, except for<br>months)** |  | |  |
|  Gold | 6602 | 11932 |  | 14462 |  |
|  SDRs | 7236 | 7598 |  | 7662 |  |
|  Reserve position with the IMF | 1034 | 1087 |  | 1096 |  |
|  Foreign exchange and others | 140848 | 135853 |  | 130640 |  |
|  **Total** | **155719** | **156471** |  | **154580** |  |
|  Total as number of months of imports and Government external debt repayments | 6.5 | 6.2 | <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 January 31, 2026, official international reserves position was U.S.$154.6 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 of December 31, 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** 

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| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024<sup>L</sup>** | **2025<sup>P</sup>** |
|  | **(percentages, unless<br>indicated otherwise)** | **(percentages, unless<br>indicated otherwise)** |
|  Debt-to-GDP ratio | 39.8 | 40.5 |
|  Debt service to GDP ratio | 5.4<sup>(1)</sup> | 5.0<sup>(2)</sup> |
|  Total public debt of the central Government<br>(in billions of U.S.$) <sup>(3)</sup> | 545.5 | 576.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% in Loans | 12.3 | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% in Bonds | 87.7 | 87.0 |

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*Source:* Ministry of Finance, Bank Indonesia.

<sup>P</sup> Preliminary.

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

<sup>(2)</sup> Calculated as debt service for 2025 divided by 2025 GDP at current prices.

<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 December 31, 2025, the central Government's debt-to-GDP ratio was 40.5%, with U.S.$576.4 billion of total public debt of the central Government, of which 13.0% was in loans and 87.0% was in bonds.