BPS: Indonesia's Economic Growth in Q1 of 2024 Highest Since 2015
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6 May 2024 17:28 WIB
TEMPO.CO, Jakarta - Statistics Indonesia, or BPS reported that Indonesia's economy grew by 5.11 percent year-on-year (yoy) in the first quarter of 2024. The current-price Gross Domestic Product (GDP) was posted at Rp5,288.3 trillion in the first quarter of 2024, while the constant-price GDP reached Rp3,112.9 trillion.
"In the first quarter of 2024, Indonesia recorded economic growth by 5.11 percent compared to the first quarter of 2023," said Acting Head of BPS Amalia Adininggar Widyasanti in Jakarta, Monday, May 6, 2024, claiming that the figure was the highest since 2015.
"Compared with economic growth in the first quarter of previous years, this was the highest yet since 2015. The first quarter of 2014 recorded a 5.12 percent hike,” Amalia said in a press conference in Jakarta. However, she also stated that the growth contracted by 0.83 percent compared to the previous quarter.
Sectorally, she went on, the main contributors to the economy this quarter are the processing, trade, agriculture, construction, and mining industries. These five sectors contributed to economic growth, totaling 63.61 percent of the GDP, with the largest being the processing industry with 0.86 percent. "This is in line with the increase in production activity which remains strong to meet domestic and foreign demand," said Amalia.
Furthermore, Amalia detailed, economic growth was recorded in all regions, albeit with differing rates. Java recorded a 4.84 percent growth yoy in the first quarter of 2024. Followed by Sumatra (4.24 percent), Kalimantan (6.17 percent), Sulawesi (6.35 percent), Bali, and the Nusa Tenggara regions (5.07 percent), as well as Maluku and Papua with the highest growth (12.15 percent).
Java still presented the largest contribution to GDP with 57.7 percent yoy, followed by Sumatra at 21.85 percent yoy. Amalia explained that Papua recorded the highest economic growth at 9.35 percent yoy, while Bangka Belitung Islands recorded the lowest at 0.02 percent yoy.
"The three groups of provinces with the highest economic growth are Maluku and Papua, Sulawesi, and Kalimantan. The growth in these regions is mainly driven by mining activities in the metal industry and IKN development," she concluded.
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