Indonesia Q4 Current Account Deficit Widens

Indonesia’s current account deficit widened to USD 2.54 billion in Q4 2025 from USD 1.14 billion in the same period a year earlier. The latest result was equivalent to 0.7% of the country's GDP, swinging from a surplus in Q3, which had marked the first gain since Q1 2023. The primary income deficit increased to USD 9.59 billion from USD 8.96 billion in the prior year. Also, the goods surplus narrowed to USD 10.16 billion from USD 11.30 billion, mainly due to a wider oil trade shortfall. At the same time, the services deficit eased to USD 4.87 billion from USD 5.10 billion, while the secondary income surplus edged up to USD 1.76 billion from USD 1.62 billion. For the full year, the current account gap shrank sharply to USD 1.45 billion from USD 8.58 billion in 2024, equivalent to 0.1% of the GDP, signaling a marked improvement in Indonesia’s external position. In 2026, the central bank expects the current account deficit to be in the range of 0.1% to 0.9% of GDP.

Indonesia posted a current account surplus of USD 4.0 billion in Q3 2025 (1.1% of GDP), shifting from a USD 2.0 billion gap in the same quarter of 2024. This marked the country’s first current account surplus since Q1 2023 and its largest since Q3 2022, as the trade surplus surged to USD 16.1 billion, up from USD 9.2 billion, supported by an increase in the non-oil trade surplus. The secondary income surplus also increased to USD 1.7 billion, from USD 1.5 billion. Meanwhile, the primary income deficit widened slightly to USD 9.4 billion, compared with USD 8.5 billion a year earlier, while the services account deficit rose slightly to USD 4.3 billion from USD 4.2 billion. Last year, the current account deficit widened significantly to USD 8.7 billion, up from USD 2.0 billion in 2023, driven by a decline in the trade surplus amid subdued foreign demand. For this year, the central bank expects the current account to be within a range of a 0.1% surplus to a 0.7% deficit of GDP.

Indonesia's current account deficit stood at USD 3.0 billion in Q2 2025, unchanged from the same quarter in 2024. This marked the ninth consecutive quarter of a shortfall and the largest gap since Q2 2024, when the deficit was also USD 3.0 billion, equivalent to 0.8% of the country's GDP. The primary income deficit increased slightly to USD 9.83 billion from USD 9.45 billion a year earlier, while the services account deficit narrowed to USD 5.51 billion from USD 5.99 billion. Meanwhile, the trade surplus rose to USD 10.58 billion, up from USD 9.99 billion, and the secondary income surplus increased to USD 1.74 billion from USD 1.43 billion. Last year, the current account deficit widened significantly to USD 8.68 billion, up from USD 2.04 billion in 2023, driven by a decline in the trade surplus amid subdued foreign demand. For this year, the central bank expects the current account deficit to remain within 0.5%–1.3% of GDP.