Obligation Indonesie 3.7% ( US455780CN45 ) en USD

Indonesie

100 % ▲

Indonesie

US455780CN45 ( en USD )

3.7% par an ( paiement semestriel )

29/10/2049

Prospectus brochure de l'obligation Indonesia US455780CN45 en USD 3.7%, échéance 29/10/2049

200 000 USD

1 000 000 000 USD

455780CN4

30/04/2026 ( Dans 137 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 US455780CN45, paye un coupon de 3.7% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 29/10/2049

424B5
424B5 1 d814333d424b5.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 1.400% Bonds Due 2031
US$1,000,000,000 3.700% Bonds Due 2049
The Republic of Indonesia (the "Republic") is offering 1,000,000,000 in aggregate principal amount of its 1.400% bonds due 2031 (the "2031 Bonds") and US$1,000,000,000 in aggregate
principal amount of its 3.700% bonds due 2049 (the "2049 Bonds", together with the 2031 Bonds, the "Bonds"). Interest on the 2031 Bonds will accrue from October 30, 2019 and be payable
annually in arrears on October 30 of each year, beginning on October 30, 2020 until redemption or maturity. Interest on the 2049 Bonds will accrue from October 30, 2019 and be payable semi-
annually in arrears on April 30 and October 30 of each year, beginning on April 30, 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 October 30, 2019.

2031 Bonds

2049 Bonds

Per Bond

Total

Per Bond

Total

Price to investors

99.868%
998,680,000
99.104%
US$991,040,000
Underwriting discounts and commissions

0.040%

399,472

0.040%
US$
396,416
Proceeds, before expenses, to the Republic

99.828%
998,280,528
99.064%
US$990,643,584
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

BNP PARIBAS

Citigroup
Goldman Sachs

Mandiri Securities

Standard Chartered Bank
Co-Managers

PT Danareksa Sekuritas Tbk

PT Trimegah Sekuritas Indonesia

The date of this prospectus supplement is October 23, 2019.
https://www.sec.gov/Archives/edgar/data/1719614/000119312519274157/d814333d424b5.htm[10/25/2019 9:30:37 AM]

424B5
Table of Contents
TABLE OF CONTENTS

Prospectus Supplement
Pages
INTRODUCTORY STATEMENTS
S-1
SUMMARY OF THE OFFERING
S-3
USE OF PROCEEDS
S-6
RECENT DEVELOPMENTS
S-7
DESCRIPTION OF THE BONDS
S-50
TAXATION
S-54
UNDERWRITING
S-55
LEGAL MATTERS
S-61
GENERAL INFORMATION
S-61
WHERE YOU CAN FIND MORE INFORMATION
S-61
TABLE OF CONTENTS

Prospectus

Pages
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
https://www.sec.gov/Archives/edgar/data/1719614/000119312519274157/d814333d424b5.htm[10/25/2019 9:30:37 AM]

424B5
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.
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 1.400% Bonds due 2031 (the "2031 Bonds"), and the US$1,000,000,000
3.700% Bonds due 2049 (the "2049 Bonds" and, together with the 2031 Bonds, the
"Bonds"). The Bonds are being issued under the Indenture dated as of December 11, 2017
(the "Indenture").

Issue Price
For the 2031 Bonds, 99.868% of the principal amount of the 2031 Bonds.

For the 2049 Bonds, 99.104% of the principal amount of the 2049 Bonds.

Maturity
The 2031 Bonds: October 30, 2031

The 2049 Bonds: October 30, 2049

Interest
The 2031 Bonds will bear interest from October 30, 2019 at a rate of 1.400% per annum.
Interest will be paid on October 30 of each year, commencing on October 30, 2020.
https://www.sec.gov/Archives/edgar/data/1719614/000119312519274157/d814333d424b5.htm[10/25/2019 9:30:37 AM]

424B5

The 2049 Bonds will bear interest from October 30, 2019 at a rate of 3.700% per annum.

Interest will be paid on April 30 and October 30 of each year, commencing on April 30,
2020.

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.

S-3
Table of Contents
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 clearing system or its nominee or custodian. 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 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.

https://www.sec.gov/Archives/edgar/data/1719614/000119312519274157/d814333d424b5.htm[10/25/2019 9:30:37 AM]

424B5
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

S-4
Table of Contents
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.

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
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-5
https://www.sec.gov/Archives/edgar/data/1719614/000119312519274157/d814333d424b5.htm[10/25/2019 9:30:37 AM]

424B5
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-6
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
Recent Elections
The 2019 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.
Under Indonesian law, the General Election Commission (Komisi Pemilihan Umum) or KPU, is a state institution that is tasked to independently convene
general elections and has the authority to determine the result of a general election. In relation to the 2019 general elections, the KPU announced the
official vote count on May 21, 2019, which 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, there were protests and demonstrations in
Indonesia. On May 24, 2019, presidential candidate Prabowo Subianto and vice presidential candidate Sandiaga S. Uno filed a claim against the general
election's result with the Constitutional Court. On June 27, 2019, the Constitutional Court rendered a decision rejecting the claims of Mr. Subianto and
Mr. Uno. President Widodo and Vice President Amin took their oath of office and commenced serving their five-year term on October 20, 2019. 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. The plan is preliminary and is subject
to change and various government approvals, including the approval of Parliament.
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 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. Former education and culture
minister Anies Baswedan won the election for the office of Jakarta's governor in April 2017, defeating then-incumbent governor Basuki Tjahaja Purnama
who was later convicted of blasphemy charges. 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.

S-7
Table of Contents
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
https://www.sec.gov/Archives/edgar/data/1719614/000119312519274157/d814333d424b5.htm[10/25/2019 9:30:37 AM]

424B5
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.
Gross Domestic Product by Industry
(at current prices)

Year Ended
Six Months Ended

December 31,

June 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
163,911
2.3
169,451
2.2
Non-Coal, Oil and Gas Manufacturing Industries

2,615,152
17.6 1,276,213
17.7
1,363,385
17.6

Total Manufacturing Industry

2,947,299
19.9 1,440,124
20.0
1,532,837
19.8
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles

1,931,911
13.0
938,161
13.0
1,012,696
13.1
Agriculture, Forestry, and Fishery

Agriculture, Livestock, Hunting, & Agriculture Services

1,417,075
9.6
732,755
10.2
762,990
9.8
Forestry and Logging

97,338
0.7
47,129
0.7
48,802
0.6
Fishery

385,936
2.6
187,753
2.6
204,682
2.6

Total Agriculture, Forestry, and Fishery

1,900,349
12.8
967,637
13.4
1,016,474
13.1
Mining and Quarrying

Oil, Gas and Geothermal Mining

460,170
3.1
220,688
3.1
222,977
2.9
Coal and Lignite Mining

401,277
2.7
187,788
2.6
199,865
2.6
Metal Ore

111,321
0.8
59,473
0.8
45,394
0.6
Other Mining and Quarrying

226,219
1.5
110,539
1.5
118,264
1.5

Total Mining and Quarrying

1,198,987
8.1
578,488
8.0
586,500
7.6
Construction

1,562,297
10.5
742,516
10.3
817,834
10.6
Government Administration, Defense Compulsory Social Security

541,741
3.7
257,491
3.6
282,246
3.6
Information and Communication

559,055
3.8
269,200
3.7
303,520
3.9
Transportation and Warehousing

797,281
5.4
390,158
5.4
429,539
5.5
Financial and Insurance Service

616,253
4.2
300,363
4.2
326,770
4.2
Education Service

482,134
3.2
227,199
3.2
246,820
3.2
Other*

1,699,170
11.5
828,497
11.5
906,389
11.7

Gross Value Added at Basic Prices
14,236,477
96.0 6,939,834
96.4
7,461,624
96.3
Taxes less Subsidies on Products

600,881
4.0
257,093
3.6
285,575
3.7

Total GDP
14,837,358 100.0 7,196,927 100.0
7,747,199 100.0

Source: 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-8
Table of Contents
Gross Domestic Product by Industry
(at constant 2010 prices)

Year Ended December 31,
Six Months Ended June 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
111,556
2.2
109,081
2.0
Non-Coal, Oil and Gas Manufacturing Industries

1,973,537
18.9
968,744 19.0 1,011,189
18.9

Total Manufacturing Industry

2,193,266
21.0 1,080,300 21.2 1,120,270
20.9
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles

1,376,937
13.2
676,657 13.3
710,125
13.2
Agriculture, Forestry, and Fishery

Agriculture, Livestock, Hunting, & Agriculture Services

1,005,441
9.6
516,797 10.1
534,435
10.0
Forestry and Logging

62,944
0.6
30,621
0.6
30,296
0.6
https://www.sec.gov/Archives/edgar/data/1719614/000119312519274157/d814333d424b5.htm[10/25/2019 9:30:37 AM]

424B5
Fishery

238,641
2.3
117,546
2.3
124,551
2.3

Total Agriculture, Forestry, and Fishery

1,307,026
12.5
664,964 13.0
689,282
12.9
Mining and Quarrying

Oil, Gas and Geothermal Mining

298,420
2.9
149,302
2.9
145,194
2.7
Coal and Lignite Mining

235,561
2.3
113,903
2.2
129,092
2.4
Metal Ore

103,719
1.0
54,291
1.1
42,279
0.8
Other Mining and Quarrying

158,804
1.5
77,931
1.5
81,988
1.5

Total Mining and Quarrying

796,505
7.6
395,428
7.8
398,552
7.4
Construction

1,048,083
10.1
504,571
9.9
533,822
10.0
Government Administration, Defense Compulsory Social Security

349,507
3.4
166,200
3.3
178,859
3.3
Information and Communication

538,875
5.2
263,031
5.2
287,577
5.4
Transportation and Warehousing

435,185
4.2
213,217
4.2
224,984
4.2
Financial and Insurance Service

415,579
4.0
204,239
4.0
216,349
4.0
Education Service

321,084
3.1
152,516
3.0
161,588
3.0
Other*

1,221,067
11.7
598,483 11.7
641,310
12.0

Gross Value Added at Basic Prices

10,003,114
96.0 4,919,607 96.4 5,162,720
96.3
Taxes less Subsidies on Products

422,203
4.0
182,630
3.6
197,525
3.7

Total GDP

10,425,316
100.0 5,102,236 100.0 5,360,245 100.0

Source: 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-9
Table of Contents
Manufacturing Industry
During the six months ended June 30, 2019, Indonesia's manufacturing industries grew by 3.7%, compared to the same period in 2018. Non-coal, oil, and
gas manufacturing industries grew by 4.4% during the six months ended June 30, 2019, mainly driven by the textile and apparel subsector, which grew by
19.9%. This growth was partially offset by a 8.2% contraction in the timber subsector, wood and cork products, woven goods from bamboo, rattan and the
others subsector.
Wholesale and retail trade; repair of motor vehicles and motorcycles
During the six months ended June 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 repairs subsector, which grew
by 5.3% and 3.4%, respectively, compared to the same period in 2018.
Agriculture, forestry and fishery
During the six months ended June 30, 2019, the agriculture, forestry, and fishery sector grew by 3.7%, 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 6.0% and 3.4%,
respectively. This growth was partially offset by a 1.1% contraction in the forestry and logging subsector.
Mining and Quarrying
During the six months ended June 30, 2019, the mining and quarrying sector grew by 0.8% 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 13.3% and 5.2%, 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 22.1% and 2.8%, respectively.
Construction
During the six months ended June 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 six months ended June 30, 2019, the transportation and warehousing sector grew by 5.5%, compared to the same period in 2018. The subsector
https://www.sec.gov/Archives/edgar/data/1719614/000119312519274157/d814333d424b5.htm[10/25/2019 9:30:37 AM]

424B5
contributing the highest growth was land transport at 9.8%, followed by warehousing and support activities for transportation; postal and courier at 9.0%,
and sea transport at 7.9%. This growth was partially offset by a 12.0% contraction in the air transport subsector.
Information and Communication
During the six months ended June 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.

S-10
Table of Contents
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 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.
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,
Six Months Ended June 30,

2018

%

2018

%

2019P

%

(in billions of Rupiah and percentage of GDP)

GDP

14,837,358
100.0 7,196,927 100.0 7,747,199 100.0
Add: Imports of goods and services

3,272,523
22.1 1,497,810 20.8 1,446,956
18.7

Total supply of goods and services

18,109,881
122.1 8,694,738 120.8 9,194,155 118.7
Less: Exports of goods and services

3,110,755
21.0 1,468,988 20.4 1,399,466
18.1

Total domestic expenditure

14,999,126
101.1 7,225,749 100.4 7,794,689 100.6

Allocation of total domestic expenditure:

Household consumption expenditure

8,269,754
55.7 4,027,853 56.0 4,360,906
56.3
NPISHs consumption expenditure

180,782
1.2
87,362
1.2
104,348
1.3
Government consumption expenditure

1,332,534
9.0
539,782
7.5
585,685
7.6

Total consumption

9,783,070
65.9 4,654,997 64.7 5,050,939
65.2
Gross domestic fixed capital formation

4,790,607
32.3 2,273,270 31.6 2,454,985
31.7
Change in inventories (residual)(1)

425,449
2.9
297,483
4.1
288,764
3.7

Total domestic expenditure

14,999,126
101.1 7,225,749 100.4 7,794,688 100.6

Source: BPS
P
Preliminary.
(1)
Includes statistical discrepancies.

S-11
Table of Contents
Gross Domestic Product by Expenditure
(at constant 2010 prices)(1)

Year Ended
Six Months Ended

December 31,

June 30,

2018

%

2018

%

2019P

%

https://www.sec.gov/Archives/edgar/data/1719614/000119312519274157/d814333d424b5.htm[10/25/2019 9:30:37 AM]

424B5

(in billions of Rupiah and percentage of GDP)

GDP
10,425,316 100.0 5,102,236 100.0
5,360,245 100.0
Add: Imports of goods and services

2,201,127
21.1 1,049,491
20.6
975,563
18.2

Total supply of goods and services
12,626,444 121.1 6,151,727 120.6
6,335,808 118.2
Less: Exports of goods and services

2,285,872
21.9 1,104,324
21.6
1,084,041
20.2

Total domestic expenditure
10,340,572
99.2 5,047,403
98.9
5,251,766
98.0

Allocation of total domestic expenditure:

Household consumption expenditure

5,651,230
54.2 2,768,918
54.3
2,910,093
54.3
NPISHs consumption expenditure

122,894
1.2
59,760
1.2
69,378
1.3
Government consumption expenditure

828,714
7.9
339,528
6.7
363,046
6.8

Total consumption

6,602,839
63.3 3,168,206
62.1
3,342,518
62.4
Gross domestic fixed capital formation

3,444,118
33.0 1,649,014
32.3
1,731,731
32.3
Change in inventories (residual)(2)

293,615
2.8
230,184
4.5
177,518
3.3

Total domestic expenditure
10,340,572
99.2 5,047,403
98.9
5,251,766
98.0

Source: BPS
P
Preliminary.
(1)
Calculated with calendar year 2010 as the Base Year.
(2)
Includes statistical discrepancies.
Inflation
The following table shows the Consumer Price Index, or CPI, as of the end of the periods indicated and the percentage change against the previous period.
Changes in Consumer Price Index(1)

As of September 30,

2019P

CPI

138.4
Annual percentage year-on-year

3.4%

Source: BPS
P
Preliminary.
(1)
Calculated on the basis of 2012 CPI = 100.

S-12
Table of Contents
The following table shows percentage changes year-on-year in the CPI for certain commodities for the periods indicated.
Inflation by Commodity(1)

Year Ended
Nine Months Ended

December 31,

September 30,

2018

2018

2019P
Food

3.4%
3.8%

5.4%
Processed food, beverages, cigarettes and tobacco

3.9%
4.0%

3.7%
Housing , water, electricity, gas and fuel

2.4%
2.1%

2.3%
Clothing

3.6%
3.2%

5.7%
Health

3.1%
3.2%

3.3%
Education, recreation and sports

3.2%
3.3%

3.4%
Transportation, communication, and financial service

3.2%
1.7%

1.9%

Source: BPS
P
Preliminary.
(1)
Annual percentage year-on-year.
Indonesia measures annual inflation by year-on-year changes in the CPI.
https://www.sec.gov/Archives/edgar/data/1719614/000119312519274157/d814333d424b5.htm[10/25/2019 9:30:37 AM]

Document Outline

#1">
- #1">