Indonesia’s Q1 GDP growth hits 5.11%, surpassing expectations

[JAKARTA] Spurred by robust domestic spending during the election season, and despite waning exports, Indonesia’s economy surged ahead in the first quarter of this year, surpassing expectations and recording the highest Q1 growth in five years.

Based on data released by the country’s statistics agency on Monday (May 6), the South-east Asian economic powerhouse’s gross domestic product (GDP) expanded by 5.11 per cent in the three months to March 2024, compared with the corresponding period a year earlier.

Growth in the period under review also outpaced the 5.04 per cent growth in the preceding quarter.