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Indonesia growth rises faster than expected in second quarter
The economy expanded 5.29% year on year in April to June, with manufacturing and household spending cited as key drivers.
Indonesia’s economy grew 5.29% year on year in the April-June period, strengthening the outlook after recent concerns tied to the rupiah, investor confidence, and global uncertainty, according to SCMP Economy.
The result marked a slowdown from 5.61% in the first quarter but still beat an economists’ median expectation of 5.1%, the outlet reported. It also followed a University of Indonesia estimate published ahead of the official data, which pegged second-quarter growth at 4.8%.
SCMP Economy said Indonesia’s quarterly expansion was largely supported by manufacturing and household spending. On the production side, manufacturing, agriculture, trade, construction, and mining together accounted for 63.73% of gross domestic product, according to BPS officials cited by the outlet.
Analysts interviewed by SCMP Economy urged caution for the coming quarters, noting the latest data pointed to uneven sector performance and reliance on government spending, even as the growth print improved.