Indonesia’s economic growth slowed to 5.6%

Its weakest pace since 4Q09.

According to UOB Economic-Treasury Research, Indonesia’s GDP growth slowed to 5.6% y/y in 3Q13 from 5.8% y/y in 2Q13, the weakest pace since 4Q09. The outcome was in line with market’s and our forecast.

Here's more:

The main drag came from higher imports which more than offset the contribution from stronger export growth. Nonetheless, private consumption demand in 3Q surprised on the upside, improving despite the huge increase in domestic fuel prices.

Fixed investment also maintained steady expansion even though domestic interest rates rose
sharply during the quarter. Overall, we expect the economic growth to remain lackluster in the fourth quarter with full-year growth at 5.7% compared to 6.2% in 2012.

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