Indonesia’s economic growth, as measured by Gross Domestic Product (GDP), was recorded at 4.87% year-on-year (YoY) in 1Q25, down from 5.02% YoY in 4Q25 and below the market consensus of 4.91% YoY. The nominal GDP in 1Q25 stood at IDR 5,665.9 trillion, while the GDP at constant prices was IDR 3,264.5 trillion. All expenditure components posted growth except for government spending, which contracted by 1.38% YoY due to budget efficiency policies at the central government level. The most significant contributor to GDP was household consumption, accounting for 54.53% of total GDP and growing by 4.89% YoY. Gross Fixed Capital Formation (GFCF), which represents investment in capital goods with a useful life of more than one year and is not for immediate consumption, contributed 30.34% to total GDP and grew by 2.12% YoY