Indonesia Posts Record Current Account Deficit

Indonesia’s current account deficit widened sharply to USD 12.49 billion in Q2 2026 from USD 2.89 billion in the same period a year earlier. It marked the largest current account deficit on record and was equivalent to 3.3% of the country’s GDP, as the trade surplus narrowed sharply to USD 1.32 billion from USD 10.52 billion in Q2 2025, mainly due to a surge in imports amid higher oil prices linked to the Middle East conflict. Meanwhile, the services deficit increased to USD 5.98 billion from USD 5.30 billion a year earlier, while the primary income deficit inched down to USD 9.67 billion from USD 9.79 billion. The secondary income surplus climbed slightly to USD 1.75 billion from USD 1.68 billion. In 2026, the central bank continues to expect the current account deficit to be in the range of 0.5% to 1.3% of GDP. Last year, the current account gap fell sharply to USD 1.25 billion, or 0.1% of GDP, from USD 8.58 billion in 2024.

Indonesia’s current account deficit widened sharply to USD 4.01 billion in Q1 2026 from a deficit of USD 0.15 billion in the same period a year earlier. It marked the largest current account deficit since the fourth quarter of 2019 and was equivalent to 1.1% of the country’s GDP, as the trade surplus narrowed sharply to USD 7.98 billion from USD 13.07 billion in Q1 of 2025, amid slowing global economic growth and supply chain disruptions caused by the Middle East conflict. Meanwhile, the primary income deficit edged down to USD 9.15 billion from USD 9.29 billion a year earlier, while the services deficit narrowed to USD 4.58 billion from USD 5.48 billion. The secondary income surplus rose slightly to USD 1.75 billion from USD 1.55 billion. In 2026, the central bank expects the current account deficit to be in the range of 0.5% to 1.3% of GDP. Last year, the current account gap fell sharply to USD 1.52 billion or 0.1% from GDP from USD 8.58 billion in 2024.

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.