Indonesia’s expected smartphone fireworks may have fizzled out before they were even visible in the dark sky of handset market slowdown. Logically, the world’s third largest country should be a bright hope for smartphone growth, especially with 4G (not to mention Google’s Project Loon) coming its way. But its sector is already in decline, according to Counterpoint Research, with serious potential consequences for vendors, such as Xiaomi, which have been talking up their prospects in the country. In it most recent quarterly calculations, Counterpoint said Indonesia’s Q3 smartphone market declined for the first time since the product category was first introduced. Smartphone sales fell by 7% year-on-year during the quarter, while overall mobile phone sales were down even more sharply,…