Indonesia's FDI Data Discrepancy: UNCTAD Figures Far Lower Than BKPM's
JAKARTA — Foreign direct investment (FDI) data released by the Ministry of Investment/Investment Coordinating Board (BKPM) differs significantly from figures recorded by the United Nations Conference on Trade and Development (UNCTAD).
UNCTAD recorded Indonesia's FDI realisation in 2024 at just US$24.21 billion, equivalent to Rp363.18 trillion (assuming an exchange rate of Rp15,000/US$). This figure is far lower than the Ministry of Investment/BKPM's data, which put FDI throughout 2024 at Rp900.2 trillion. The discrepancy amounts to more than half, reaching Rp537.02 trillion.
Paramadina University economist Wijayanto Samirin said discrepancies between FDI realisation data released by the Ministry of Investment/BKPM and other institutions have been a recurring issue every year. According to Wijayanto, this is nothing new — even Bank Indonesia (BI) and BKPM data frequently differ, with BKPM figures consistently higher.
"There is always a discrepancy every year. There needs to be alignment in measurement methods," he told Kontan on Friday (20/6).
Wijayanto said a solution must be found for the data discrepancy so that the government has a solid basis for planning policy. It would also be useful for measuring policy outcomes.
"BI's data measures funds coming in, meaning it is on a cash flow basis. BKPM may use a different approach, for instance calculating investment commitments or using a non-cash basis where commitments that have commenced are considered fully realised even though they have not yet been completed," he explained.
Wijayanto himself is confident that FDI realisation this year will be far greater than in 2024, as last year was an election year and investors adopted a wait-and-see approach.
"I am confident it will be higher than 2024, because last year was a political year where many investors were in wait-and-see mode," he added.
UNCTAD recorded Indonesia's FDI realisation in 2024 at just US$24.21 billion, equivalent to Rp363.18 trillion (assuming an exchange rate of Rp15,000/US$). This figure is far lower than the Ministry of Investment/BKPM's data, which put FDI throughout 2024 at Rp900.2 trillion. The discrepancy amounts to more than half, reaching Rp537.02 trillion.
Paramadina University economist Wijayanto Samirin said discrepancies between FDI realisation data released by the Ministry of Investment/BKPM and other institutions have been a recurring issue every year. According to Wijayanto, this is nothing new — even Bank Indonesia (BI) and BKPM data frequently differ, with BKPM figures consistently higher.
"There is always a discrepancy every year. There needs to be alignment in measurement methods," he told Kontan on Friday (20/6).
Wijayanto said a solution must be found for the data discrepancy so that the government has a solid basis for planning policy. It would also be useful for measuring policy outcomes.
"BI's data measures funds coming in, meaning it is on a cash flow basis. BKPM may use a different approach, for instance calculating investment commitments or using a non-cash basis where commitments that have commenced are considered fully realised even though they have not yet been completed," he explained.
Wijayanto himself is confident that FDI realisation this year will be far greater than in 2024, as last year was an election year and investors adopted a wait-and-see approach.
"I am confident it will be higher than 2024, because last year was a political year where many investors were in wait-and-see mode," he added.