2023-05-05 04:06:08
The Indonesian National Statistical Office reported today that Gross domestic product (GDP) in the first quarter of 2023 grew 5.03% year-on-year. That’s better than analysts in a Archyde.com poll expecting 4.95 percent growth and stronger than 5.01 percent growth in the fourth quarter of 2022.
On a quarterly basis, Indonesia’s Q1 GDP contracted 0.92%, better than the 1% contraction expected by analysts.
Indonesia’s economy, which is the largest in Southeast Asia, is Boosted by booming commodity exports Although many economists expect the Indonesian economy to slow down This is because the global monetary tightening policy will weaken global demand.
The Central Bank of Indonesia announced to hold the policy interest rate at 5.75% on April 19th. which is holding interest rates in three consecutive meetings, with the central bank expecting Inflation will soon return to the central bank’s target.
Bank Indonesia Governor Perry Vargiyo told reporters that The policy rate remains at a level that can keep core inflation within BI’s target range of 2-4% and will bring headline inflation back to target faster than expected. anticipated
“In the past March Indonesia’s inflation figures have already dropped to 4.9% and are likely to slow down further. We believe that in early August this year. Inflation will stay below 4%,” said the central bank governor.
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