JAKARTA (Reuters) -Indonesia’s economy grew 4.87% in the first quarter from a year earlier, its weakest growth rate in more than three years, official data showed on Monday, compared with a 4.91% growth rate expected by analysts in a Reuters poll.
The January-March growth was the slowest since the third quarter of 2021 and compared with 5.02% in the previous quarter.
On a non-seasonally adjusted, quarter-on-quarter basis, gross domestic product contracted 0.98%, Statistics Indonesia data showed.
Resource-rich Indonesia’s economic growth has hovered around 5% since the pandemic.
President Prabowo Subianto, who took office last year, has pledged to lift that to 8% during his five-year term, but is facing challenges from slowing global growth amid a trade war, as well as weakening domestic demand and a tighter budget position.
U.S.-bound exports from Southeast Asia’s biggest economy could be hit by hefty tariffs in coming months, with Jakarta discussing trade with Washington.
(Reporting by Stefanno Sulaiman, Gayatri Suroyo and Bernadette Christina; Editing by John Mair)
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