JAKARTA, Nov. 6 (Xinhua) — Indonesia’s economic growth slowed in the third quarter of this year as the value of exports declined, Statistics Indonesia (BPS) reported on Monday.
Acting BPS head Amalia Adininggar Widyasanti said the gross domestic product (GDP) growth in the July-September period was recorded at 4.94 percent year-on-year, down from 5.17 percent reported in the previous quarter.
The latest figure ends Indonesia’s economic growth above 5 percent in seven consecutive quarters.
“The decline in commodity prices on the international market has an impact on the decline in the export value of our superior products, where the prices of crude palm oil and coal are lower,” said Widyasanti at a virtual press conference.
Even though it is slowing down, Widyasanti added, this figure reflects the resilience of the Indonesian economy amidst the slowing global economy, the widespread impact of El Nino, and the decline in prices, with an increase in export volumes.
On the other hand, the Southeast Asian country saw a trade surplus since May 2020, reaching 7.8 billion U.S. dollars in the third quarter of this year.
