Indonesia's Q1 GDP growth beats forecasts, highest in three quarters

A general view of the city skyline of Jakarta, the capital city of Indonesia, August 5, 2021. REUTERS/Ajeng Dinar Ulfiana/File PhotoJAKARTA : Indonesia's economy grew by 5.11 per cent in the first quarter from a year earlier, the highest in three quarters and slightly faster than expected, bolstered by spending for the country's general election, data from the statistics bureau showed on Monday.

Southeast Asia's largest economy has taken a hit from declining commodity exports in the past year. The resource-rich country is the world's biggest exporter of thermal coal, palm oil and nickel, among other commodities. Government spending jumped nearly 20 per cent annually in the first quarter, versus a growth rate of just 2.81 per cent in the previous three months.

Investment growth, however, slipped to 3.79 per cent in January-March, from 5.02 per cent in the fourth quarter.

Source: Financial Digest (financialdigest.net)

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