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Gross domestic product (GDP) grew 4.94% annually in the July-September quarter, compared with 5.05% predicted by economists surveyed by Reuters. Growth was 5.17% in the second quarter. In the July-September period, household spending growth decelerated to 5.06%, from 5.22% in the previous three months. A bright spot in the GDP breakdown came from investment, which recorded a 5.77% growth in the third quarter, versus 4.63% in the second quarter. On a non-seasonally adjusted, quarter-on-quarter basis, gross domestic product expanded 1.60% in the July-September period.

Persons: Gayatri Suroyo, Kanupriya Kapoor Organizations: Gross, Reuters, Growth, Bank Indonesia, Thomson Locations: JAKARTA, Asia's, Ukraine, Middle

That was within Bank Indonesia's 2023 inflation target range of 2% to 4%. A deeper look at the data showed that while headline inflation only rose modestly, annual rice inflation accelerated to 13.76% in August, the highest since June 2012. Myrdal Gunarto, economist with Maybank Indonesia, said he expected a limited increase in rice prices going forward due to planned imports from Southeast Asian countries, predicting headline inflation would remain manageable. As for rice inflation, Irman said: "As a staple, the (rice) inflation will affect purchasing power. But generally, food commodities are showing a moderation trend that is offsetting (rising) rice prices' impact."

Persons: Rice, Myrdal Gunarto, Irman Faiz, Irman, Stefanno Sulaiman, Gayatri Suroyo, Kanupriya Kapoor Organizations: Bank, Maybank, Bank Danamon, Thomson Locations: JAKARTA, Indonesia, Maybank Indonesia

On a quarterly, non-seasonally adjusted basis, GDP expanded 3.86%, compared with the poll's prediction of 3.72% growth. Meanwhile, exports contracted 2.75% in the second quarter on a yearly basis, in stark contrast to last quarter's growth of more than 10%. Myrdal Gunarto, economist with Maybank Indonesia, said he might raise his bank's full-year 2023 GDP growth outlook of 5.05%, but described the second quarter data as "a sign that economic activities had peaked". The better-than-expected data may spur monetary policymakers to shift their focus from growth to the current account, as strong domestic demand typically leads to rising imports, said Fakhrul Fulvian, economist with Trimegah Securities, who maintained his full-year 2023 GDP growth outlook at 5%. The government is targeting the same growth rate for 2023.

Persons: Eid, Joko Widodo's, Myrdal Gunarto, Myrdal, Fakhrul Fulvian, Radhika Rao, Stefanno Sulaiman, Fransiska Nangoy, Gayatri Suroyo, Martin Petty, Sonali Paul Organizations: Asia's, Statistics, Reuters, Maybank, Trimegah Securities, U.S ., Bank, DBS Bank, Thomson Locations: JAKARTA, Statistics Indonesia, Maybank Indonesia, Indonesia, Bank Indonesia

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