Indonesia's Q1 GDP Growth Hits 5.11%, Fastest Since Mid-2023

May 6, 2024, 04:30 AM

Indonesia's economy exhibited robust growth in the first quarter of 2024, with a GDP increase of 5.11% year-on-year, marking the fastest pace since mid-2023. This growth has been attributed to heightened government spending, and a boost from election and holiday-related expenditures. The performance surpassed economist forecasts and was primarily driven by strong domestic consumption, which helped mitigate the effects of a declining export sector. Additionally, the International Monetary Fund (IMF) projects Indonesia's GDP growth to continue at 5% in 2024, reflecting the country's ongoing economic resilience. As of 2023, Indonesia's GDP stood at $1.4 trillion.