Economic news

Indonesia’s economy likely grew 5% in Q3, 2024: Reuters poll

2024.11.01 03:43

By Pranoy Krishna

BENGALURU (Reuters) – Indonesia’s economy likely grew 5.0% in the July-September quarter from a year earlier, nearly matching the Q2, 2024 growth rate, as robust consumption offset weak exports, according to a Reuters poll of economists.

Southeast Asia’s largest economy has consistently expanded around 5% for over a year now, as consumer demand has held up despite higher interest rates.

Meanwhile exports from the commodity rich country remain sluggish. 

The poll of 29 economists taken from Oct. 28 – Nov. 1 showed the economy grew 5.00% in Q3, 2024, slightly lower than the 5.05% in the prior quarter.

“Domestic demand, especially private consumption, will remain the driving force behind GDP growth,” said Jeemin Bang, associate economist at Moody’s (NYSE:).

“Retail sales grew year-on-year throughout the third quarter, led by the major categories of food and automobiles.” 

Retail sales rose 5.8% in August, a four-month high.

However, growth on a quarter-on-quarter basis more than halved to 1.6% in the July-September period from 3.8% in Q2, 2024, suggesting weak demand from China was affecting the commodity export-led economy.

A slowdown in demand from China saw exports moderating to 6.44% in September, from 7.13% in the month prior to that.

“Being a major commodity exporter, Indonesia is sensitive to changes in global demand conditions. Given China is Indonesia’s biggest export partner, its subdued performance will weigh on Indonesia’s exports,” added Jeemin.

© Reuters. FILE PHOTO: A general view of the business district during rush hour traffic jams in Jakarta, Indonesia, August 4, 2022. REUTERS/Willy Kurniawan/File Photo

The economy was forecast to grow around 5.0% this year and next, a separate Reuters survey showed.

Bank Indonesia estimates a growth rate of 4.7% to 5.5% for 2024. 



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 69,722.68 3.56%
ethereum
Ethereum (ETH) $ 2,514.89 4.57%
tether
Tether (USDT) $ 1.00 0.11%
bnb
BNB (BNB) $ 579.39 0.73%
solana
Solana (SOL) $ 167.53 4.30%
usd-coin
USDC (USDC) $ 1.00 0.13%
xrp
XRP (XRP) $ 0.520003 0.28%
staked-ether
Lido Staked Ether (STETH) $ 2,511.99 4.71%
dogecoin
Dogecoin (DOGE) $ 0.159587 7.05%
tron
TRON (TRX) $ 0.16729 1.62%
the-open-network
Toncoin (TON) $ 4.87 1.23%
cardano
Cardano (ADA) $ 0.346332 3.08%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,960.71 5.13%
shiba-inu
Shiba Inu (SHIB) $ 0.000017 6.23%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 69,467.61 3.74%
avalanche-2
Avalanche (AVAX) $ 25.01 3.06%
weth
WETH (WETH) $ 2,507.53 4.89%
chainlink
Chainlink (LINK) $ 11.32 6.21%
bitcoin-cash
Bitcoin Cash (BCH) $ 348.36 7.10%
leo-token
LEO Token (LEO) $ 6.09 0.57%
polkadot
Polkadot (DOT) $ 3.95 3.86%
usds
USDS (USDS) $ 0.993195 0.33%
sui
Sui (SUI) $ 1.94 5.36%
litecoin
Litecoin (LTC) $ 68.72 3.63%
near
NEAR Protocol (NEAR) $ 3.98 5.90%
uniswap
Uniswap (UNI) $ 7.81 0.97%
aptos
Aptos (APT) $ 8.94 5.80%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,643.63 4.65%
pepe
Pepe (PEPE) $ 0.000009 4.53%
internet-computer
Internet Computer (ICP) $ 7.90 0.59%
bittensor
Bittensor (TAO) $ 465.92 5.70%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.27 0.02%
dai
Dai (DAI) $ 1.00 0.12%
kaspa
Kaspa (KAS) $ 0.118232 3.63%
monero
Monero (XMR) $ 153.29 4.56%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.05%
ethereum-classic
Ethereum Classic (ETC) $ 18.39 3.84%
stellar
Stellar (XLM) $ 0.092156 1.32%
whitebit
WhiteBIT Coin (WBT) $ 18.87 0.88%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.20%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.318274 2.06%
blockstack
Stacks (STX) $ 1.61 6.68%
dogwifcoin
dogwifhat (WIF) $ 2.30 9.93%
okb
OKB (OKB) $ 38.14 2.19%
aave
Aave (AAVE) $ 143.09 5.45%
arbitrum
Arbitrum (ARB) $ 0.530239 2.55%
filecoin
Filecoin (FIL) $ 3.49 4.06%
optimism
Optimism (OP) $ 1.60 4.26%
crypto-com-chain
Cronos (CRO) $ 0.07342 1.39%
mantle
Mantle (MNT) $ 0.578091 4.56%