INDONESIA ECONOMIC WEEK IN REVIEW1 5 – 9 August 2019 WEEKLY ECONOMIC HIGHLIGHTS  The Jakarta Composite Index dropped 0.9 percent over the week, in line with other major markets in the region.  The Rupiah depreciated against the US dollar by 0.1 percent but appreciated against both Euro and Japanese Yen by 1.0 percent over the week.  The government raised IDR 8 trillion from the issuance of Rupiah-denominated Sharia bonds on August 6.  Gross Domestic Product grew by 5.05 percent yoy in Q2 2019, slightly lower than 5.07 percent in Q1 2019.  Indonesia’s current account deficit widened to 3.0 percent of GDP in Q2 from 2.6 percent in Q1 2019.  Official reserve assets increased by USD 5.2 billion to USD 125.9 billion at the end of July IDX composite index IDR/USD exchange rate Level (index) and weekly change (percent) Level (IDR/USD) and weekly change (percent) IDR 5-year government bond yield Indonesia USD EMBI Spread Level (percent) and weekly change (bps) Level (percent) and weekly change (bps) FINANCIAL MARKET INDICATORS Change or total: Date of Latest latest Year to Indicator value value Unit 7 days* 30 days* 90 days date Stock market Jakarta Composite Index 6,282 09 Aug -0.9% -1.7% 1.2% 1.4% Net purchases by foreign investors 0.06 09 Aug IDR, tn -3.8 -4.8 2.9 64.0 Exchange rate: USD/IDR 14,195 09 Aug -0.1% 0.5% -1.1% -2.4% Government bonds Yield: 1 year IDR bond 6.3% 09 Aug bps -22.6 -7 -39 -55 Yield: 5-year IDR bond 6.9% 09 Aug bps -8 4 -67 -107 Yield: 10-year IDR bond 7.5% 09 Aug bps -13 12 -73 -64 Foreign investor holdings of IDR 1006 09 Aug IDR, tn -13.7 3.7 43.9 112.3 government bonds Indonesia USD bonds stripped spread 189 09 Aug bps 3 11 0 -41 Asia USD bonds stripped spread 187 09 Aug bps 4 15 6 -27 Interest rates IndONIA 5.6% 09 Aug bps -31 59 -31 -31 Spread relative to policy rate -16 09 Aug bps -6 9 -6 -6 International reserves 125.9 31 Jul USD, bn -- 2.1 1.6 5.2 * One week and month prior to the latest observation 1DISCLAIMER This is an internal document and is not for wider circulation. All data and information are from third party sources unless otherwise noted (full list of sources provided at the end of the document). The accuracy of data, statistics or events presented in this document are not independently verified and the document reflects staff interpretation of recent economic developments. INTERNATIONAL FINANCIAL MARKET INDICATORS Value on Change since Change over earlier period 8-Nov-16 Year on Year to 09-Aug-19 US 7 days 30 days 90 days year date Election STOCK MARKET Indonesia Composite Index 6,282 14.8% 3.6% -0.9% -1.7% 1.2% 1.4% Agriculture 1,374 -22.4% -12.3% 2.6% -2.8% -1.7% -12.2% Mining 1,628 17.1% -22.6% 0.6% -1.0% -2.1% -8.3% Finance 1,283 56.2% 16.7% -1.9% -2.0% 3.2% 9.1% Basic industry 834 53.3% 1.6% 1.0% 3.3% 9.6% -2.4% Consumer 2,358 -5.8% -2.8% -0.6% -1.3% -5.2% -8.2% Manufacturing 1,496 3.9% -2.2% -0.5% -0.8% -1.3% -7.5% Infras., utilities & trans 1,197 8.0% 14.3% 0.0% -4.1% 4.2% 12.4% Australia 6,663 24.7% 4.4% -2.7% -1.3% 4.2% 16.6% H.K. 25,939 13.2% -9.3% -3.6% -7.7% -9.1% 1.7% Japan 20,685 20.5% -8.5% -1.9% -4.1% -3.1% 3.3% Malaysia 11,273 -1.2% -10.1% -0.6% -4.0% 0.6% -1.6% Philippines 7,854 7.5% 0.4% -3.4% -2.3% 1.4% 5.2% Singapore 3,169 12.4% -4.7% -2.8% -4.8% -3.2% 3.8% Thailand 1,651 9.3% -4.2% -2.0% -4.1% 0.1% 5.5% U.S. S&P 500 2,938 37.8% 2.8% -0.5% -1.3% 2.3% 18.1% FOREIGN EXCHANGE RATES USD exchange rates: IDR 14,195 8.4% -1.6% -0.1% 0.5% -1.1% -2.4% Euro 0.89 -1.4% 3.5% -0.8% 0.1% 0.3% 2.3% Singapore Dollar 1.38 -0.6% 1.3% 0.4% 1.5% 1.4% 0.9% Thai Baht 30.73 -12.2% -7.4% -0.5% -0.3% -3.0% -5.3% Korean Won 1,211 6.7% 8.4% 1.0% 2.5% 2.8% 8.5% Japanese Yen 105.94 1.5% -4.6% -0.9% -2.8% -3.5% -4.0% IDR cross rates: Euro 15,891 10.0% -5.1% 1.0% 0.3% -1.4% -4.6% 100 Yen 13,392 6.9% 2.9% 1.0% 3.2% 2.6% 1.9% UPCOMING EVENTS AND DATA RELEASES  Bank Indonesia External Debt Statistics (August 19, 2019)  Bank Indonesia Board of Governors’ Meeting (August 21-22, 2019)  Broad Money (M2) Report, July data (August 30, 2019) DATA SOURCES Data are taken from CEIC, with the following exceptions: the latest Jakarta Stock Exchange and Indonesian government IDR bond yield data are taken from the Indonesian Stock Exchange (www.idx.co.id), and IDR mid exchange rates from Bank Indonesia (www.bi.go.id), after 5 pm each day. BI reports international reserves data directly, with a lag of approximately two weeks. CEIC provides the latest BI JIBOR rates via a special direct data service. The Directorate General of Debt Management at the Indonesian Ministry of Finance provides data on the foreign holdings of IDR government bonds (www.djppr.kemenkeu.go.id) contains the most recent observation). Indonesian government USD bond spreads are sourced from DEC’s GEM dataset.