Indonesia GDP growth dips to 5.17% in Q3

This has been driven by slower household consumption during the period.

Indonesia’s economic growth slowed to 5.17% in Q3 YoY from 5.27%, according to a statement from the country’s statistics agency, although headline figures remain ahead of initial analyst expectations.

“Generally, this doesn’t come as much of a surprise given that following the previous policy meeting, Bank Indonesia had already warned of slower growth although they had expected it to be at ‘a little less than 5.1 percent’,” Alan Lau of OCBC Treasury Research said in a report

The growth is said to be driven by all business sectors with the construction businesses booking the highest growth with 4.81% in terms of production.

In terms of expenditure, the Exports for Goods and Services grew the largest at 8.68%.

"The global economy is showing a tendency of slowing down, which can be seen in many countries that are Indonesia's trade partners, except the United States," BPS head Suhariyanto told local media in a press briefing.

“On a quarterly basis, the results represented an increase of 3.1% QoQ, compared to 4.21% QoQ for the previous quarter. Consumption was the main driver once again, followed on by investment growth. Net exports remained a drag on growth,.” OCBC’s Lau added.

Lau expects Indonesia to maintain its positive economic momentum as he forecasts GDP growth to inch up 5.2% by end-2018 and 5.3% by 2019.

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