Indonesia’s annual economic growth slows to 5.05 pct in Q2

JAKARTA, Aug. 5 (Xinhua) — Indonesia recorded an annual economic growth rate of 5.05 percent in the second quarter of this year, Statistics Indonesia (BPS) announced on Monday.
The gross domestic product (GDP) growth from April to June indicated a decrease, compared to a 5.11 rate in the previous quarter, and 5.17 percent a year earlier.
“Economic growth in Indonesia for the second quarter of 2024 was supported by strong domestic activities, and the Indonesian economy is growing steadily,” Edy Mahmud, Deputy for Balance Sheet and Statistical Analysis at BPS, told a press conference.
Export performance declined due to weakened external demand amid a global economic slowdown.
Several commodities saw an increase in both export value and volume, including coal, nickel, jewelry, machinery, and electrical equipment, while services export was boosted by increased foreign tourist visits.
Meanwhile, domestic demand remained strong, primarily supported by increased spending during religious holidays and harvest seasons. ■