Indonesia's GDP expands 5.17% y/y in Q2, beats estimates – USD/IDR keeps 7-week highs

Dhwani Mehta FXStreet

Indonesia's economy expanded more-than-expected in the second quarter of 2019, the latest government data showed on Monday.

Southeast Asia's largest economy grew 5.17% in April-June from a year earlier vs. 5.07% growth seen in Q1 2019 and 5.06% expectations.

On a quarterly, Indonesian gross domestic product (GDP) jumped by 4.20% in Q2 2019 vs. -0.52% previous and +4.20% expected

The GDP growth rate was still below the government's growth target for last year of 5.4% and way below the 7% level that President Joko Widodo pledged to achieve.

Despite the upbeat Indonesian growth figures, the Indonesian Rupiah remains at seven-week lows against the US dollar, tracking the slide in the Chinese Yuan amid US-China trade woes. USD/IDR flirts with multi-week tops of 14,260 levels, up +0.60% so far.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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