Indonesia's economy grows 5.01% amid global turbulance

Jakarta, May 10 (IANS) Despite turbulence in global economic prices, Indonesia recorded an economic growth of 5.01 per cent year-on-year in the first quarter of 2022, compared to 5.02 percent it recorded during the fourth quarter of 2021, the country's Central Agency of Statistics announced.

The growth was in line with the prediction made by Indonesia's Minister of Finance Sri Mulyani Indrawati that the country's economy would grow on average 5 per cent year-on-year, reports Xinhua news citing the Agency as saying.

"The economic growth during the first three months of this year was contributed by the growth of people's activities as restrictions continue to be waived, and by the low-based effect in the first quarter of 2021," Agency head Margo Yuwono told a press conference.

He added that the growth was mainly supported by a recovery in household consumption, investment and exports in global commodities such as coal, palm oil and nickel.

"Household consumption has improved, and people spend more money on travelling," he said.