Indonesia's Economic Growth Reaches 4.94 Percent in Q3 of 2023
TEMPO.CO, Jakarta - Statistics Indonesia (BPS) recorded that the country’s economic growth in the third quarter (Q3) of 2023 stood at 4.94 percent year-on-year (yoy), or 1.60 percent higher than the previous quarter.
“Thus, the Indonesian economy cumulatively grew by 5.05 percent,” the BPS Acting Head Amalia Adininggar Widyasanti said in a press conference on Monday, Nov. 6, 2023.
She explained that the growth in the third quarter of 2023 was lower than the previous quarter. This was in line with the usual pattern occurring in previous years, that is, the growth in the third quarter tends to be lower than the second quarter, except in 2020 or during the COVID-19 pandemic.
In the second quarter of 2023, the economic development reached 3.86 percent quarter-on-quarter, or 5.17 percent year-on-year.
“However, with the achievement of 4.94 percent year-on-year growth in the third quarter of this year, the Indonesian economy remains solid and growing positively,” Amalia expressed optimism.
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