BPS: Household Consumption Boosts Economy to Grow 5.44 Percent
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5 August 2022 16:14 WIB
TEMPO.CO, Jakarta - Head of Statistics Indonesia (BPS) Margo Yuwono on Friday said that Indonesia’s household consumption was the source of economic growth as it logged the highest GDP of 2.92 percent based on expenses in the second quarter of 2022.
"As the main contributor to economic growth in the second quarter, which grew 5.44 percent compared to the same period last year (year-on-year/YoY), household consumption grew very impressively at 5.51 percent (YoY)," Margo stated during the second quarter economic growth presentation in Jakarta, Friday, August 5, as reported by Antaranews.
The growth in household consumption was also visible when compared to the first quarter of 2022 which was 4.34 percent (YoY) due to the purchasing power of the lower economy class which was supported by social assistance.
He conveyed that there was an increase in shopping activities for the upper middle class, especially during Ramadan and Eid al-Fitr. After household consumption, Indonesia's highest source of economic growth according to expenditure is net exports, or the value of exports minus the value of imports, with a portion of 2.14 percent.
Exports of goods and services showed the highest growth in distribution and GDP growth based on expenditure because it managed to shoot up by 19.74 percent. Meanwhile, imports grew by 12.34 percent.
Furthermore, Statistics Indonesia said that gross fixed capital formation (PMTB), which is an investment indicator was the third highest source of Indonesia's GDP growth in the second quarter of this year, with a portion of 0.94 percent.
ANTARA
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