Indonesia GDP Q3 2024 +4.9%

According to the latest data from Statistics Indonesia, the country’s economy grew by 4.9 per cent on a yearly basis in the third quarter of 2024.

Southeast Asia's largest economy expanded by 5.1 per cent in the first half of 2024, while on a quarterly basis, GDP increased by 1.5 per cent.

Household consumption, which makes up over half of GDP, held steady with an expansion of 4.9 per cent in the July-September period, supported by transportation, food, restaurants, and hotels. On the production side, the main contributors to growth were mining, processing industries, construction, and trade.

Investment grew by 5.1 per cent in Q3, supported by investment in the new capital city and other infrastructure projects.

In its latest outlook, the International Monetary Fund estimated Indonesia GDP growth rate to be 5 per cent for 2024, and 5.1 per cent for 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, with a population of 667 million people and a territory of 4.5 million km². It is currently the third largest economy in Asia-Pacific and the fifth largest in the world. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.