Indonesia GDP Grows 5.29% in Second Quarter, Beats Estimates

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The rupiah gained.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Indonesia’s economy expanded faster than expected in the second quarter, with robust household spending and investment providing a cushion from a challenging global backdrop. The rupiah gained.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountGross domestic product rose 5.29% from a year earlier, Indonesia’s statistics agency said in a briefing on Wednesday. That compares to the 5.14% median estimate in a Bloomberg survey and the 5.61% posted in the first quarter.In terms of production, all industries expanded except for mining, according to Edy Mahmud, deputy for National Accounts and Statistical Analysis. Manufacturing, agriculture, trade, construction, and mining remained the biggest contributors to the economy, accounting for 64% of GDP. The rupiah extended gains to 0.6% while stocks and 10-year government bonds held earlier increases.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againSoutheast Asia’s largest economy has proven resilient even as a prolonged Iran war spurs energy prices and weighs on commodity exports. Still, Bank Indonesia’s currency defense has also led to 100 basis points of interest-rate increases, which risk crimping borrowing and investment.The rupiah dropped 5% last quarter — by far the worst performer in the region — as investors fretted over President Prabowo Subianto’s economic policies and a possible downgrade of Indonesia’s equities and credit rating outlook.The government aims to accelerate GDP growth in the second half of the year to meet its 6% target for 2026 — a level not hit since 2012. While it’s earmarked some $1.5 billion in economic incentives, it has limited space to ramp up spending and the central bank’s rate hikes may tighten financial conditions.—With assistance from Prima Wirayani.(Adds details of economy.)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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