Indonesia's economy surged in the first quarter of 2024, driven by increased spending during the presidential election and religious holidays, according to official data released Monday.

Statistics Indonesia reported that the country's economy expanded by 5.11 percent, marking the highest growth in three quarters and slightly exceeding last year's 5.04 percent expansion during the same period.

The growth was fueled by government expenditure leading up to the presidential election in February and household spending ahead of Ramadan and Eid al-Fitr in April, explained Amalia Adininggar Widyasanti, acting head of Statistics Indonesia.

"Household consumption remains the primary driver of growth in terms of spending," she stated during a press conference.

Although government estimates had projected a growth rate of 5.17 percent, some experts expressed skepticism about Jakarta's official data in assessing economic performance.

"We lack confidence in the official data. The Indonesia Activity Tracker indicates that while the economy has shown signs of recovery in recent months, growth still lags behind what official figures indicate," noted Gareth Leather, senior Asia economist at Capital Economics.

"We anticipate economic challenges in the coming quarters as high-interest rates... dampen demand. Based on our assessment, GDP growth is expected to hover around 4.5 percent this year."

Economists had previously cautioned about a potential slowdown in growth as policymakers implement tighter monetary policies and commodity demand continues to decline.

Last month, Indonesia's central bank surprised markets with an interest rate hike to 6.25 percent, the highest level in seven years, aimed at bolstering the rupiah, which had depreciated against the dollar.