Purbaya Refutes Suggestions of Economic Turmoil, Claims Industrial and Consumption Data Shows Strength

Jakarta — Finance Minister Purbaya Yudhi Sadewa has asserted that Indonesia’s economic condition remains robust, refuting descriptions of the economy being in disarray that frequently circulate in public commentary.

The statement was delivered by Purbaya before President Prabowo Subianto during a Full Cabinet Session at the State Palace in Jakarta on Friday, 13 March 2026.

“We are far from what some economists outside are calling a chaotic economy — many people talk like that on TikTok,” Purbaya said.

Manufacturing PMI in February was recorded at 53.8, marking the highest level in recent years. A PMI reading above 50 indicates that manufacturing industrial activity is in an expansion phase, with increased production activity and industrial demand.

“This is not data from BPS [Indonesian Statistics Agency] but from other parties confirming that our economy is indeed growing,” he stated.

Consumer confidence index stood at 360.7, indicating that public consumption activity remained elevated. Vehicle sales also recorded growth, with automobile sales in February rising 12.2 per cent.

This increase provided momentum for the automotive industry. Retail sales equally recorded substantial growth, with retail sales expanding 6.9 per cent compared to the same period last year.

These conditions led Purbaya to assert that recession narratives do not align with existing economic data.

“Some odd economists say we’re already in recession, all that’s left is collapse,” Purbaya said.