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Jakarta Post

Indonesia GDP grew by 5.17 percent in Q3

  • Rachmadea Aisyah

    The Jakarta Post

Jakarta   /   Mon, November 5, 2018   /   01:44 pm
Indonesia GDP grew by 5.17 percent in Q3 Statistics Indonesia head Suhariyanto (JP/Rachmadea Aisyah)

The Indonesian economy grew by 5.17 percent year-on-year (yoy) in the third quarter of 2018, Statistics Indonesia (BPS) announced on Monday.

Although this was lower than the previous quarter’s growth, which was at 5.27 percent yoy – the highest in the last four years, it was better than in the first quarter’s 5.06 percent yoy.

BPS head Suhariyanto said the slowdown was in line with the global economic slowdown both in developing and advanced countries, including in Singapore and China, two of Indonesia's major economic partners.

"The global economy is showing a tendency of slowing down, which can be seen in many countries that are Indonesia's trade partners, except the United States," Suhariyanto told a press briefing on Monday.

The rise in global crude oil prices also contributed to the slowdown, he said, referring to a 3.22 percent quarterly increase in the Indonesian Crude Price (ICP) to US$74.24 per barrel in the third quarter.

Indonesia's third quarter exports increased by 8.33 percent yoy, while imports rose by 23.71 percent. (bbn)