Indonesia first-quarter GDP growth slower than expected as investment cools

JAKARTA - Indonesia’s gross domestic product grew more slowly than expected in the first quarter of this year, as investment dropped and prices of its main commodities softened, data from the statistics bureau showed on Monday.

The statistics bureau attributed the weaker growth to soft investment, while household consumption, which represents more than half of the economy, also lost momentum and slowed slightly. Despite missing expectation, Masyita Crystallin, an economist with DBS, described the data as “pretty good considering pressure from external factors”, noting other world economies were also growing more slowly.

Fakhrul Fulvian, an economist at Trimegah Securities in Jakarta, said with economic and investment growth slowing, the current account deficit should shrink this year. In January-March, annual investment growth slowed to 5 percent, from 6 percent in the previous three months.

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