Credit penetration in Indonesia still low even after a decade of strong credit growth

It's at 29% of GDP.

According to Barclays, credit penetration in Indonesia, even after decade of strong credit growth, remains low (29% of GDP) and should grow.

Here's more from Barclays:

In particular, we expect the role of credit in financing housing and fixed investment in the business segment (in contrast to working capital (WC)) to increase.

Moreover, growth in trade should remain a driver of credit growth, particularly in the large WC loans segment. Overall, we expect our coverage banks to achieve CAGR for credit of ~21% for 2012-15E.