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) $ 98,681.44 0.56%
ethereum
Ethereum (ETH) $ 3,452.05 4.47%
tether
Tether (USDT) $ 1.00 0.08%
solana
Solana (SOL) $ 260.21 1.41%
bnb
BNB (BNB) $ 672.32 8.04%
xrp
XRP (XRP) $ 1.55 8.64%
dogecoin
Dogecoin (DOGE) $ 0.466646 16.50%
cardano
Cardano (ADA) $ 1.10 22.12%
usd-coin
USDC (USDC) $ 1.00 0.09%
staked-ether
Lido Staked Ether (STETH) $ 3,464.18 4.86%
tron
TRON (TRX) $ 0.221483 11.62%
avalanche-2
Avalanche (AVAX) $ 43.13 12.67%
shiba-inu
Shiba Inu (SHIB) $ 0.000028 12.29%
the-open-network
Toncoin (TON) $ 6.18 13.28%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,081.89 4.25%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,554.41 0.91%
stellar
Stellar (XLM) $ 0.441738 51.75%
polkadot
Polkadot (DOT) $ 8.15 33.21%
chainlink
Chainlink (LINK) $ 17.40 15.04%
bitcoin-cash
Bitcoin Cash (BCH) $ 539.73 12.93%
sui
Sui (SUI) $ 3.61 2.66%
weth
WETH (WETH) $ 3,448.33 4.44%
pepe
Pepe (PEPE) $ 0.000022 7.22%
leo-token
LEO Token (LEO) $ 8.62 1.17%
near
NEAR Protocol (NEAR) $ 6.38 13.88%
litecoin
Litecoin (LTC) $ 102.68 15.59%
aptos
Aptos (APT) $ 12.91 7.93%
uniswap
Uniswap (UNI) $ 10.74 14.84%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,624.70 4.17%
hedera-hashgraph
Hedera (HBAR) $ 0.149943 14.36%
internet-computer
Internet Computer (ICP) $ 11.62 19.83%
crypto-com-chain
Cronos (CRO) $ 0.201374 8.52%
usds
USDS (USDS) $ 1.00 0.01%
ethereum-classic
Ethereum Classic (ETC) $ 30.57 11.02%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.566765 23.81%
render-token
Render (RENDER) $ 7.96 10.97%
kaspa
Kaspa (KAS) $ 0.161217 9.36%
bittensor
Bittensor (TAO) $ 536.34 8.26%
bonk
Bonk (BONK) $ 0.000051 1.75%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.00%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.42 14.39%
vechain
VeChain (VET) $ 0.044075 36.36%
arbitrum
Arbitrum (ARB) $ 0.869245 9.72%
whitebit
WhiteBIT Coin (WBT) $ 24.65 0.13%
dogwifcoin
dogwifhat (WIF) $ 3.53 11.55%
dai
Dai (DAI) $ 1.00 0.17%
mantra-dao
MANTRA (OM) $ 3.81 4.19%
filecoin
Filecoin (FIL) $ 5.33 16.48%
blockstack
Stacks (STX) $ 2.13 13.08%
cosmos
Cosmos Hub (ATOM) $ 8.15 17.49%