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Indonesia’s GDP growth accelerates to 5.72 percent
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An employee works on a truck filled with coal at the Karya Citra Nusantara (KCN) Marunda port in Jakarta on January 17, 2022, after Indonesia eased an export ban on the commodity. (AFP/Adek Berry)
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mid concerns over global economic activity and reduced cross-border trade, Indonesia has posted another solid GDP reading, setting the country apart from many others ahead of the Group of Twenty (G20) Summit to be hosted in Bali this month.
Indonesia’s GDP was up 5.72 percent year-on-year (yoy) in the third quarter, Statistics Indonesia reported in an online press briefing on Monday.
That exceeds the 5.44 percent yoy growth rate recorded in the second quarter and 5.01 percent yoy logged in the first. The domestic economy is benefiting this year from relaxed pandemic restrictions at home and higher prices for key export commodities in global markets.
The figures presented on Monday are lower than forecasts from state-owned Bank Mandiri and financial research firm Moody's Analytics, which had predicted third-quarter GDP growth of 6 percent yoy and 6.01 percent yoy, respectively.
When compared to the second quarter, Indonesia’s GDP was up 1.81 percent, which is lower than Bank Mandiri’s forecast of 2.09 percent and marks a slowdown from quarterly growth of 3.72 percent registered in the second quarter.
Other economic indicators also pointed up in the third quarter, such as a trade surplus that increased 12.58 percent yoy, retail sales that rose 5.52 percent yoy and income tax receipts that were up 26.10 percent yoy.
“The pattern of the preceding years shows that [quarterly] growth in the third quarter is always slower than in the second quarter [...] because of seasonal factors,” BPS head Margo Yuwono said on Monday.
