Illustrative image (Source: AFP/VNA)Indonesia's economy expanded at its fastest pace in more than one year in the third quarter, reaching 5.72% year-on-year, according to Statistics Indonesia (BPS).
The growth was higher than the previous projection of 5.5% by Bank Indonesia (BI), Indonesia's central bank, thanks to rising exports.
Addressing a press conference on November 7, Margo Yuwono, head of the BPS, said Indonesia's economy has continuously grown above 5% since the fourth quarter of 2021. This showed that Indonesia's economy is strongly recovering after the COVID-19 pandemic.
He added that Indonesia's exports grew 21.64% year-on-year in the third quarter.
However, economists said the country’s steady growth in the face of those global economic headwinds is expected to draw to a halt in the months ahead.
“We expect growth to slow over the coming quarters. Exports will struggle, if, as we anticipate, commodity prices drop back and global growth continues to slow,” said Gareth Leather, senior Asia economist at Capital Economics./.