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Indonesia Economic growth Surprises as Consumers beat Inflation

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Indonesia’s economy grew by 5.17% year-on-year in the second quarter of 2023, beating analysts’ expectations and accelerating from the previous quarter, according to the official data released on Monday.

The growth was driven by strong domestic consumption, which rose by 5.23% and accounted for more than half of the gross domestic product (GDP).

The robust consumer spending reflected the resilience of the Indonesian economy amid higher interest rates, inflationary pressures, and a slowdown in the global commodity market. The central bank, Bank Indonesia, has kept its benchmark rate at 6.5% since November 2022 to support the rupiah, which has been under pressure from the US dollar’s strength and the Federal Reserve’s monetary tightening.

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