- GDP growth declined to 4.87% YoY due to a slowdown in FAI and government spending. However, nominal GDP stayed strong at 7.13% YoY.
- High agriculture growth was buoyed by food crops in real terms and plantation crops in nominal terms.
- Exports growth was robust due to tariff front-running by US importers while imports are held back by restriction on food imports.
- Faster realization of government programs is needed to counteract the likely slowdown in subsequent quarters amid trade war pressures, while Indonesia needs to position itself to benefit from the potential tailwind of industrial relocation in the future.
