Indonesia’s annual economic growth went down to 5.07% in the first quarter (Q1) of 2019 from 5.18% in the previous three-month period. This was the weakest GDP growth rate since the first quarter last year, as both private consumption and fixed investment rose softer, while net exports contributed negatively to GDP and government spending continued to rise.

The GDP shrank 0.52% quarter-on-quarter (q/q) in the March quarter 2019, after a 1.69% contraction in the previous period. Private consumption remained sluggish, while there were sharp declines in both government spending and fixed investment. For 2019, the government is targeting economic growth of 5.3%, while the central bank has forecast a range of 5.0-5.4%.