Indonesia’s GDP grows 5.02 percent in Q3, slowest in two years
The Statistics Indonesia (BPS) announced on November 4 that the country’s economic growth reached 5.02 percent in the third quarter, the lowest level in more than two years.
Jakarta (VNA) – The Statistics Indonesia (BPS) announced onNovember 4 that the country’s economic growth reached 5.02 percent in the thirdquarter, the lowest level in more than two years.
The figure was close to the 5.01 percent growth expected in Reuters poll and lowerthan the 5.05 percent expansion in the second quarter.
Though Indonesia, the largest economy in Southeast Asia, relies more ondomestic demand, its growth has also been hurt by slowing global trade as theUS-China tariff dispute affected its exports. That in turn has dented consumersentiment and overall domestic consumption.
The Bank Indonesia (BI) has cut interest rates four times by a total of 100basis points since July, and is expected to ease again in the coming months.
President Joko Widodo, who won re-election in April promising more investmentopportunities, is under pressure to avoid a sharp downturn. However, Widodo haslittle headroom to open the fiscal spigot as government income has been hit byweak corporate earnings and the broader slowdown.
In his inauguration last month, Widodo reiterated his ambitious plans of makingIndonesia one of the world’s top five economies by 2045 with a GDP worth 7trillion USD. And to do that, investment must play a much bigger role.
Reflecting lowered expectations, Finance Minister SriMulyani Indrawati in August cut the 2019 GDP growth outlook to 5.08 percent,compared to a target of 5.3 percent.
On November 4, she said the fiscal deficit would be allowed to widen to 2percent of GDP this year, up from 1.84 percent originally planned, due torevenue pressures./.
The Indonesian government is mulling a plan to impose temporary additional duties on imports of textiles and textile products (TPT) as a safeguard measure to protect the domestic upstream industry from a recent surge in imports.
Indonesia’s Ministry of Trade is expecting that the Regional Comprehensive Economic Partnership (RCEP), a landmark trade deal between ASEAN countries and six major economies, will be signed in November 2020.
Indonesia will stop exports of nickel ore immediately in the context that the world’s biggest nickel ore producer is seeking to promote domestic metallurgy industry, towards increasing the national budget revenue.
Priorities in Asia’s trade and economic policies in 2020 were the focus of a workshop which was held late October in Jakarta, Indonesia, attracting the participation of Indonesian and foreign economists and scholars, besides Indonesian policy makers and foreign diplomats.
Total trade between Indonesia and New Zealand in the first half of 2025 reached 963.23 million USD, an increase of 21.56% compared to 792.39 million USD in the same period last year. Of this amount, Indonesia's exports to New Zealand totaled 374.89 million USD, while imports 588.35 million USD
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
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The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
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Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
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Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
A corner of Jakarta (Photo: thejakartapost.com) 
