Indonesia GDP Q1 2024 +5.1%

According to the latest data released from Statistics Indonesia, the country’s economy grew by 5.1 per cent on a yearly basis in the first quarter of 2024.

Southeast Asia's largest economy growth in the January-March period exceeded economists’ expectation and the 5 per cent achieved in the previous quarter.

Household consumption, which makes up half the Indonesian economy, rose 4.9 per cent, supported by transportation, food, restaurants and hotels. On the production side, the main contributors to growth were mining, processing industries, construction and trade. In the first quarter, government spending increased nearly 20 per cent annually in Q1 2024 compared to a growth rate of 2.8 per cent in the previous three months.

Indonesia's GDP expanded by 5 per cent in 2023, and the cental bank has projected a growth rate between 4.7 to 5.5 per cent for 2024.

In its latest outlook, the International Monetary Fund estimated Indonesia GDP growth to be 5 per cent in 2024 and 5.1 per cent in 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; it is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.