Indonesian Economy Grows 5,11 Percent in Q1 2024
- VIVA/M Ali Wafa
Jakarta – Indonesian economic growth in the first quarter of 2024 recorded a 5.11 percent year-on-year (yoy) increase. This figure is significantly higher compared to the growth rates of Malaysia, Singapore, Japan, and the United States in the same period.
"The economic growth of the United States in the first quarter of 2024 grew by 3 percent yoy, Japan by 1.2 percent yoy, Malaysia by 3.9 percent yoy, and Singapore by 2.7 percent yoy," said Amalia Adininggar Widyasanti as Acting Head of BPS in a statement on Monday.
However, Indonesia's economic growth in the first quarter of 2023 was much smaller compared to China, which grew by 5.3 percent yoy, and India, which grew by 7.3 percent yoy.
"China grew by 5.3 percent yoy. India also strengthened in the first quarter of 2024 with a growth of 7.3 percent yoy," she explained.
Plt. Kepala BPS, Amalia Adininggar Widyasanti
- BPS
Widyasanti explained that the main contributors to Indonesia's economic growth come from production sectors such as manufacturing industries, construction, mining and quarrying, and trade.
This is in line with the strong production activity to meet domestic and foreign demand.
On the expenditure side, the main contributors to Indonesia's economy come from household consumption, election spending, and the Eid al-Fitr holiday.
When broken down, household consumption contributed 54.93 percent to the growth of the economy in the first quarter of 2024. This figure grew by 4.91 percent yoy.
"Household consumption experienced the highest growth among other components, driven by general elections and the Ramadan holiday, growing by 24.29 percent. With a contribution to GDP of 1.43 percent," she stated.
In addition, government consumption through election spending and employee expenditure also recorded a growth of 19.90 percent yoy.
"Government consumption experienced positive growth through election and employee spending, contributing 6.25 percent to GDP," she concluded.
