By Ying Xian Wong
Indonesia’s third-quarter economic growth was slightly below expectations, mainly due to global uncertainty, widespread impact of the El Nino phenomenon and lower prices of leading export commodities.
Southeast Asia’s largest economy grew 4.94% from a year earlier, Indonesia’s official statistics agency said Monday.
That compared with the previous quarter’s 5.17% expansion and the median estimate for 5.06% growth by a Wall Street Journal poll of five economists.
“Indonesia’s economy is growing positively, although it is slowing compared to the same period last year,” said Amalia Adininggar Widyasanti, acting chief of Statistics Indonesia, adding that growth was driven by sustained domestic activity. Indonesia’s GDP growth was 5.73% in the third quarter of 2022.
From a production perspective, growth in the third quarter mainly stemmed from the processing, transportation and warehousing, and construction industries, she said.
Indonesia’s exports contracted by 4.26% in the third quarter from a year earlier mainly due to lower commodities prices, she added.
Gross domestic product expanded 1.60% compared with the previous quarter.
Write to Ying Xian Wong at yingxian.wong@wsj.com
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