No. 27/10/DKom
Indonesia's external debt growth decelerated in November 2024. The external debt position of Indonesia was recorded at USD424.1 billion in November 2024, with annual growth decelerating to 5.4% (yoy) from 7.7% (yoy) in October 2024. Such developments were influenced by moderating external debt in the public sector and declining private external debt.
Government external debt experienced a moderated growth. The position of government external debt in November 2024 was recorded at USD203.0 billion, as growth moderated to 5.4% (yoy) from 8.6% (yoy) in October 2024. yThis development was influenced by foreign capital inflows to international government securities (SBN) and withdrawals of foreign loan to support the financing of several government programs and projects. As a component of State Revenue and Expenditure Budget (APBN) financing instruments, external debt is consistently geared towards supporting priority expenditures to foster economic growth. Government external debt is managed with credibility and accountability to bolster spending, which includes human health and social activities (20.9% of total government external debt); public administration, defence and compulsory social security (19.4%); education (16.8%); construction (13.5%); as well as insurance and financial services (9.0%). The current state of government external debt remains manageable considering nearly all, or 99.9% of total government external debt, is dominated by long-term maturities.
Private external debt tracked a downward trend. In November 2024, the position of private external debt was recorded at USD194.6 billion, experiencing a deeper 1.6% (yoy) contraction after declining 1.4% (yoy) in October 2024. Non-financial corporations primarily contributed to the contraction, with external debt retreating 1.7% (yoy) in the reporting period. By sector, the main contributors to private external debt were the manufacturing industry; insurance and financial services; electricity and gas supply; as well as mining and quarrying, collectively accounting for 79.4% of total private external debt. Furthermore, 76.1% of total private external debt was dominated by long-term tenors.
The structure of external debt in Indonesia remains sound, supported by prudent management. These developments are reflected in the ratio of external debt to gross domestic product (GDP), which was maintained at 30.5% in November 2024, with long-term debt dominating 84.7% of total external debt. Seeking to maintain a healthy structure, Bank Indonesia and the Government will continue strengthening coordination to monitor external debt developments. The role of external debt will also continue to be optimised to support financing for development and promote sustainable national economic growth. These efforts are being made by minimising the risks posed to economic stability.
The latest external debt data and metadata are presented in the publication of Indonesia's External Debt Statistics (SULNI) January 2025 edition on the Bank Indonesia website. This publication is also accessible via the Ministry of Finance website.
Jakarta 16th January 2025
Communication Department
Ramdan Denny Prakoso
Executive Director
