BPS Announces Indonesia's Economic Growth at 5.05% in 2023

TEMPO.CO, Jakarta - Statistics Indonesia (BPS) officially announced that Indonesia's economy expanded at 5.05 percent in 2023, with the fourth-quarter growth at 5.04 percent.

Amalia A. Widyasanti, the acting head of BPS, explained that the economic growth was recorded based on the Gross Domestic Product (GDP) in the fourth quarter of 2023 at current prices of Rp5,302.5 trillion and constant prices of Rp3,139.1 trillion.

“Indonesia's economic growth in the fourth quarter of 2023 grew by 0.45 percent when compared to the third quarter of 2023. Compared to the fourth quarter of 2022 or year-on-year (yoy), the economy expanded by 5.04 percent,” she said in a press conference on Monday, Feb. 5, at the BPS Office.

Despite the weakening global economy and declining prices of leading export commodities, Amalia reported that the economy continued to grow.

Quarterly, the fourth-quarter growth was 0.45 percent. According to her, the quarter-on-quarter growth in the fourth quarter is typically lower compared to the previous quarter.

“Indonesia's economy remains solid and resilient with well-maintained growth,” she stressed.

In 2022, Indonesia's economic growth in the fourth quarter was 5.01 percent. In the first quarter of 2023, the growth was 5.04 percent, and in the second quarter, it was 5.17 percent. In the third quarter, the growth rate slowed down to 4.94 percent, but it increased again to 5.04 percent in the fourth quarter.

ANNISA FEBIOLA

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