Indonesia's economy expanded almost at a steady pace in 2024 but far behind President Prabowo Subianto's ambitious goal of 8 percent, official data revealed Wednesday.

In 2024, Southeast Asia's largest economy advanced 5.03 percent, slightly slower than the 5.05 percent growth in 2023, Statistics Indonesia reported.

In the fourth quarter, gross domestic product registered an annual growth of 5.02 percent. This follows 4.95 percent growth in the third quarter.

On a quarterly basis, the economy expanded 0.53 percent after rising 1.50 percent in the third quarter.

The expenditure-side of GDP showed that growth was largely driven by the exports of goods and services, which rose 7.63 percent in fourth quarter. Imports logged a double-digit growth of 10.36 percent.

Gross fixed capital formation expanded 5.03 percent annually and household consumption moved up 4.98 percent. At the same time, government spending climbed 4.17 percent.

Looking ahead, the official data will probably continue to show growth of close to 5.0 percent, Capital Economics' economist Gareth Leather said.

However, GDP growth is likely to slow as the impact of lower commodity prices and subdued global demand offsets the boost from lower interest rates, the economist added.

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