TEMPO.CO, Jakarta - The Central Statistics Agency (BPS) has reported a slowdown in Indonesia's economic growth for the first quarter of 2025. The year-on-year (yoy) growth rate for Q1 2025 was recorded at 4.87 percent.
BPS Head Amalia Adininggar Widyasanti stated that Indonesia's gross domestic product (GDP) at current prices in the first quarter of 2025 reached Rp5,665.9 trillion. Meanwhile, the GDP at constant prices stood at Rp3,264.5 trillion.
"Indonesia's economic growth in the first quarter of 2025, when compared to the first quarter of 2024 or year-on-year, grew by 4.87 percent," Amalia said during a press conference at the BPS Office on Monday, May 5, 2025.
The data also indicates a contraction in economic growth compared to the previous quarter. Indonesia's economy contracted by 0.98 percent compared to the fourth quarter of 2024, which had shown a yoy growth of 5.02 percent.
Prior to this report, Finance Minister Sri Mulyani Indrawati had expressed confidence that Indonesia's economy could grow by up to 5 percent in 2025. Her optimism persisted even after the International Monetary Fund (IMF) lowered its growth projection for Indonesia to 4.7 percent.
"Indonesia's economic growth in 2025 is estimated to still reach around 5 percent," Sri stated during a press conference on the results of the second periodic meeting of the Financial System Stability Committee (KSSK) in 2025.
In its World Economic Outlook report released in April 2025, the IMF revised its global economic growth projections. The report anticipated Indonesia's economy to grow by only 4.7 percent in 2025, a decrease from its previous forecast of 5.1 percent.
Sri Mulyani noted that the IMF's downward adjustment for Indonesia's economic growth, a reduction of 0.4 percent from the previous prediction, aligned with the escalating trade war triggered by the announcement of reciprocal tariffs by the United States.
Ilona Estherina contributed to the writing of this article.
Editor's Choice: Indonesia Downplays IMF Growth Cut; Highlights Stronger Outlook than U.S., China
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