By I Made Sentana

JAKARTA--Indonesia's ?economic? growth slowed down in the fourth quarter ?due to lower government spending and private consumption.

Southeast Asia's largest economy grew ?4.94% in the fourth quarter compared with the same period a year earlier, ?weakening from the 5.0?1?% expansion in the July-September period, the official Statistics Agency said Monday. Sequentially, the economy contracted by ?1.77% from the previous three months, though this was mainly attributed to seasonal factors.

For 2016, gross domestic product growth was 5.02%, picking up a six-year low of 4.79% in 2015, according to agency figures.

A poll of economists by The Wall Street Journal had forecast fourth-quarter growth at 5.1% from a year earlier, a 1.75% quarter-on-quarter contraction, and a 5.07% expansion for 2016.

Bank Indonesia, which cut interest rates by 1.5 percentage points last year and relaxed regulations on commercial banks' lending, expected the economy to grow 5.0% in 2016.

The International Monetary Fund gave a favorable assessment of Indonesia's economy Friday, saying its near-term outlook remained favorable. It said Indonesia had maintained economic stability thanks to a prudent mix of macroeconomic policies and the launch of structural reforms that helped the economy weather slow global growth, a commodity downturn, and several episodes of financial turbulence.

Write to I Made Sentana at

(END) Dow Jones Newswires

February 06, 2017 00:01 ET (05:01 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.