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Indonesia economic performance Q2 2024
This report provides a concise update on Indonesia’s economic performance up to June 2024.
Key areas covered include Indonesia macroeconomic indicators, export and import demand, the purchasing managers index, consumer confidence, and the retail sales index. Cimigo also discusses forecasts for the full year 2024 and expectations for the year ahead.
Business outlook: cautiously optimistic
Despite the manufacturing slowdown, the overall business outlook in Indonesia remains cautiously optimistic. The growth in exports (1.9%) and imports (1.8%) during this period points to a balanced trade environment. These figures suggest that while businesses are proceeding with caution, the economic environment remains supportive of growth.
Cimigo projects that this balanced approach, with GDP growth of 5.05% in Q2 2024, will sustain GDP growth at a modest 5.1% throughout 2024. However, companies should prepare for potential challenges, including narrowing margins and external economic pressures.
Consumer confidence: waning but resilient
Consumer confidence in Indonesia has seen a decline, dropping 3% compared with June of the previous year. This downward trend is particularly pronounced among older generations, while younger cohorts (Gen Z and Gen Y) remain relatively more optimistic about the future. The Consumer Confidence Index (CCI) stood at 123.3 in June 2024, down from 121.7 in the previous year, signalling a more cautious outlook among consumers.
Despite the challenges in manufacturing and consumer sentiment, retail sales have shown a modest improvement. The real retail sales index recorded a 4.4% year-on-year increase as of June 2024, primarily driven by essential goods sectors such as food, beverages, tobacco, and motor vehicle parts. These sectors have demonstrated resilience, suggesting that consumer spending is recovering, albeit unevenly.
For more details, please download the Indonesia Economic Performance Q2 2024 from Cimigo.
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Hy Vu - Head of Research Department
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Joe Nelson - New Zealand Consulate General
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Steve Kretschmer - Executive Director
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York Spencer - Global Marketing Director
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Laura Baines - Programmes Snr Manager
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Mai Trang - Brand Manager of Romano
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Hanh Dang - Product Marketing Manager
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Luan Nguyen - Market Research Team Leader
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Max Lee - Project Manager
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Chris Elkin - Founder
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Ronald Reagan - Deputy Group Head After Sales & CS Operation
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Chad Ovel - Partner
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Private English Language Schools - Chief Executive Officer
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Rick Reid - Creative Director
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Janine Katzberg - Projects Director
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Anya Nipper - Project Coordination Director
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Dr. Jean-Marcel Guillon - Chief Executive Officer
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Joyce - Pricing Manager
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Matt Thwaites - Commercial Director
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Aashish Kapoor - Head of Marketing
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Kelly Vo - Founder & Host
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Thanyachat Auttanukune - Board of Management
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Hamish Glendinning - Business Lead
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Thuy Le - Consumer Insight Manager
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Richard Willis - Director
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Ha Dinh - Project Lead
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Geert Heestermans - Marketing Director
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Louise Knox - Consumer Technical Insights
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Aimee Shear - Senior Research Executive
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Dennis Kurnia - Head of Consumer Insights
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Tania Desela - Senior Product Manager
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Thu Phung - CTI Manager
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Linda Yeoh - CMI Manager
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Cimigo provides a range of consumer marketing trends and market research on market sectors and consumer segments in Vietnam and Indonesia.
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