Forecast: Financial Services Gross Value Added in Indonesia

The Financial Services Gross Value Added (GVA) in Indonesia has demonstrated a gradual upward trajectory from 2013 to 2023. In 2023, the GVA stood at 830.38 trillion Rupiahs. Analyzing year-on-year variations, the growth has shown minor fluctuations. While significant increases were observed in the earlier years, such as 15.47% in 2013 and 13.7% in 2015, the growth rate has somewhat stabilized, reflecting a more modest increment of 5.39% in 2023. Over the last five years, the CAGR stood at 6.14%, indicating steady but decelerating growth.

Looking ahead, the forecasted data from 2024 to 2028 suggests a continued increase, albeit at a slower pace. The five-year CAGR is expected to be 3.51%, with an overall growth rate of 18.8% by 2028.

Future trends to watch for:

• Impact of digital transformation and FinTech innovations on financial services growth.
• Regulatory changes and their influence on market dynamics.
• Global economic conditions and their effect on Indonesia's financial market stability.