Indonesia Remains Southeast Asia's Digital Economy Leader in 2023

Economics & Macro

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Cindy Mutia Annur 03/11/2023 15:29 WIB

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According to a report by Google, Temasek, and Bain & Company, Indonesia remains the leading digital economy in Southeast Asia in 2023.

Projected Gross Merchandise Value (GMV) of the Southeast Asian Digital Economy (2023)

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Projected Gross Merchandise Value (GMV) of the Southeast Asian Digital Economy (2023)

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According to the *e-Conomy SEA 2023* report by Google, Temasek, and Bain & Company, the gross merchandise value (GMV) of the Southeast Asian digital economy reached US$218 billion in 2023.

This figure represents an 11% year-on-year (YoY) increase from US$195 billion in the previous year.

Indonesia maintained its leading position in Southeast Asia's digital economy GMV in 2023, recording a GMV of US$82 billion—the highest among the region's countries.

Thailand followed in second place with a digital economy GMV of US$36 billion, followed by Vietnam and the Philippines at US$30 billion and US$24 billion, respectively.

Malaysia's digital economy GMV is projected at US$23 billion, while Singapore holds the lowest position in the region with a digital economy GMV of US$22 billion.

Although Indonesia boasts the highest digital economy value, its growth rate is the second lowest after Malaysia.

The following shows the growth of the digital economy GMV in Southeast Asia in 2023:

* Vietnam: 19% to US$30 billion
* Thailand: 16% to US$36 billion
* Philippines: 13% to US$24 billion
* Singapore: 12% to US$22 billion
* Indonesia: 8% to US$82 billion
* Malaysia: 7% to US$23 billion

In terms of sectors, e-commerce remained the largest contributor to the Southeast Asian digital economy GMV in 2023. Almost all sectors saw growth, except for the food delivery sector, which experienced a decline this year.

The following details the projected GMV of the Southeast Asian digital economy by sector this year:

* E-commerce: US$139 billion, up 6% (YoY)
* Online travel: US$30 billion, up 63% (YoY)
* Online media: US$26 billion, up 10% (YoY)
* Food delivery: US$16 billion, down 4% (YoY)
* Transportation: US$7.3 billion, up 30% (YoY)

Google, Temasek, and Bain & Company project continued growth for the Southeast Asian digital economy in the coming years. The region's digital economy GMV is projected to reach US$295 billion by 2025, with a compounded annual growth rate (CAGR) of 16%.

Editor : Padjar Iswara

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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