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Tourism is a vital part of the Indonesian economy. We can illustrate this by taking a look at Indonesia’s biggest foreign exchange earners (referring to those sectors that attract most foreign currency).
The Indonesia National Air Carrier Association (INACA) expects domestic and international air passengers in Indonesia to grow by about 8-9 percent year-on-year (y/y) in 2016, flat from the estimated growth pace this year (8 percent y/y). Based on the latest data from Indonesia's Statistics Agency (Badan Pusat Statistik/BPS), air passengers in Indonesia stood at 67.5 million in the first ten months of 2015, up 12.8 percent from the number of air passengers in the same period last year.
Low cost carrier Indonesia AirAsia, the Indonesian unit of Malaysia's AirAsia, carried 4.08 million air passengers in the first half of 2014, a growth of 12 percent from the same period last year (3.64 million passengers). However, this growth figure failed to achieve the company’s initial target as it had to reduce flights and routes in an effort to cut back on expenses amid high operational costs. Although the firm managed to pass on part of expensive fuel costs to passengers (fuel surcharge), operational costs for specific routes are high.
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The number of air passengers in Indonesia will most likely fail to meet its growth target in 2014. Based on government data, the number of air passengers in Southeast Asia’s largest economy reached 47.5 million in the first eight months of 2014, a 5.82 percentage point growth from the same period last year. However, the Indonesia National Air Carrier Association (INACA) initially targeted annual passenger growth in the range of 12-15 percent for 2014. Amid slowing economic growth, people’s purchasing power has declined.
