Indonesia’s economic growth accelerated last quarter, defying the impact of higher interest rates, elevated prices and a commodity slowdown.

Gross domestic product rose 5.17% in the three months through June compared to a year ago, the nation’s statistics office said on Monday. That beats the 5% median forecast in a Bloomberg survey of economists and the growth print notched in the previous two quarters.

On a quarterly basis, the economy expanded 3.86% compared to the January-March period, faster than the 3.7% estimate.

Last quarter’s performance underlines the resilience of Southeast Asia’s largest economy at a time when its typical engines of growth have struggled to fire on all cylinders. Elevated prices and borrowing costs at a four-year high have crimped consumption and investment, while exports are dragged down by the global commodities slump.

It also puts the nation in good stead to post full-year GDP growth of 5%-5.3%, as Finance Minister Sri Mulyani Indrawati forecast last week. Spending ahead of the February 2024 elections, as well as increased manufacturing activity should help offset weak demand from China and other export markets, she said earlier.

--With assistance from Norman Harsono, Tomoko Sato and Eko Listiyorini.