STRATEGIC ASSESSMENT. Indonesia’s economic growth in the second quarter accelerated unexpectedly to its highest rate in three quarters, shored up by strong household and government spending, even as exports weakened with falling commodity prices. Indonesia’s economy expanded 5.17 percent in the April–June quarter from the same period a year earlier, Statistics Indonesia data showed, outpacing the 4.93-percent growth predicted by economists polled by Reuters.
Private consumption, which makes up over half of Indonesia’s GDP, rose 5.23 percent in the second quarter compared to the same period of 2022, while investment increased 4.63 percent.
Indonesia’s economy expanded by 5.17 percent in the second quarter of 2023, continuing its robust recovery following the Covid-19 pandemic and positioning the nation among the world’s top-performing economies in key indicators, Chief Economic Minister Airlangga Hartarto said.
This latest data marks the seventh successive quarter in which the economy has grown by over 5 percent. The accumulated growth for the first half of the year reached 5.11 percent, leading Indonesia to regain its status as an upper-middle-income country, Airlangga announced at a press conference in Jakarta, citing the latest World Bank figures.