Jakarta Economy Logs 5.59 Percent Growth in Q2
9 August 2022 16:28 WIB
TEMPO.CO, Jakarta - Jakarta's economy continues to show positive trends in 2022. It was evident in the second quarter (Q2) that logged a growth of 5.59 percent, which was higher than the Q1's at 4.62 percent year-on-year.
Jakarta's economic growth rate of 5.59 percent was bigger than the national economic growth in the same quarter, which recorded 5.44 percent year on year. "Jakarta's economic recovery continued in the second quarter of 2022," Statistics Indonesia (BPS) wrote, on August 5, Antaranews reported.
According to the records of Statistics Indonesia, a number of factors have positively boosted the economy of the capital city for at least the past four quarters.
Ramadan and Major Religious Holidays
BPS noted that the increase in community activities during Ramadan, Eid al-Fitr, and Easter, as well as various events held in the city, both in the national and international levels, were the main drivers of Jakarta's economic movement. In addition, the provision of Eid allowances (THR) has also become a positive catalyst for increasing public demand, which has a positive impact on economic growth.
Export performance, household consumption, and investment were the main drivers of DKI Jakarta's economic growth throughout the second quarter of 2022. In the business industry, the growth was contributed by trade, information, and communication sectors and the processing industry.
Export Performance Grows 10.68 Percent
From the demand side, export performance in the second quarter of 2022 grew by 10.68 percent (yoy) with a share of 5.60 percent to the Gross Regional Domestic Product (GRDP) of DKI Jakarta.
The performance of household consumption during the second quarter of 2022 also grew positively by 5.27 percent (yoy) with a contribution of 3.12 percent to DKI Jakarta's GRDP. This was driven by an increase in people's mobility and consumption, which was reflected in an increase in imports of consumer goods and household electricity consumption.
Growth in the Business Sector
The growth in the business sector during the second quarter of 2022 was mainly boosted by small and major business trades at 8.25 percent and a 1.27 percent contribution to the Jakarta GRDP.
An increase in household consumption was boosted by loosened restrictions of shopping mall capacity. The annual event such as the Jakarta Fair or PRJ also contributed to the economic growth in Indonesia's capital.
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