Obligation Indonesie 3.5% ( US455780CR58 ) en USD

Indonesie

100 % ▲

Indonesie

US455780CR58 ( en USD )

3.5% par an ( paiement semestriel )

13/02/2050

Prospectus brochure de l'obligation Indonesia US455780CR58 en USD 3.5%, échéance 13/02/2050

200 000 USD

800 000 000 USD

455780CR5

14/02/2026 ( Dans 62 jours )

L'Indonésie est un archipel d'Asie du Sud-Est composé de plus de 17 000 îles, possédant une biodiversité exceptionnelle et une riche culture influencée par des siècles d'histoire et d'interactions entre différentes populations.

L'Obligation émise par Indonesie ( Indonesie ) , en USD, avec le code ISIN US455780CR58, paye un coupon de 3.5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 13/02/2050

424B5
424B5 1 d860769d424b5.htm 424B5
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-223441

PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED MARCH 16, 2018

Republic of Indonesia
1,000,000,000 0.900% Bonds Due 2027
US$1,200,000,000 2.850% Bonds Due 2030
US$800,000,000 3.500% Bonds Due 2050
The Republic of Indonesia (the "Republic") is offering 1,000,000,000 in aggregate principal amount of its 0.900% bonds due 2027 (the "2027 Bonds"), US$1,200,000,000 in aggregate principal
amount of its 2.850% bonds due 2030 and US$800,000,000 in aggregate principal amount of its 3.500% bonds due 2050 (the "2030 Bonds" and the "2050 Bonds", respectively, and, together with
the 2027 Bonds, the "Bonds"). Interest on the 2027 Bonds will accrue from January 14, 2020 and be payable annually in arrears on February 14 of each year, beginning on February 14, 2021 until
redemption or maturity. Interest on the 2030 Bonds and the 2050 Bonds will accrue from January 14, 2020 and be payable semi-annually in arrears on February 14 and August 14 of each year,
beginning on August 14, 2020 until redemption or maturity.
The Bonds contain "collective action clauses." Under these provisions, which differ from the terms of the Republic's public external indebtedness issued prior to January 8, 2015, modifications
affecting the reserve matters listed in the indenture, including modifications to payment and other important terms, may be made to a single series of debt securities issued under the indenture
(including the Bonds) with the consent of the holders of 75% of the aggregate principal amount outstanding of that series, and to two or more series of debt securities issued under the indenture
either (x) with the consent of holders of 75% of the aggregate principal amount of the outstanding debt securities of all the series affected by the proposed modification (taken in aggregate) if the
modification is uniformly applicable; or (y) with the consent of the holders of 662/3% of the aggregate principal amount outstanding of all series of debt securities that would be affected and 50%
in aggregate principal amount outstanding of each affected series of debt securities.
Approval-in-principle has been granted for the listing of the Bonds on the Singapore Exchange Securities Trading Limited ("SGX-ST"). The SGX -ST assumes no responsibility for the correctness
of any of the statements made or opinions or reports contained in this prospectus supplement and the accompanying prospectus. Admission of the Bonds to the official list of the SGX -ST is not to
be taken as an indication of the merits of the Republic or the Bonds.
You should read this prospectus supplement and the accompanying prospectus carefully. You should not assume that the information in this prospectus supplement and the accompanying
prospectus is accurate as of any date other than the date on the front of these documents.
The Euro-denominated Bonds will be represented by one or more global Bonds registered in the name of a nominee of the common depositary for Euroclear Bank, S.A./N.V. ("Euroclear" or the
"Euroclear System") and Clearstream Banking, S.A. ("Clearstream" or "Clearstream, Luxembourg"), and the U.S. dollar-denominated Bonds will be represented by one or more global Bonds
registered in the name of a nominee of The Depository Trust Company ("DTC"), as depositary. The Republic expects to deliver the Bonds to investors in registered book-entry form only through
the facilities of DTC for the U.S. dollar-denominated Bonds and Clearstream, Luxembourg and Euroclear for the Euro-denominated Bonds, on or about January 14, 2020.

2027 Bonds

2030 Bonds

2050 Bonds

Per Bond

Total

Per Bond

Total

Per Bond

Total

Price to investors

99.638%
996,380,000
99.737%
US$ 1,196,844,000
99.077%
US$ 792,616,000
Underwriting discounts and commissions

0.040%

398,552

0.040%
US$
478,737.6

0.040%
US$
317,046.4
Proceeds, before expenses, to the Republic

99.598%
995,981,448
99.697%
US$1,196,365,262.4
99.037%
US$792,298,953.6
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or determined if this prospectus supplement or the
accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Joint Lead Managers and Joint Bookrunners

Citigroup
Deutsche Bank
Goldman Sachs
Mandiri Securities
Société Générale

Corporate & Investment Banking
Co-Managers

PT Danareksa Sekuritas Tbk

PT Trimegah Sekuritas Indonesia

The date of this prospectus supplement is January 7, 2020.
Table of Contents
TABLE OF CONTENTS
https://www.sec.gov/Archives/edgar/data/1719614/000119312520003466/d860769d424b5.htm[1/8/2020 9:05:15 AM]

424B5

Prospectus Supplement
Page
INTRODUCTORY STATEMENTS
S-1
SUMMARY OF THE OFFERING
S-3
USE OF PROCEEDS
S-7
RECENT DEVELOPMENTS
S-8
DESCRIPTION OF THE BONDS
S-56
TAXATION
S-60
UNDERWRITING
S-61
LEGAL MATTERS
S-68
GENERAL INFORMATION
S-68
WHERE YOU CAN FIND MORE INFORMATION
S-68
TABLE OF CONTENTS

Prospectus

Page
ABOUT THIS PROSPECTUS

i
ENFORCEMENT

ii
FORWARD-LOOKING STATEMENTS

iii
DATA DISSEMINATION

iv
USE OF PROCEEDS

1
DESCRIPTION OF THE SECURITIES

2
TAXATION

18
PLAN OF DISTRIBUTION

28
VALIDITY OF THE SECURITIES

30
AUTHORIZED REPRESENTATIVE IN THE UNITED STATES

31
EXPERTS AND OFFICIAL STATEMENTS AND DOCUMENTS

32
FURTHER INFORMATION

33
Table of Contents
You should read this prospectus supplement along with the prospectus that accompanies it. You should rely only on the information contained or
incorporated by reference in this document and the accompanying prospectus or to which we have referred you. We have not authorized anyone
to provide you with information that is different. This document may only be used where it is legal to sell these securities. This document and the
accompanying prospectus may only be used for the purposes for which they have been published. The information in this prospectus supplement
and the accompanying prospectus may only be accurate as of the date of this prospectus supplement or the accompanying prospectus, as
applicable. Terms used herein but not otherwise defined shall have the meaning given to them in the prospectus that accompanies this prospectus
supplement.
INTRODUCTORY STATEMENTS
This prospectus supplement supplements the accompanying prospectus dated March 16, 2018, relating to the Republic's debt securities and warrants. If the
information in this prospectus supplement differs from the information contained in the accompanying prospectus, you should rely on the updated
information in this prospectus supplement.
The Republic accepts responsibility for the information that is contained in this prospectus supplement and the prospectus that accompanies it. To the best
of the knowledge and belief of the Republic (which has taken all reasonable care to ensure that such is the case), the information contained in this
prospectus supplement and the accompanying prospectus is in accordance with the facts and does not omit anything likely to affect the import of such
information.
The Republic is a foreign sovereign state. Consequently, it may be difficult for you to obtain or realize upon judgments of courts in the United States
against the Republic. See "Description of the Securities -- Debt Securities -- Enforcement" in the accompanying prospectus.
The distribution of this prospectus supplement and the accompanying prospectus and the offering of the Bonds may be legally restricted in some countries.
If you wish to distribute this prospectus supplement or the accompanying prospectus, you should observe any applicable restrictions. This prospectus
supplement and the accompanying prospectus should not be considered an offer, and it is prohibited to use them to make an offer, in any state or country in
which the making of the offering of the Bonds is prohibited. For a description of some restrictions on the offering and sale of the Bonds and the distribution
of this prospectus supplement and the accompanying prospectus, see "Underwriting" on page S-55.
https://www.sec.gov/Archives/edgar/data/1719614/000119312520003466/d860769d424b5.htm[1/8/2020 9:05:15 AM]

424B5
MIFID II product governance / Professional investors and ECPs only target market -- Solely for the purposes of each manufacturer's product
approval process, the target market assessment in respect of the Bonds has led to the conclusion that: (i) the target market for the Bonds is eligible
counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, "MiFID II"); and (ii) all channels for distribution of the
Bonds to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Bonds (a
"distributor") should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for
undertaking its own target market assessment in respect of the Bonds (by either adopting or refining the manufacturers' target market assessment) and
determining appropriate distribution channels.
This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom and (ii) to investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth
entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being
referred to as "relevant persons"). The Bonds are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such
Bonds will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its
contents.

S-1
Table of Contents
Notification under Section 309B(1)(c) of the Securities and Futures Act, Chapter 289 of Singapore -- The Bonds are prescribed capital markets
products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS
Notices SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).
Unless otherwise indicated, all references in this prospectus to "Rupiah" or "Rp" are to the currency of Indonesia, those to "dollars", "U.S. dollars", "U.S.$
" or "US$" are to the currency of the United States of America, those to "Euro" or "" are to the currency of the European Union, those to "SDR" are to
Special Drawing Rights of the International Monetary Fund ("IMF") and those to "ID" are to Islamic Dinars of the Islamic Development Bank. References
in this document to "Indonesia" or the "Republic" are to the Republic of Indonesia and references to the "Government" are to the Government of Indonesia.

S-2
Table of Contents
SUMMARY OF THE OFFERING
This summary highlights information contained elsewhere in this prospectus supplement and the accompanying prospectus. You should read the
entire prospectus supplement and the accompanying prospectus carefully.

Issuer
Republic of Indonesia.

Bonds
The 1,000,000,000 0.900% Bonds due 2027 (the "2027 Bonds"), and the US$1,200,000,000
2.850% Bonds due 2030 and the US$800,000,000 3.500% Bonds due 2050 (the "2030
Bonds" and "2050 Bonds", respectively, and, together with the 2027 Bonds, the "Bonds").
The Bonds are being issued under the Indenture dated as of December 11, 2017 (the
"Indenture").

Issue Price
For the 2027 Bonds, 99.638% of the principal amount of the 2027 Bonds.

For the 2030 Bonds, 99.737% of the principal amount of the 2030 Bonds.

For the 2050 Bonds, 99.077% of the principal amount of the 2050 Bonds.

Maturity
The 2027 Bonds: February 14, 2027

The 2030 Bonds: February 14, 2030

The 2050 Bonds: February 14, 2050

https://www.sec.gov/Archives/edgar/data/1719614/000119312520003466/d860769d424b5.htm[1/8/2020 9:05:15 AM]

424B5
Interest
The 2027 Bonds will bear interest from January 14, 2020 at a rate of 0.900% per annum.
Interest will be paid on February 14 of each year, commencing on February 14, 2021.

The 2030 Bonds will bear interest from January 14, 2020 at a rate of 2.850% per annum.

Interest will be paid on February 14 and August 14 of each year, commencing on August 14,
2020.

The 2050 Bonds will bear interest from January 14, 2020 at a rate of 3.500% per annum.
Interest will be paid on February 14 and August 14 of each year, commencing on August 14,
2020.

S-3
Table of Contents
Withholding Tax and Additional Amounts
The Republic will make all payments of principal, premium (if any) and interest on the
Bonds without withholding or deduction on account of any present or future taxes, duties,
assessments or other government charges withheld or assessed by the Republic or any
political subdivision or authority thereof or therein having power to tax, unless the deduction
or withholding is required by law. If the Republic is required to make any deduction or
withholding, it will pay the holders, subject to specified exceptions, the additional amounts
required to ensure that the net amount they receive after such withholding or deduction shall
equal the amount they would have received without this withholding or deduction. See
"Description of the Securities -- Additional Amounts" in the accompanying prospectus.

Further Issues
The Republic may, from time to time, without the consent of holders of the debt securities of
a series, create and issue additional debt securities having the same terms and conditions as
the debt securities of such series in all respects, except for issue date, issue price and the first
payment on the debt securities; provided, however, that any additional debt securities
subsequently issued shall be issued, for U.S. federal income tax purposes, either (a) as part of
the "same issue" as the debt securities, (b) in a "qualified reopening" of the debt securities; or
(c) with no greater amount of original issue discount than the previously outstanding debt
securities as of the date of the issue of such additional debt securities, unless such additional
debt securities have a separate CUSIP, ISIN or other identifying number from the previously
outstanding debt securities. Such additional debt securities will be consolidated with and will
form a single series with the previously outstanding debt securities. See "Description of the
Securities -- Further Issues" in the accompanying prospectus.

Form and Settlement
The Bonds to be delivered to investors will be issued in global form and registered in the
name of the nominee of the common depository on behalf of the clearing system. Clearing
systems include DTC in the United States and Euroclear and Clearstream, Luxembourg in
Europe. See "Description of the Bonds -- Global Bonds."

Denominations
The Republic will issue the Euro-denominated Bonds only in minimum denominations of
100,000 and integral multiples of 1,000 in excess thereof, and the U.S. dollar-denominated
Bonds only in minimum denominations of US$200,000 and integral multiples of US$1,000
in excess thereof.

Status of the Bonds
The Bonds will constitute direct, general, unconditional and unsubordinated obligations of
the Republic for which the full faith and credit of the Republic is pledged. The Bonds rank
and will rank without any preference among themselves and equally with all other
unsubordinated public external indebtedness of the Republic. It is understood that this
provision will not be construed so as to require

S-4
https://www.sec.gov/Archives/edgar/data/1719614/000119312520003466/d860769d424b5.htm[1/8/2020 9:05:15 AM]

424B5
Table of Contents
the Republic to make payments under any series of the Bonds ratably with payments being

made under any other public external indebtedness. See "Description of the Securities --
Status" in the accompanying prospectus.

Negative Pledge
The Bonds will contain certain covenants, including a negative covenant that will restrict the
Republic from creating or permitting to exist (subject to certain exceptions) any security
interest on any of its present or future revenues or assets. See "Description of the
Securities -- Negative Pledge" in the accompanying prospectus.

Use of Proceeds
The Republic will use the net proceeds from the sale of the Bonds offered by this prospectus
supplement for the general purposes of the Republic, including to partially fund its general
financing requirements.

Collective Action
The Bonds contain "collective action clauses." Under these provisions, which differ from the
terms of the Republic's public external indebtedness issued prior to January 8, 2015,
modifications affecting the reserve matters listed in the Indenture, including modifications to
payment and other important terms, may be made to a single series of debt securities issued
under the Indenture (including the Bonds) with the consent of the holders of 75% of the
aggregate principal amount outstanding of that series, and to two or more series of debt
securities issued under the indenture either (x) with the consent of holders of 75% of the
aggregate principal amount of the outstanding debt securities of all the series affected by the
proposed modification (taken in aggregate) if the modification is uniformly applicable; or
(y) with the consent of the holders of 662/3% of the aggregate principal amount outstanding
of all series of debt securities that would be affected and 50% in aggregate principal amount
outstanding of each affected series of debt securities. See "Description of the Securities --
Meeting, Amendments and Waivers -- Collective Action" in the accompanying prospectus.

Governing Law
New York; provided, however, that all matters governing the Republic's authorization and
execution of the Indenture and the Bonds will be governed by, and construed in accordance
with, the laws of Indonesia.

Listing
Approval-in-principle has been granted for listing on the Singapore Exchange Securities
Trading Limited (the "SGX-ST") and application will be made for listing on the Frankfurt
Stock Exchange.

Taxation
See "Taxation" in this prospectus supplement and the accompanying prospectus for a
discussion of the U.S. federal and Indonesian tax consequences associated with an
investment in the Bonds. Investors should consult their own tax advisors in determining the
tax consequences of the purchase, ownership and disposition of the Bonds.

S-5
Table of Contents
Underwriting
Mandiri Securities Pte. Ltd., one of the underwriters, is an affiliate of the Republic and has
agreed to offer and sell the Bonds only outside the United States of America to non-U.S.
persons.

Trustee
The Bank of New York Mellon.

Registrar and Transfer Agent
With respect to the Bonds of any series to be held through Euroclear and/or Clearstream,
Luxembourg, The Bank of New York Mellon SA/NV, Luxembourg Branch (previously
https://www.sec.gov/Archives/edgar/data/1719614/000119312520003466/d860769d424b5.htm[1/8/2020 9:05:15 AM]

424B5
known as The Bank of New York Mellon (Luxembourg) S.A.) will act as Registrar and
Transfer Agent. With respect to the Bonds of any series to be held through DTC, The Bank
of New York Mellon will act as Registrar and Transfer Agent.

Paying Agent
With respect to the Bonds of any series to be held through DTC, The Bank of New York
Mellon will act as paying agent in The City of New York, USA. The Bank of New York
Mellon, London Branch will act as paying agent in the City of London, England for any
Bonds held through Euroclear and Clearstream.

S-6
Table of Contents
USE OF PROCEEDS
The Republic intends to use the net proceeds from the sale of the Bonds offered by this prospectus supplement for the general purposes of the Republic,
including to partially fund its general financing requirements.

S-7
Table of Contents
RECENT DEVELOPMENTS
The information contained in this section supplements the information about the Republic corresponding to the headings below that is contained in
Exhibit 99.D to the Republic's annual report on Form 18-K for the fiscal year ended December 31, 2018. To the extent the information in this section
differs from the information contained in such annual report, you should rely on the information in this section. Capitalized terms not defined in this
section have the meanings ascribed to them in the annual report.
REPUBLIC OF INDONESIA
Government and Political Developments
Political History and Development of Political Parties
From 1605 until its independence in 1945, Indonesia was under almost continuous Dutch colonial rule. The period of Dutch administration was
interrupted by a short period of British colonial rule in the 19th century and ended by the Japanese occupation for three years before Indonesia proclaimed
its independence on August 17, 1945. In the same year, Indonesia adopted its Constitution. In 1967, the executive power was transferred from President
Soekarno to General Soeharto who served as Indonesia's President until 1998, when he resigned in the aftermath of social unrest that followed the 1997
Asian financial crisis.
The post-Soeharto era, which is known in Indonesia as the Reformasi (Reformation) led to changes in various governmental institutions and
structural reforms of the judiciary, legislature, and executive office. Between 1999 and 2002, the Constitution was amended to strengthen constitutional
checks and balances and the separation of powers and provide for a more direct democracy.
In July 2014, President Joko Widodo and Vice President Muhammad Jusuf Kalla were elected to serve until 2019. The nomination of presidential
and vice-presidential candidates is proposed by coalitions of political parties and the candidates' relationships with and support from political parties have a
considerable effect on election results. In the 2014 election, the legislative and presidential elections were held separately with three months span in
between. Accordingly, the legislative election results were an important indicator of the outcome of the presidential election due to the political support
from the political parties.
Recent Elections
In 2019, for the first time, Indonesia's presidential and legislative election was held simultaneously. The 2019 simultaneous general election was held
on April 17, 2019 for the election of president and vice president, members of the House of Representatives, members of the Regional Representative
Council, members of the Provincial Legislative Council, and members of the City/Regency Legislative Council.
https://www.sec.gov/Archives/edgar/data/1719614/000119312520003466/d860769d424b5.htm[1/8/2020 9:05:15 AM]

424B5
On May 21, 2019, the General Election Commission (Komisi Pemilihan Umum) or KPU, confirmed the election of President Joko Widodo and Vice
President KH. Ma'ruf Amin to serve as the president and vice president, respectively, until 2024. Following the announcement of the election results, the
primary opposition presidential and vice presidential candidates filed a claim against the general election's result with the Constitutional Court. On June 27,
2019, the Constitutional Court rendered a decision rejecting these claims. President Widodo and Vice President Amin took their oath of office and
commenced serving their five-year term on October 20, 2019.
While Indonesia has successfully conducted elections in the past and the recent general elections, the country continues to face various socio-political
issues and has, from time to time, experienced political

S-8
Table of Contents
instability and social and civil unrest. Since 2000, thousands of Indonesians have participated in demonstrations in Jakarta and other Indonesian cities both
for and against former President Megawati, former President Yudhoyono and current President Widodo, as well as in response to specific issues, including
reductions in fuel or electricity subsidies, privatization of state assets, anticorruption measures, decentralization and provincial autonomy, actions of former
Government officials and their family members, and the American-led military campaigns in the Middle-East. Gubernatorial elections in Jakarta in
February and April 2017 led to protests with religious undertones. Despite a few demonstrations that turned disruptive, Indonesia has gone through several
major elections that were generally peaceful and led to successful transition. Considering the recent state of the political environment in Indonesia, political
campaigns in Indonesia may bring a degree of political and social uncertainty to Indonesia that could lead to further civil disturbances.
Political Developments
In August 2019, President Widodo announced plans to move Indonesia's capital from Jakarta to an area in East Kalimantan province on the island of
Borneo. He further announced that the physical relocation of the capital will begin in 2024 and is expected to cost Rp466 trillion, 19% of which will
originate from state budget. The remaining amount will be funded through public private partnerships as well as private investments. The plan is
preliminary and is subject to change and various government approvals, including the approval of Parliament as well as the anticipated enactment into law
(undang-undang) as the legal basis for the relocation.
Following the inauguration of his second presidential term in October 2019, President Widodo announced his administration's plans to continue
regulatory reform by focusing on initiatives such as developing a dynamic workforce, promoting industry cooperation through technology, continuing
infrastructure development, simplifying regulations by creating two omnibus laws--one on job creation and one on small business empowerment--which
will be a legislative priority, reducing bureaucracy and diversifying the nation's economy by reducing dependency on production of natural resources.
Economy and Gross Domestic Product
Principal Sectors of the Economy
Indonesia's principal economic sectors are the manufacturing industry (including coal, oil and gas); agriculture, forestry and fishery; wholesale and
retail trade, repair of motor vehicles and motorcycles; construction; and mining and quarrying.
The tables below show the composition of Indonesia's GDP by sector at current prices and constant prices, respectively, for the periods indicated.

S-9
Table of Contents
Gross Domestic Product by Industry
(at current prices)

Year Ended December 31,
Nine Months Ended September 30,

2018

%

2018

%

2019P

%

(in billions of Rupiah and percentage of GDP)

Manufacturing Industry

Coal Industry and Oil and Gas Refining

332,147
2.2
247,442
2.2
253,285
2.1
Non-Coal, Oil and Gas Manufacturing Industries

2,615,152
17.6
1,946,852 17.6
2,077,606
17.6

Total Manufacturing Industry

2,947,299
19.9
2,194,294 19.9
2,330,890
19.7
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles

1,931,911
13.0
1,438,115 13.0
1,542,244
13.1
Agriculture, Forestry, and Fishery

Agriculture, Livestock, Hunting, & Agriculture Services

1,417,075
9.6
1,129,103 10.2
1,175,295
9.9
https://www.sec.gov/Archives/edgar/data/1719614/000119312520003466/d860769d424b5.htm[1/8/2020 9:05:15 AM]

424B5
Forestry and Logging

97,338
0.7
72,334
0.7
77,043
0.7
Fishery

385,936
2.6
285,691
2.6
311,058
2.6

Total Agriculture, Forestry, and Fishery

1,900,349
12.8
1,487,129 13.5
1,563,397
13.2
Mining and Quarrying

Oil, Gas and Geothermal Mining

460,170
3.1
343,455
3.1
328,463
2.8
Coal and Lignite Mining

401,277
2.7
293,504
2.7
285,931
2.4
Metal Ore

111,321
0.8
89,087
0.8
73,256
0.6
Other Mining and Quarrying

226,219
1.5
167,943
1.5
180,522
1.5

Total Mining and Quarrying

1,198,987
8.1
893,989
8.1
868,173
7.3
Construction

1,562,297
10.5
1,140,098 10.3
1,249,089
10.6
Government Administration, Defense Compulsory Social Security

541,741
3.7
391,954
3.6
421,907
3.6
Information and Communication

559,055
3.8
413,498
3.7
464,222
3.9
Transportation and Warehousing

797,281
5.4
592,444
5.4
654,141
5.5
Financial and Insurance Service

616,253
4.2
457,895
4.1
497,008
4.2
Education Service

482,134
3.2
347,684
3.1
380,423
3.2
Other*

1,699,170
11.5
1,258,836 11.4
1,379,231
11.7

Gross Value Added at Basic Prices

14,236,477
96.0 10,615,935 96.2 11,350,725
96.1
Taxes less Subsidies on Products

600,881
4.0
422,747
3.8
464,256
3.9

Total GDP

14,837,358
100.0 11,038,682 100.0 11,814,981 100.0

Source: Statistics Indonesia (Badan Pusat Statistik or BPS)
P
Preliminary.
*
Includes the Procurement of Electricity and Gas; Procurement of Water, Management of Trash, Waste and Recycle; Accommodation and Food
Beverages Supply; Real Estate; Corporate Services; Health Service and Social Activity; and Other Services sectors.

S-10
Table of Contents
Gross Domestic Product by Industry
(at constant 2010 prices)(1)

Year Ended December 31,
Nine Months Ended September 30,

2018

%

2018

%

2019P

%

(in billions of Rupiah and percentage of GDP)

Manufacturing Industry

Coal Industry and Oil and Gas Refining

219,730
2.1
166,182
2.1
163,305
2.0
Non-Coal, Oil and Gas Manufacturing Industries

1,973,537
18.9 1,473,845 18.9 1,539,910
18.8

Total Manufacturing Industry

2,193,266
21.0 1,640,027 21.1 1,703,215
20.8
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles

1,376,937
13.2 1,030,663 13.2 1,080,933
13.2
Agriculture, Forestry, and Fishery

Agriculture, Livestock, Hunting, & Agriculture Services

1,005,441
9.6
800,100 10.3
824,729
10.1
Forestry and Logging

62,944
0.6
46,933
0.6
47,196
0.6
Fishery

238,641
2.3
177,456
2.3
187,966
2.3

Total Agriculture, Forestry, and Fishery

1,307,026
12.5 1,024,489 13.2 1,059,891
13.0
Mining and Quarrying

Oil, Gas and Geothermal Mining

298,420
2.9
224,349
2.9
217,602
2.7
Coal and Lignite Mining

235,561
2.3
171,546
2.2
193,559
2.4
Metal Ore

103,719
1.0
82,099
1.1
67,267
0.8
Other Mining and Quarrying

158,804
1.5
118,133
1.5
124,722
1.5

Total Mining and Quarrying

796,505
7.6
596,128
7.7
603,150
7.4
Construction

1,048,083
10.1
770,211
9.9
814,468
10.0
Government Administration, Defense Compulsory Social Security

349,507
3.4
252,473
3.2
266,778
3.3
Information and Communication

538,875
5.2
400,680
5.1
437,819
5.4
Transportation and Warehousing

435,185
4.2
324,093
4.2
343,201
4.2
Financial and Insurance Service

415,579
4.0
309,921
4.0
328,534
4.0
Education Service

321,084
3.1
232,237
3.0
247,588
3.0
Other(2)

1,221,067
11.7
906,955 11.6
972,312
11.9

Gross Value Added at Basic Prices

10,003,114
96.0 7,487,875 96.2 7,857,889
96.1
Taxes less Subsidies on Products

422,203
4.0
298,547
3.8
321,351
3.9

https://www.sec.gov/Archives/edgar/data/1719614/000119312520003466/d860769d424b5.htm[1/8/2020 9:05:15 AM]

424B5
Total GDP

10,425,316
100.0 7,786,422 100.0 8,179,239 100.0

Source: BPS
P
Preliminary.
(1)
Calculated with calendar year 2010 as the Base Year.
(2)
Includes the Procurement of Electricity and Gas; Procurement of Water, Management of Trash, Waste and Recycle; Accommodation and Food
Beverages Supply; Real Estate; Corporate Services; Health Service and Social Activity; and Other Services sectors.
Manufacturing Industry
During the nine months ended September 30, 2019, Indonesia's manufacturing industries grew by 3.9%, compared to the same period in 2018.
Non-coal, oil, and gas manufacturing industries grew by 4.5% during the nine months ended September 30, 2019, mainly driven by the textile and apparel
subsector, which grew by 18.2%. This growth was partially offset by a 5.9% contraction in the wood and cork products, woven goods from bamboo, rattan,
a 5.7% contraction in rubber and plastic products and a contraction in the other subsectors.

S-11
Table of Contents
Wholesale and retail trade; repair of motor vehicles and motorcycles
During the nine months ended September 30, 2019, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 4.9%,
compared to the same period in 2018. This growth was driven by the wholesale and retail trade of non-cars and motorcycles subsector and the wholesale,
retail trade, and repairs of cars and motorcycles subsector, which grew by 5.2% and 3.7%, respectively, compared to the same period in 2018.
Agriculture, forestry and fishery
During the nine months ended September 30, 2019, the agriculture, forestry, and fishery sector grew by 3.5%, compared to the same period in 2018.
This growth was mainly driven by the fisheries sub-sector and the agriculture, livestock, hunting and agriculture services subsector which grew by 5.9%
and 3.1%, respectively. The forestry and logging subsector grew by 0.6%.
Mining and Quarrying
During the nine months ended September 30, 2019, the mining and quarrying sector grew by 1.2% compared to the same period in 2018, primarily
due to growth in the coal and lignite mining and the other mining and quarrying subsector, which grew by 12.8% and 5.6%, respectively. This growth was
partially offset by a contraction in the metal ore mining and the oil, gas and geothermal mining subsector, which contracted by 18.1% and 3.0%,
respectively.
Construction
During the nine months ended September 30, 2019, the construction sector grew by 5.8% compared to the same period in 2018. This growth was
primarily due to the increased construction activity on infrastructure projects such as light rail transits and highways.
Transportation and Warehousing
During the nine months ended September 30, 2019, the transportation and warehousing sector grew by 5.9%, compared to the same period in 2018.
The subsector contributing the highest growth was land transport at 10.0%, followed by sea transport at 9.9% and warehousing and support activities for
transportation; postal and courier at 9.8%. This growth was partially offset by an 11.9% contraction in the air transport subsector.
Information and Communication
During the nine months ended September 30, 2019, the information and communication sector grew by 9.3% compared to the same period in 2018.
This growth was primarily due to an increase in the number of start-ups and construction of base transceiver stations.
Other sectors
None of the other sectors shown in the tables above comprised more than 5% of GDP, at either current prices or constant prices, for the periods
indicated.
Gross Domestic Product
In this prospectus, GDP is shown in both current and constant prices. GDP at current prices value a country's output using the actual prices for each
https://www.sec.gov/Archives/edgar/data/1719614/000119312520003466/d860769d424b5.htm[1/8/2020 9:05:15 AM]

424B5
year, while GDP at constant prices (also referred to as "real" GDP) value output using the prices from a base year, thereby eliminating the distorting
effects of inflation and deflation.

S-12
Table of Contents
The following table shows the distribution of GDP in the Indonesian economy by expenditure at current prices and constant prices, respectively, for
the periods indicated (at current prices).
Gross Domestic Product by Expenditure
(at current prices)

Year Ended December 31,
Nine Months Ended September 30,

2018

%

2018

%

2019P

%

(in billions of Rupiah and percentage of GDP)

GDP

14,837,358
100.0 11,038,682 100.0 11,814,981 100.0
Add: Imports of goods and services

3,272,523
22.1
2,372,237 21.5
2,211,409
18.7

Total supply of goods and services

18,109,881
122.1 13,410,919 121.5 14,026,389 118.7
Less: Exports of goods and services

3,110,755
21.0
2,308,249 20.9
2,163,225
18.3

Total domestic expenditure

14,999,126
101.1 11,102,670 100.6 11,863,164 100.4

Allocation of total domestic expenditure:

Household consumption expenditure

8,269,754
55.7
6,141,990 55.6
6,659,739
56.4
NPISHs consumption expenditure

180,782
1.2
133,001
1.2
155,056
1.3
Government consumption expenditure

1,332,534
9.0
873,173
7.9
925,718
7.8

Total consumption

9,783,070
65.9
7,148,164 64.8
7,740,513
65.5
Gross domestic fixed capital formation

4,790,607
32.3
3,505,221 31.8
3,769,614
31.9
Change in inventories (residual)(1)

425,449
2.9
449,284
4.1
353,037
3.0

Total domestic expenditure

14,999,126
101.1 11,102,670 100.6 11,863,164 100.4

Source: BPS
P
Preliminary.
(1)
Includes statistical discrepancies.
Gross Domestic Product by Expenditure
(at constant 2010 prices)(1)

Year Ended December 31,
Nine Months Ended September 30,

2018

%

2018

%

2019P

%

(in billions of Rupiah and percentage of GDP)

GDP

10,425,316
100.0 7,786,422 100.0 8,179,239 100.0
Add: Imports of goods and services

2,201,127
21.1 1,616,907 20.8 1,493,685
18.3

Total supply of goods and services

12,626,444
121.1 9,403,329 120.8 9,672,924 118.3
Less: Exports of goods and services

2,285,872
21.9 1,701,734 21.9 1,680,620
20.5

Total domestic expenditure

10,340,572
99.2 7,701,594 98.9 7,992,304
97.7

Allocation of total domestic expenditure:

Household consumption expenditure

5,651,230
54.2 4,209,416 54.1 4,422,636
54.1
NPISHs consumption expenditure

122,894
1.2
90,686
1.2
102,609
1.3
Government consumption expenditure

828,714
7.9
545,310
7.0
570,880
7.0

Total consumption

6,602,839
63.3 4,845,412 62.2 5,096,125
62.3
Gross domestic fixed capital formation

3,444,118
33.0 2,529,809 32.5 2,649,623
32.4
Change in inventories (residual)(2)

293,615
2.8
326,373
4.2
246,556
3.0

Total domestic expenditure

10,340,572
99.2 7,701,594 98.9 7,992,304
97.7

S-13
https://www.sec.gov/Archives/edgar/data/1719614/000119312520003466/d860769d424b5.htm[1/8/2020 9:05:15 AM]

Document Outline

#1">
- #1">