Heaptalk, Jakarta — Indonesia’s economy reportedly grew by 5.11% in the first quarter (Q1) 2024, supported by domestic economic activity, including household consumption, Eid momentum, and the General Election 2024.
“Economic elevation in the country grew 5.11% YoY in the first quarter of this year. This performance is the highest initial quarter growth throughout 2019 – 2024,” Acting Head of Indonesia’s BPS, Amalia Widyasanti, said. (05/04)
As the primary contributors to Indonesia’s economy in Q1 this year, Indonesia’s Central Statistics Agency (BPS) noted that household consumption grew to 4.91%, and consumption of Non-Profit Institutions Serving Households (LNPRT) grew by 24.29%, driven by general election activities and the Eid holiday. Besides, Indonesia’s government sector consumption also enhanced positively by 19.90%, driven by general election spending and personnel spending.
Based on the Gross Domestic Product (GDP), Indonesia’s economy attained US$330 million, approximately Rp5,288 trillion. On the other hand, Indonesia’s GDP structure based on business fields in Q1 2024 is still dominated by Wholesale and Retail Trade and Motorcycle Repair (13.15%), Agriculture, Forestry and Fisheries (11.61%), Construction (10.23%), and Mining and Quarrying (9.34%). The role of these five business fields has contributed to the Indonesian economy by 63.61%.
“Agriculture contracted due to a decline in agricultural commodity production at the beginning of this year, especially food crops due to the El Nino phenomenon, which influenced the second half of last year.”Amalia conveyed.
Indonesia’s economy contracted 0.83% (Q-to-Q) in Q1 this year compared to the fourth quarter (Q4) of 2023. Regarding production, the growth contraction occurred in the Java Education Business Field at 10.34%. Meanwhile, in terms of expenditure, the Government Consumption Expenditure Component (PK-P) experienced a growth contraction, reaching 36.69%.
The group of Indonesia’s provinces on the Java Islands remains spatially influential in Indonesia’s economic performance, with a contribution reaching 57.70% of Indonesia’s GDP, followed by Sumatra at 21.85%, Kalimantan at 8.19%, Sulawesi at 6.89%, Bali and Nusa Tenggara at 2 .75%, and Maluku and Papua at 2.62% this quarter.
