The Jakarta Post
Indonesia’s economy expanded by 5.06 percent year-on-year (yoy) during the first quarter this year thanks to growth in investments and consumer spending.
Data from the Central Statistics Agency (BPS) show that the first quarter figure at 5.06 percent was a slight increase on the 5.01 percent that was recorded over the same period last year.
“This figure is better than the first quarter of 2017 […] we hope that the figure will continue to increase in the next quarters because there are events that can spur economic growth such as Ramadhan and Idul Fitri, the regional elections and the Asian Games,” BPS head Suhariyanto said during a press release on Monday.
Consumer spending, which accounts for more than half of GDP, was recorded at 4.95 percent during the first quarter this year.
Investments grew by 7.95 yoy percent during the first three months of this year, contributing 2.54 percent toward the overall gross domestic product (GDP).
Exports also grew 6.17 percent yoy during the first quarter this year, while the growth of imports was higher at 12.75 percent.