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Indonesia Sectoral Review (ISR)

Property Industry
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Property Industry

Edition: December 2024

We are of the view that the outlook for the residential property sector in Indonesia is stable over the near to medium term. Our view is supported by government incentives such as the extended value-added tax (VAT) rebate for homebuyers and various housing programs by the new Ministry – Ministry of Housing and Residential Areas. However, the sector also faces persistent headwinds, such as weaker purchasing power stemming from higher property prices due to the higher cost of raw materials for property construction and rising VAT. ...


Mining Industry
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Mining Industry

Edition: October 2024

The October 2024 edition of the Indonesia Sectoral Review (ISR) reviews the condition of the mining industry as the main focus. The outlook of the mining industry is expected to remain stable going forward, particularly for gold, nickel, and coal commodities. Global economic uncertainty, lower interest rate expectations, and ongoing geopolitical tensions will likely drive the demand for gold. In terms of nickel, the demand is underpinned by the shift towards green energy, fueled by the rising demand for electric vehicles and renewable energy storage. Coal will remain a key player in global energy markets due to its affordability and the lengthy investment and implementation process required for alternative energy sources, despite the ongoing transition to cleaner energy. ...


Banking Industry
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Banking Industry

Edition: August 2024

The August 2024 edition of the Indonesia Sectoral Review (ISR) reviews the condition of the banking industry as the main focus. The domestic banking sector’s year-on-year growth in June 2024 has been relatively robust at 12.1%. However, the growth is relatively uneven across all commercial banks. We view that the business growth has been relatively stable, attributed to the post pandemic recovery momentum, despite facing global macroeconomic conditions of prolonged high interest rate, foreign exchange pressure, and geopolitical risks. ...