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The Indonesian Economy Is Projected To Grow By 5.03% In 2024, Surpassing Singapore But Falling Short Of Malaysia

The Central Statistics Agency (BPS) has reported that Indonesia's economy grew by 5.03 percent throughout 2024. This growth rate surpasses that of neighboring Singapore but falls short of Malaysia's performance. 

According to BPS data, Singapore's economy expanded by 4 percent over the past year, while Malaysia recorded a growth of 5.1 percent. "The economies of several of Indonesia's key trading partners continue to grow despite the challenging global economic environment," stated Amalia during a press conference on Wednesday, February 5. 

Among Indonesia's major trading partners, India exhibited the highest economic growth at 6.5 percent in 2024, although this figure is lower than the 8.2 percent achieved in 2023. 

China's economy grew by 5 percent last year, a slowdown from the 5.4 percent growth recorded in 2023. South Korea's economy saw a growth of 2 percent throughout 2024. 

Meanwhile, the United States, as Indonesia's largest trading partner, experienced a growth of 2.8 percent in 2024, a slight decrease from the 2.9 percent growth noted in 2023.  

The sources of Indonesia's economic growth in 2024 include household consumption, which grew by 4.94 percent, and gross fixed capital formation (PMTB), which increased by 4.61 percent. These components contributed 54.04 percent and 29.15 percent, respectively, to the economy. 

"Household consumption and PMTB remain the primary contributors to GDP in 2024, with a combined contribution of 83.19 percent," Amalia explained. 

Tag: Central Statistics Agency Indonesian Economy