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- Indonesia: Total Investment expanded further in Q3 2023 – UOB
Indonesia: Total Investment expanded further in Q3 2023 – UOB
Economist at UOB Group Enrico Tanuwidjaja and Junior Economist Agus Santoso assess the latest investment figures in Indonesia.
Key Takeaways
Indonesia attracted a strong investment realization of IDR374.4tn in 3Q23, up 21.6% y/y from IDR307.8tn. The robust investment growth can be attributed to higher investment in the base metals industry, mining, transportation, storage, and communication.
Foreign Direct Investment (FDI) contributed IDR196.2tn or 52.4% of total investment, while Domestic Direct Investment (DDI) contributed IDR168.9tn or 47.6%.
The downstream sector attracted investment of IDR114.6tn or representing 30.6% of total investment in 3Q23. Robust investment growth is a catalyst for Indonesia's economic growth amid global uncertainty which resulted in exports contraction. Along with the government's program that still focuses on infrastructure development and downstreaming, going forward we expect investment will continue to grow positively, even higher than the target set by the government. All in all, stronger investment coupled with higher labor absorption will drive an improvement in people's purchasing power and consumption further.
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