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By Ying Xian Wong
Indonesia’s economy expanded more than expected in the second quarter, mainly driven by growth in all business sectors, despite a global economic slowdown and declining prices for its leading export commodities.
Southeast Asia’s largest economy grew 5.17% from a year earlier, Indonesia’s official statistics agency said Monday.
That compared with the previous quarter’s 5.03% expansion and the median estimate for 4.93% growth from a Wall Street Journal poll of five economists.
“Throughout the second quarter of 2023, Indonesia’s economic performance was supported by increased social mobility and religious holiday moments which boosted public consumption and production activity,” said Moh Edy Mahmud, a deputy in the country’s statistics department.
From a production perspective, growth in the second quarter mainly stemmed from the processing manufacturing, trade and transportation industries, he said.
All business sectors grew, driven by still-strong domestic and global demand, with the transportation and warehousing sector recording the highest growth, he added.
The country’s gross domestic product expanded 3.86% compared with the previous quarter.
Write to Ying Xian Wong at [email protected]
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