Indonesia's Economic Growth Rate, from the Habibie Era to the Jokowi Era

According to the Ministry of Finance, "economic growth" is a change in the economic conditions of a country or region.

Every year, the Central Bureau of Statistics (BPS) calculates Indonesia's economic growth based on the gross domestic product (GDP) at constant prices (ADHK).

GDP shows the total value added of goods and services produced nationally.

Then, in the ADHK GDP, that value added is calculated using the price benchmark applicable in a specific base year.

For example, BPS recorded Indonesia's ADHK GDP value in 2022 at Rp11.710 trillion (calculated based on the 2010 price benchmark).

This figure increased by 5.31% compared to the 2021 ADHK GDP, which was valued at Rp11.120 trillion. Thus, in 2022, the Indonesian economy is said to have grown by 5.31%.

The level of economic growth during the era of President Joko Widodo (Jokowi) is not much different from that of his predecessors since the beginning of the Reformasi era.

In the last two decades (1998-2022), the median economic growth of Indonesia was 5.03%.

The worst growth was recorded in 1998, when Indonesia transitioned from the New Order regime to Reformasi. At that time, Indonesia's economic growth was -13.13%.

This negative figure indicates that, instead of increasing, the national ADHK GDP value in 1998 actually decreased by 13.13% compared to the previous year.

Then, at the beginning of the Reformasi era, after B.J. Habibie became president (1999), the Indonesian economy began to improve, although growth was only 0.79%.

During the era of President Abdurrahman Wahid (2000-2001), Indonesia's economic growth continued to strengthen to the range of 3.6-4.9% per year.

Continuing to the era of President Megawati Soekarnoputri (2002-2004), growth reached the range of 4.5-5% per year.

Then, during the era of President Susilo Bambang Yudhoyono (SBY), Indonesia's economic growth reached its highest level since the beginning of the Reformasi era.

When SBY was in power (2005-2014), Indonesia's economic growth several times exceeded 6%. Its peak achievement was recorded in 2007, when the national economy grew by 6.35%.

Meanwhile, during President Jokowi's era (2015-2022), normal growth was in the range of 4.8-5.3%. Abnormal conditions occurred in 2020-2021, when Indonesia was hit by the Covid-19 pandemic.

The pandemic situation at that time limited the movement of the business world, so national economic growth fell to a negative figure in 2020, and only began to recover in 2021 as seen in the graph.