JAKARTA (Xinhua): The Indonesian economy expanded 5.05 per cent year-on-year in 2023, lower than the previous year's 5.31 percent, Statistics Indonesia (BPS) announced on Monday.
The gross domestic product (GDP) grew on a quarterly basis from 4.94 per cent in the third quarter from July to September 2023 to 5.04 per cent in the last quarter of 2023.
"Despite the global economic slowdown and declining prices for major commodities, Indonesia's GDP is still expanding steadily at a rate of 5.05 per cent," said acting head of the BPS Amalia Widyasanti at a press conference.
The islands with the biggest GDP increase were Kalimantan, the site of a new capital city under construction, and Sulawesi and Maluku, which are locations for nickel downstream investment.
Maintaining domestic demand was another factor driving the growth as the inflation was controlled less than three per cent. - Xinhua
