Indonesia's 2022 GDP growth races to nine-year high on strong exports

JAKARTA, Feb 6 (Reuters): Indonesia's economic growth picked up last year, spurred by the removal of pandemic-related restrictions and a global commodity boom that lifted exports to a record high, even as growth slowed in the final quarter, official data showed on Monday.

South-East Asia's largest economy expanded 5.31% in 2022, Statistics Indonesia data showed, its best annual growth rate in nine years, and faster than the 5.29% expected in a Reuters poll.

In the fourth quarter, gross domestic product expanded 5.01% on an annual basis, compared with 4.84% growth predicted by the poll and 5.72% in the previous three months.

Indonesia removed most movement restrictions last year after daily Covid-19 cases dropped and vaccination rates rose, driving up household consumption. All remaining measures were lifted at the end of the year.

The resource-rich country, a major supplier of thermal coal, palm oil and nickel, also benefitted from soaring commodity prices in the aftermath of the Russia-Ukraine war that began in February. - Reuters

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Indonesia , GDP , Rising , Solid Numbers , 2022


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