Indonesia’s gross domestic product shrank 1.69% quarter-on-quarter (QoQ) in the December quarter of 2018, after a 3.09% growth in the previous quarter. It marked the first quarterly contraction since the March quarter of the year, as private consumption was sluggish while net exports contributed negatively to the GDP.
While annual economic growth edged up to 5.18% in said quarter from 5.17% in the previous three-month period (Q3). The expansion was mainly driven by private consumption while both fixed investment and government spending increased further. Meantime, net exports contributed negatively to the GDP growth. For 2018 as a whole, the economy grew 5.17%, compared to a 5.07% expansion in 2017, and marking the fastest growth rate since 2013.
