
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.