Indonesia’s economy grew 1.43% qoq in Q3 2025, matching market consensus of 1.4% but slowing sharply from the 4.04% jump in Q2, the fastest pace in near five years. Private consumption fell (-0.56% vs 3.14% in Q2) despite lower borrowing costs and continued government stimulus, including cash handouts. Government spending also weakened sharply (4.6% vs 21.05%), following typical seasonal patterns. Meanwhile, fixed investment accelerated (6.37% vs 4.10%). Exports strengthened (6.77% vs 5.13%) while imports fell (-0.74% vs 9.90%), supporting growth after the U.S. eased reciprocal tariffs in early August. Output eased in agriculture (3.32% vs 13.53%), wholesale and retail trade (2.24% vs 3.12%), transport (1.08% vs 6.58%), and accommodation (0.74% vs 6.43%), while activity shrank in financial services (-4.13% vs 1.48%) and public administration (-17.15% vs 0.04%). In contrast, mining (1.47% vs 1.06%), manufacturing (4.09% vs 1.38%), and construction (5.28% vs 0.98%) posted stronger gains.