This report also shows that Indonesia’s GDP from Q4 2021 to Q1 2023 is above 5% which indicates that the country has a stable economy.
Heaptalk, Jakarta — Indonesia’s economic growth in Q1 2023 demonstrated a positive result by growing 5.03% compared to the first quarter of 2022, according to a report by Statistics Indonesia (BPS).
“On a year-on-year basis, our economic growth (Q1 2023) is 5.03 percent,” said BPS Deputy for Balance Sheets and Statistical Analysis Moh Edy Mahmud in a press conference, Friday (05/05).
Edy explained this growth slows by 0.92% compared to Q4 last year. However, the contraction demonstrated the same pattern in previous years. “In the previous several years the first quarter always experienced contractions.” For example, in the first quarter of 2020 the growth contracted by 0.94%, while in Q1 2021 and Q1 2022 the growth was also down by 0.93%, and 2.41% respectively. “So, indeed on a Quarter to Quarter basis for Q1, the pattern is always contracting,” said Edy.
Nevertheless, Edy conveyed that compared to Q4 2022, this number demonstrated a surge compared to Q1 2022 which was 5.02%. This report also shows that Indonesia’s economic growth from Q4 2021 to Q1 2023 is above 5% which indicates that the country has a stable economy. The largest contribution is from the manufacturing, trade, and growth industries sectors that grow exponentially, while agriculture and construction continue to grow but in diminutive numbers.
Meanwhile, three business fields with the highest growth which contributed to this number are transportation and warehousing which grew by 15.93%, accommodation and F&B by 11.55 %, and other services by 8.90%. The growth of these three sectors was supported by mobility enhancement, a surge of foreign tourists, and the organizing of several national and international events.
