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Published
JAKARTA, Nov. 6 (Xinhua) — Indonesia’s economic expansion slowed in the third quarter of this year due to a decline in exports, the Indonesian Bureau of Statistics (BPS) said Monday.
BPS acting head Amalia Adininggar Widyasanti said gross domestic product (GDP) expansion in the July-September period registered 4. 94% year-on-year, up from 5. 17% in the last quarter.
The latest figure ends Indonesia’s economic expansion above five for seven consecutive quarters.
“The fall in raw curtain prices in the foreign market has an effect on the fall in export prices of our premium products, where crude palm oil and coal prices are lower,” Widyasanti said at a virtual press conference.
Even if it is slowing, Widyasanti added, the figure reflects the resilience of the Indonesian economy in the face of a slowing global economy, the widespread effect of El Niño and falling prices, with an increase in export volumes.
On the other hand, the Southeast Asian country has recorded an industrial surplus since May 2020, reaching $7. 8 billion in the third quarter of this year.
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