Indonesia's real Gross DomesticProduct (GDP) growth has proven robust to the weakness inexternal demand in 2012. Real GDP rose by 6.2 percentyear-on-year in the third quarter. This was slightly lowerthan the 6.4 percent growth seen in the second quarter andwas the eighth consecutive quarter of above 6 percentgrowth. On a seasonally-adjusted quarter-on quarter basisthe economy grew by 1.3 per cent in the third quarter, downfrom 1.6 percent in the second quarter. While real GDPgrowth eased only slightly, nominal GDP growth slowedsignificantly in the third quarter, falling to 9.9 per centyear-on-year, from 12.5 percent year-on-year in the secondquarter. The level of investment spending remained high, up10 percent year-on-year in the third quarter. However,investment did contract in seasonally adjusted quarter onquarter terms by 0.4 percent. This sequential contractionwas largely driven by falls in spending on foreigntransportation, machinery and equipment, consistent with theweakness in capital goods imports seen in the quarter. Incontrast to the sharp drop in government consumption andmoderation in investment, private consumption growth pickedup in the third quarter, increasing by 5.7 percent yearon-year. Growth in the services sectors moderated somewhatbut was still solid at 7.3 percent year-on-year, compared to8.1 year-on-year in the second quarter. Communications andtransport remained one of the strongest of the servicesectors (up 10.5 per cent year-on year). There was somemoderation in the trade, hotel and restaurant sector in the quarter.
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