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 | | Figure 1: Indonesia's economy troughed in the final quarter of 2008, and has since resumed growing at close to its recent average | |  | | Figure 2: ...and the global economy stabilized and started to recover in the second quarter | |  | | Figure 3: Q2 growth was driven by the recovery in exports relative to imports, and further supported by ongoing solid growth in government consumption | |
 | | Figure 4: ....while services activity made a much larger contribution to GDP growth in Q2 than in Q1 | |  | | Figure 5: Three versions of Indonesian GDP growth | |  | | Figure 6: Consumer sentiment indicators are very strong | |
 | | Figure 7: ....and this is translating into actual purchases | |  | | Figure 8: Moderate rises in prices in recent months suggest a turning point in the headline Inflation rate | |  | | Figure 9: Average consumer prices barely moved in the first half of 2009 | |
 | Figure 10: The appreciating Rupiah has offset the recent rise
in commodity prices | |  | | Figure 11: Indonesia's inflation rate remains higher than most of its trading partners and neighbors.... | |  | | Figure 12: ....although the fall in its inflation rate has been in line with other economies | |
 | | Figure 13: Trade flows are recovering.... | |  | | Figure 14: along with commodity prices, which have driven Indonesia's merchandise exports prices | |  | | Figure 15: The IDX has gained more than most regional indices since mid April | |
 | | Figure 16: As the FRB's broad USD index weakened from early March, the IDR appreciated rapidly against the USD | |  | | Figure 17: The trade surplus has helped buoy the rupiah's recent strength | |  | | Figure 18: Indonesian 5 year bond yields have dropped since March but still remain higher and more volatile than sovereign yields in other Asian countries | |
 | | Figure 19: The yield curve has steepened after starting the year abnormally flat due to very high short-term yields | |  | | Figure 20: Indonesian USD bond spreads have been falling since February and are now lower than the global emerging market average | |  | | Figure 21:Little of BI's cuts in policy rates have been passed into banks’ lending rates | |
 | | Figure 22: Average CAR, ROA and LDR numbers indicate a relatively robust banking sector | |  | | Figure 23: The ratio of non-performing loans fell in June and remains well below 2006-2007 levels, while the slowdown in overall lending since late 2008 has stabilized | |  | | Figure 24: Credit growth has slowed more in Indonesia than elsewhere, relative to Indonesia's very rapid lending growth since 2006 | |
 | | Figure 25: A more stimulatory fiscal balance and lower government deposits at BI are working to lessen the slowdown | |  | | Figure 26: Tax revenues have fallen faster than nominal GDP has slowed | |  | | Figure 27: Tax receipts are generally weaker, reflecting lower commodity prices, weaker demand plus the government's cut in tax rates | |
 | | Figure 28: The collapse in oil prices in late 2008 and early 2009 have contributed significantly to the cut in non-tax revenues | |  | | Figure 29: The fall in subsidy spending more than offsets higher central government programmed spending | |  | | Figure 30: Employment continued rising, despite the global downturn, with the number of workers in trade and other service industries recording the largest increases | |
 | | Figure 31: ....but most of this growth has been in less formal types of employment | |  | | Figure 32: Poverty and the open unemployment rate fell from early 2008 to early 2009, despite the weaker economy around the turn of the year | |  | | Figure 33: Indonesia's growth should rise towards its potential by 2011 | |
 | | Figure 34: Indonesia's major trading partners are projected to continue recovering, gradually, over the coming two years | |  | | Figure 35: ....and these generate a wider distribution of potential paths for the Indonesian economy | |  | | Figure 36: While roll-over rates on Indonesia's external debt have also been high in the first half of 2009 | |
 | | Figure 37: Indonesia is the only major economy in the region to experience higher average inflation after the 1997/98 Asian crisis than before | |  | | Figure 38: The GDP deflator has grown faster than consumer prices, and this divergence is projected to continue | |  | | Figure 39: Central government budget shifts resources from subsidies to personnel, interest payments and material costs | |
