Fueled by Election, Indonesia's Economy in the First Quarter Grows 5.11%
Wednesday, 08 May 2024
JAKARTA. Statistics Indonesia (BPS) recorded Indonesia's economic growth in the first quarter of 2024 on a year on year basis as measured by the value of the Gross Domestic Product (GDP) of 5.11%. This growth was higher than the fourth quarter of 2023 which only amounted to 5.04%.
In her presentation, Acting. Head of BPS Amalia Adininggar Widyasanti stated that the GDP growth rate was also the highest compared to the first quarter growth throughout 2019-2024.
She also revealed that Indonesia's GDP at current prices (ADHB) in the first quarter of 2024 reached IDR 5,288.3 trillion. Meanwhile, based on constant prices (ADHK), the value reached IDR 3,112.9 trillion.
According to expenditure, the highest growth occurred in the consumption expenditure component of non-profit institutions serving households (PK-LNPRT), which was 24.29%. This is in line with the General Election activities that took place in the first quarter of 2024.
For information, which is included in the consumption of LNPRT includes consumption issued by institutions such as community organizations, social organizations, professional organizations and labor unions, cultural, sports and recreation organizations, political parties, religious institutions.
The second highest growth was in government consumption expenditure, which amounted to 19.9%. Other components, such as household consumption, Gross Domestic Fixed Capital Formation (PMTB) or investment, exports and imports grew by 4.91%, 3.79%, 0.50% and 1.77% respectively.
Then GDP by business sectors, almost all business sectors experienced growth except agriculture, forestry and fisheries which contracted by 3.54%.
Business sectors that grew significantly were government administration, defense and compulsory social security by 18.88%, while health services and social activities by 11.64%, and corporate services by 9.63%.
Meanwhile, Manufacturing Industry and Wholesale and Retail Trade-Repair of Cars and Motorcycles, which have a dominant role, grew by 4.13 percent and 4.58 percent respectively. (ASP/KEN)
