Indonesia's economic growth accelerated in the second quarter of 2022
despite global uncertainty, official data showed Friday, thanks to soaring
commodity prices and easing
Covid-19 restrictions.
اضافة اعلان
Southeast Asia's largest economy expanded 5.44 percent on-year in
April-June, slightly up from 5.01 percent in the previous three months, the
Central Statistics Agency said.
Exports, which account for a quarter of the country's gross domestic
product, grew 19.74 percent as prices for commodities were boosted after
Russia's invasion of Ukraine.
"The disruption of the global supply chain has led to the increase in
prices of Indonesia's key commodities, resulting in a windfall to export
performance," statistics agency head Margo Yuwono said.
The easing of Covid-19 restrictions across Indonesia and increased spending
during the Eid al-Fitr holiday were also a boon for domestic consumption,
Yuwono added.
The 5.51 percent jump in domestic consumption, which accounts for more than
half of the economy, was helped by the government's social aid for lower-income
households.
But Gareth Leather, senior Asia economist at Capital Economics, said growth
was expected to cool in the second half of the year as commodity prices
retreated and a tourism surge that came after Indonesia reopened its borders
eased.
"While an increase in tourism arrivals should provide a further boost
to GDP in the third quarter and beyond, the boost from domestic reopening is
largely over," Leather said in a note.
"In addition, the recent decline in commodity prices, along with slower
global growth, will hold back exports."
Indonesia dropped quarantine requirements for all travellers with a negative
PCR test in March, leading to a spike in tourist arrivals.
The country welcomed more than 740,000 visitors in the first half of the
year, an increase of more than 900 percent on-year.
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