Indonesia's 1Q GDP +5.07% on Year; Market Expected +5.18%

05/06/19 12:53 AM EDT

By I Made Sentana

JAKARTA--Indonesia's economic growth decelerated in the first quarter to 5.07% year-over-year from 5.18% in the fourth quarter of 2018, the official Central Statistics Agency said Monday.

Southeast Asia's largest economy sequentially contracted 0.52% in the first quarter after contracting by 1.69% in the fourth quarter.

The median forecast of 10 economists polled by The Wall Street Journal was for 5.18% year-over-year growth, and 0.37% contraction from the previous quarter.

The agency's chairman Suhariyanto said the first quarter growth, which was slightly better than the 5.06% expansion in the first quarter of 2018, was affected by the global slowdown.

"Economic growth will likely accelerate in the second quarter as household consumption will likely increase during the (Muslim) holiday celebration," he said.

Household consumption, which typically makes up half of the country's gross domestic product grew 5.01% year-over-year, slightly slower than 5.08% in the October-December period.

Government spending increased by 5.21% year-over-year, stronger than 4.56% in the fourth quarter. Investment growth eased to 5.03% from 6.01%, and exports contracted by 2.08%, after growing 4.33% in the last quarter of 2018.


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(END) Dow Jones Newswires

May 06, 2019 00:53 ET (04:53 GMT)

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