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Financial News: Indonesia's Economic Growth Tops Expectations In Q2

Indonesia's Economic Growth Tops Expectations In Q2

08/06/2018 - 01:51:00 (RTTNews)

(RTTNews) - Indonesia's economy expanded at a faster than expected pace in the second quarter, data from statistics bureau revealed Monday.

Gross domestic product grew 5.3 percent year-on-year. Economists had forecast an annual growth of 5.12 percent compared to 5.06 percent expansion seen in the first quarter.

On a quarterly basis, GDP expanded 4.21 percent in the second quarter.

In the first half of the year, the economy grew 5.17 percent from the same period of last year.

"Looking ahead, we doubt Indonesia's economy can maintain its current pace of expansion," Gareth Leather, an economist at Capital Economics, said. On the plus side, rapid wage growth should help support consumption.

However, the economist noted that weaker global demand and lower prices for its main commodity exports mean export revenues are likely to remain low by past standards.

Moreover, spending on infrastructure will need to slow if the government is to keep the budget deficit within the 3 percent of GDP mandatory limit, Leather noted.

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