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Economy of Indonesia

Indonesia has the largest economy in Southeast Asia and is one of the emerging market economies of the world. The country is also a member of G-20 major economies and classified as a newly industrialised country. It is the sixteenth largest economy in the world by nominal GDP and is the eighth largest in terms of GDP (PPP). Indonesia still depends on domestic market, and government budget spending and its ownership of state-owned enterprises (the central government owns 141 enterprises) and the administration of prices of a range of basic goods including, rice, and electricity plays a significant role in Indonesia market economy, but since the 1990s, 80 percent of the economy has been controlled by private Indonesians and foreign companies.

In the aftermath of the financial and economic crisis that began in mid-1997 the government took custody of a significant portion of private sector assets through acquisition of nonperforming bank loans and corporate assets through the debt restructuring process and the companies in custody has been sold out by privatization several years later. Since 1999 the economy has recovered and growth has accelerated to over 4-6% in recent years.

In 2012 Indonesia replaced India as the second-fastest-growing G-20 economy, behind China. However, in 2014 India regained the second spot.

Sectors

Agriculture, livestock, forestry and fishery

Agriculture is a key sector which contributed to 14.43 percent of nation's GDP. Currently there are around 30 percent of Indonesian land area that is used for agriculture purpose, and employed around 49 million Indonesians (41% of total Indonesian work force). Indonesia's important agricultural commodities are palm oil, natural rubber, cocoa, coffee, tea, cassava, rice and tropical spices.

Hydrocarbons

Indonesia was the only Asian member of the Organization of Petroleum Exporting Countries (OPEC) outside of the Middle East until 2008, and is currently a net oil importer. The government has stated the cuts in subsidies are aimed at reducing the budget deficit to 1% of gross domestic product (GDP) this year, down from around 1.6% last year.

Non-oil and gas mining

Indonesia is the world's largest tin market. Although mineral production traditionally centred on bauxite, silver, and tin, Indonesia is expanding its copper, nickel, gold, and coal output for export markets.

Non-oil and gas manufacturing

In 2010, Indonesia sales 7.6 million motorcycles , which mainly produce in Indonesia with almost 100% local components. Honda led the market with a 50.95% market share, followed by Yamaha with 41.37% market share.

Transportation and communication

According to Deloitte, in 2011 Internet-related activities in Indonesia have generated 1.6% of the nation's gross domestic product (GDP).

Finance, real estate and business services

In 2015, Indonesia financial services covered Rp 7,289 trillion, 70.5 percent held by 50 conglomerations (domestic and/or foreign ownerships) which 14 of it were vertical conglomerations, 28 were horizontal conglomerations and 8 are mixed conglomerations.

Automotive

Year to date August 2014, Indonesia export 126,935 Completelety Build Up (CBU) vehicle units and 71,000 Completely Knock Down (CKD) vehicle units, while the total production is 878,000 vehicle units, so the export is 22.5 percent of total production.

General government, Private services

Up to end of June 2011, the fixed state assets was Rp 1,265 trillion ($128 billion), while the value of state stocks was Rp 50 trillion ($5.0 billion) and other state assets was Rp 24 trillion ($2.4 billion).

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Indonesia"

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