Indonésie Croissance Du Pib

Indonesia’s economy contracted by 0.98% qoq in Q1 of 2025, marking the first quarterly GDP decline in a year and falling short of market consensus for a 0.89% decline. The pullback followed a 0.53% growth in Q4, dragged by a steep drop in government spending (-39.89% vs -38.58% in Q4) due to tighter budget conditions, along with weak fixed investment (-7.40% vs 2.44%). Private consumption slowed (0.55% vs 1.64%) despite festive season demand and the 13th wage bonus. On the external front, exports (-6.11% vs 4.63%) and imports (-10.20% vs 3.23%) declined, reflecting weaker global and domestic demand, linked to the threat of rising U.S. tariffs. By sector, output fell for mining (-7.42%), manufacturing (-0.67%), construction (-5.92%), utilities (-0.88%), transport (-0.63%), accommodation (-1.72%), and education (-8.45%). Meanwhile, growth in state administration slowed notably (7.92% vs 16.63%), though agriculture rebounded sharply (9.74% vs -18.49%) on the back of the harvest season.