Indonesia’s economic growth slows in Q3

Indonesia’s economic growth slows in Q3

Household consumption growth of 4.89% in Q3 was slower than the same period last year, according to Statistics Indonesia.

Indonesia, trade, port
Indonesia’s exports showed significant growth, expanding 9.91% in Q3 despite the general slowdown. (EPA Images pic)
JAKARTA:
Indonesia’s economy expanded more slowly in the third quarter (Q3) following nationwide protests over economic inequality and weakening household consumption, according to official data released today.

Southeast Asia’s largest economy expanded 5.04% between July and September, faster than the 4.95% growth in the same period last year, but slightly lower than the 5.12% expansion in the second quarter, according to Statistics Indonesia, the country’s statistics agency.

Indonesia’s economic growth was primarily supported by household consumption, which makes up more than half of the country’s economic growth, Statistics Indonesia senior official Mohammad Edy Mahmud told a news conference.

However, household consumption growth of 4.89% in Q3 was slower than the same period last year.

Finance minister Purbaya Yudhi Sadewa said Monday he remained optimistic that Indonesia would meet the target of 5.2% growth by the end of 2025, despite the impact of the protests.

Exports, however, showed significant growth, expanding 9.91% in Q3 despite the general slowdown.

In September, Indonesia’s central bank announced a surprise interest rate cut as it sought to boost economic growth following the social unrest.

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