Indonesia Economy Contracts 0.34% QoQ In Q1
Indonesia's GDP shrank 0.34 percent quarter-on-quarter in the first quarter of 2017, following a 1.77 percent decline in the December quarter and compared to market consensus of a 0.35 percent fall. It was the second straight quarter of contraction, weighed down by a slump in government spending and investment and slowdown in exports.
In the March quarter, government spending dropped by 45.54 percent (from 39.49 percent in the fourth quarter 2016). Also, investment fell 5.42 percent (from 4.56 percent). Private non-profit spending decreased 1.71 percent ( from 2.83 percent). Exports went up 0.41 percent (from 8.93 percent) and imports increased 4.59 percent (from 12.67 percent). Private consumption rebounded (0.14 percent from -0.02 percent).
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On the production side, education services decreased the most (-10.37 percent from 10.74 percent in the previous period), followed by government administration (-7.57 percent from 6.67 percent), electricity and gas (-3.45 percent from 4.17 percent), healthcare (-1.69 percent from 6.91 percent), transport & storage (-1.53 percent from 1.10 percent), mining & quarrying (-0.78 percent from 2.18 percent), manufacturing (-0.52 percent from 0.69 percent), and whole sale and retail trade (-0.24 percent from -0.40 percent). In contrast, growth was seen for: agriculture (15.59 percent from 21.24 percent in the previous period), business service (2.21 percent from 1.62 percent), other services (1.89 percent from 1.97 percent), real estate (1.79 percent from 0.41 percent), water and waste management (0.69 percent from 1.22 percent), and communication (0.28 percent from 1.74 percent) while finance and insurance sector rebounded (1.65 percent from -0.81 percent).
Year-on-year, the economy expanded 5.01 percent, stronger than a 4.94 percent growth in the fourth quarter 2016 while market estimated a 5.0 percent expansion.