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Indonesia’s economy grew more slowly in the second quarter of 2024 despite being supported by spending on religious holidays and increased household consumption, the country’s statistics agency said on Monday.<\/p>\n
Growth in Southeast Asia’s largest economy was 5.05 percent in the second quarter, slightly lower than the previous quarter’s 5.11 percent, Statistics Indonesia said.<\/p>\n
“The economic growth is also lower compared to the second quarter of 2023,” Statistics Indonesia deputy head, Mohamad Edy Mahmud told a press conference.<\/p>\n
Despite the lower growth, Statistics Indonesia insisted the domestic economy is relatively robust and stable — but some economists doubted the country can maintain such growth.<\/p>\n
“We don\u2019t have much faith in the official data,” said Gareth Leather, senior Asia economist at Capital Economics.<\/p>\n
“We don’t think this recovery will last. We expect growth to slow over the coming months.”<\/p>\n
Indonesia’s central bank earlier this year announced a surprise interest rate hike to 6.25 percent, the highest for seven years, to support the rupiah, which had weakened against the dollar.<\/p>\n
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