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Growing by 7.07%, The Economy in the Second Quarter of 2021 is Still a Long Way to Normal

Friday, 06 August 2021

Growing by 7.07%, The Economy in the Second Quarter of 2021 is Still a Long Way to Normal

JAKARTA. Statistics Indonesia (BPS) recorded that Indonesia's economy in the second quarter of 2021 as measured using the Gross Domestic Product (GDP) indicator, grew by 7.07% year on year, compared to the same period in 2020.

Although it grew positively and brought Indonesia out of the recession, this condition did not reflect the actual situation. The economic growth that reaches above 7% can happen, because the comparison is the second quarter of 2020, where during that period the correction was very deep, it was minus 5.32%.

The economic growth in the second quarter of 2020 was also the lowest point of Indonesia's economy since the first quarter of 1999 when the economy was in a crisis.

Thus, as stated by BPS Head Margo Yuwono cited from Bisnis Indonesia edition Friday (6/8), this economic achievement is still far from normal or the same as the economic realization in 2019 before the Covid-19 pandemic occurred.

For comparison, in the second quarter of 2019, Indonesia's economic growth was recorded at 5.05% and the second quarter of 2018 was 5.27%. 

Recovery Momentum

While quoting Kontan.co.id, the government revealed that economic achievements in the second quarter of 2021 show that the Indonesian economy is increasingly accelerating and is on the momentum of improvement.

This is because improvements occurred in almost all indicators such as household consumption which grew by 5.93%, LNPRT (The Non-Profit Institutions Serving Households) consumption grew 4.12%, government consumption 8.06%, Gross Domestic Fixed Capital Formation (PMTB) 7.54%, exports 31.78% and imports 31.22%

Meanwhile, in terms of the type of business field, the sectors that experienced the highest growth were the transportation and warehousing sector which grew by 25.1%, and the accommodation as well as food and beverage sector by 21.58%.


 



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