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Financial News: Indonesia Q3 GDP Growth Improves Less Than Expected

Indonesia Q3 GDP Growth Improves Less Than Expected

11/07/2022 - 08:32:00 (RTTNews)

(RTTNews) - Indonesian economic growth improved at a slower-than-expected pace in the three months ended September, official data revealed on Monday.

Gross domestic product advanced 5.72 percent year-over-year in the third quarter, slightly faster than the 5.45 percent rise in the second quarter, Statistics Indonesia reported. This was the biggest expansion since the second quarter of 2021.

However, that was below the 5.89 percent rise expected by economists.

On the expenditure-side, household consumption grew 5.39 percent annually in the September quarter and gross fixed capital formation rose 4.96 percent.

Exports registered a positive growth of 21.64 percent and imports posted 22.98 percent expansion. Meanwhile, government final consumption declined 2.88 percent.

On a quarterly basis, GDP climbed 1.81 percent in the third quarter, following a 3.72 percent rise in the second quarter. The expected growth was 1.62 percent.

The better-than-expected GDP report should give the central bank some space to tighten aggressively, especially with the recent slide in the rupiah, Nicholas Mapa, an economist at ING said.

Capital Economics' economist Gareth Leather said lower commodity prices, tighter monetary policy and elevated inflation are likely to drag on growth over the coming quarters.

The economist forecasts Indonesia's economic growth to slow from around 6.5 percent this year to 5.5 percent in 2023.

For comments and feedback: contact editorial@rttnews.com

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