Indonesia’s Q3 GDP growth at 4.95% y/y, slightly slower than Q2

INDONESIA’S gross domestic product grew 4.95 per cent in the third quarter from a year earlier, data from the statistics bureau showed on Tuesday, slightly below market expectations and compared with 5.05 per cent growth in the second quarter.

Analysts polled by Reuters had expected 5.00 per cent annual growth for the July-September period.

On a quarterly, non-seasonally adjusted basis, GDP grew 1.50 per cent, compared with a forecast of 1.59 per cent.

The manufacturing and construction sectors were among the top contributors to growth in the third quarter, the statistics bureau said.

Indonesia‘s finance minister said last month that growth of around 5 per cent was expected in the third quarter, supported by household consumption and investment, and growth in 2024 was seen at 5.1 per cent, although geopolitical tensions were a risk.

In September, Bank Indonesia cut rates to support economic growth, and then held steady on October as rising tensions in the Middle East put the rupiah under renewed pressure. REUTERS