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Indonesia's economic growth dips below 5% in 3rd quarter of 2023

Jakarta Globe - November 6, 2023

Jakarta – The Indonesian economy expanded by 4.94 percent year-on-year in the third quarter of this year, marking the first time it failed to reach the 5 percent mark in the past nine quarters.

The Central Statistics Agency (BPS) attributes this weaker growth to the global economic slowdown and a decline in exports of Indonesia's primary commodities.

Quarter-to-quarter growth also decelerated, dropping to 1.6 percent from 3.86 percent.

During a news conference in Jakarta on Monday, BPS Acting Head Amalia Adininggar noted that when comparing the third quarter with previous years, the growth has consistently been weaker than the first and second quarters.

"The overall results from the third quarter indicate that the Indonesian economy remains robust and resilient," she said.

Breaking it down by business sectors, the top contributors to national economic growth included the transportation and warehousing sector, which recorded the highest growth at 14.74 percent, followed by other services (11.14 percent), the accommodation, food, and beverage sector (10.9 percent), and the corporate services sector (9.37 percent).

However, export and household spending experienced contractions of 4.26 percent and 3.76 percent, respectively.

Source: https://jakartaglobe.id/business/indonesias-economic-growth-dips-below-5-in-3rd-quarter-of-202