Indonesia's 2023 GDP growth slows to 5.05% on weak exports

Lower commodity prices and El Nino weather hit Southeast Asian economy

The downtown area of Jakarta. Indonesia's economy grew 5.05% in 2023.

NANA SHIBATA and ERWIDA MAULIA, Nikkei staff writers

February 5, 2024 13:23 JST

Updated on February 5, 2024 14:57 JST

JAKARTA -- Indonesia's economy grew 5.05% in 2023 from a year earlier, slowing from a 5.31% expansion the previous year due to weaker growth in exports, official data showed on Monday.

According to data released by the government agency Statistics Indonesia, household consumption, which makes up over half of Indonesia's gross domestic product, increased 4.82% last year compared to 4.94% in 2022.