Breaking News! Indonesia’s Economic Growth Slows to 4.95 Percent in the Third Quarter of 2024

Jakarta – The Central Statistics Agency (BPS) noted that Indonesia’s economic growth in the third quarter of 2024 grew by 4.95 percent on an annual basis (yoy). Meanwhile, quarter-on-quarter (qtq) experienced a slowdown of 1.50 percent when compared to the second quarter of 2024.

Acting. Head of the Central Bureau of Statistics Amalia A. Widyasanti said, the value of Indonesia’s Gross Domestic Product (GDP) at current prices (ADHB) until the third quarter of 2024 reached Rp5,638.9 trillion and at constant prices (ADHK) Rp3,279.6 trillion.

“On a qtq basis, economic growth in the third quarter of 2024 grew by 1.50 percent, this growth was in line with the seasonal pattern that occurred in previous years, which was lower than in the second quarter of 2024. On a yoy basis, the economy in the third quarter of 2024 grew by 4.95 percent, higher than the previous year’s 4.94 percent,” Amalia said in a press conference, Tuesday, November 5, 2024.

On an annual basis, economic growth in the third quarter of 2024 by business field, with the largest contribution to the economy, namely the processing industry, agriculture, trade, construction and mining.

“The five business fields contributed 64.94 percent to GDP,” he said.

Meanwhile, the business field with the highest growth was transportation and warehousing, which grew 8.64 percent yoy. This is in line with the increase in the number of passengers of all modes of transportation and the increase in the delivery of goods.

Then, accommodation and eating and drinking grew 8.33 percent, driven by an increase in the number of foreign tourist visits, MICE activities, and national and international events, such as the Mandalika Motor GP, PON XXI, and the International Sustainability Forum.

Furthermore, according to expenditure, economic growth yoy in the third quarter of 2024 was driven by household consumption, which grew by 4.91 percent with a contribution of 53.08 percent to GDP.

“This shows that the level of public consumption is still maintained,” he said.

Meanwhile, LNPRT consumption experienced the highest growth of 11.69 percent, driven by increased activity in preparation for Pilkada and PON XXI.

“Furthermore, export-import experienced high growth. Exports were driven by an increase in the value and volume of non-oil and gas exports. While the increase in imports was driven by an increase in imports of capital goods and raw and auxiliary materials,” he concluded. (*)

Breaking News! Indonesia’s Economic Growth Slows to 4.95 Percent in the Third Quarter of 2024

Jakarta – The Central Statistics Agency (BPS) noted that Indonesia’s economic growth in the third quarter of 2024 grew by 4.95 percent on an annual basis (yoy). Meanwhile, quarter-on-quarter (qtq) experienced a slowdown of 1.50 percent when compared to the second quarter of 2024.

Acting. Head of the Central Bureau of Statistics Amalia A. Widyasanti said, the value of Indonesia’s Gross Domestic Product (GDP) at current prices (ADHB) until the third quarter of 2024 reached Rp5,638.9 trillion and at constant prices (ADHK) Rp3,279.6 trillion.

“On a qtq basis, economic growth in the third quarter of 2024 grew by 1.50 percent, this growth was in line with the seasonal pattern that occurred in previous years, which was lower than in the second quarter of 2024. On a yoy basis, the economy in the third quarter of 2024 grew by 4.95 percent, higher than the previous year’s 4.94 percent,” Amalia said in a press conference, Tuesday, November 5, 2024.

On an annual basis, economic growth in the third quarter of 2024 by business field, with the largest contribution to the economy, namely the processing industry, agriculture, trade, construction and mining.

“The five business fields contributed 64.94 percent to GDP,” he said.

Meanwhile, the business field with the highest growth was transportation and warehousing, which grew 8.64 percent yoy. This is in line with the increase in the number of passengers of all modes of transportation and the increase in the delivery of goods.

Then, accommodation and eating and drinking grew 8.33 percent, driven by an increase in the number of foreign tourist visits, MICE activities, and national and international events, such as the Mandalika Motor GP, PON XXI, and the International Sustainability Forum.

Furthermore, according to expenditure, economic growth yoy in the third quarter of 2024 was driven by household consumption, which grew by 4.91 percent with a contribution of 53.08 percent to GDP.

“This shows that the level of public consumption is still maintained,” he said.

Meanwhile, LNPRT consumption experienced the highest growth of 11.69 percent, driven by increased activity in preparation for Pilkada and PON XXI.

“Furthermore, export-import experienced high growth. Exports were driven by an increase in the value and volume of non-oil and gas exports. While the increase in imports was driven by an increase in imports of capital goods and raw and auxiliary materials,” he concluded. (*)