According to a note from Barclays, while the BI isn't expected to raise interest rates in its February meeting, a hike could come before the quarter is out.
"We continue to expect a 25 basis points rate hike in the first quarter to boost BI's credibility and increase real rates to help fund the current account deficit," said Barclays, who also expects Indonesia full year growth to come in at 5 percent.
But Wellian Wiranto of OCBC offers a more upbeat view, noting that private consumption, which grew 5.3 percent in the quarter from the year-ago period, was a sign the economy may be pursuing the "Goldilocks goal."
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"The Q4 upside surprise in GDP shows that the underlying Indonesian economy still had a lot of juice, despite what was a rather tough environment," Wiranto wrote.
"The journey towards a not-too-hot, not-too-cold growth has just begun, but BI would not ratchet up rates just yet as it waits for the effects of last year's rate hike to kick in further," he added.
- By CNBC's Li Anne Wong. Follow her on Twitter at