Indonesia’s Economy Grows 4.95 Percent in the Third Quarter of 2024, Airlangga Claims to Outperform Singapore-Arabs

Menteri Koordinator Bidang Perekonomian Airlangga Hartarto

Jakarta – Indonesia’s economic growth in the third quarter of 2024 was recorded at 4.95 percent, a slight slowdown compared to the second quarter of 2024 which reached 5.05 percent.

Coordinating Minister for Economic Affairs Airlangga Hartarto said that despite the slowdown, Indonesia’s economy continued to perform better than a number of other countries.

“Based on historical data, growth in the third quarter tends to decline slightly compared to previous quarters, but of course we hope that the fourth quarter can be better,” Airlangga said in a press conference, Tuesday, November 5, 2024.

Airlangga further added that Indonesia’s economic growth is still better than other countries, such as Singapore which grew 4.1 percent, Saudi Arabia 2.8 percent, and Mexico 1.5 percent.

“Indonesia’s economic growth is relatively good because countries like Singapore only grew 4.1 percent, Saudi Arabia 2.8 percent, and Mexico 1.5 percent,” he explained.

Airlangga is also optimistic that economic growth throughout 2024 will reach 5 percent in accordance with the target in the State Budget.

Previously, the Central Statistics Agency (BPS) reported that Indonesia’s economic growth in the third quarter of 2024 was driven by household consumption which grew 2.55 percent. (*)