economy

Bank Indonesia: Indonesia's Economy To Be Above 5% In Q2/2024

Bank Indonesia (BI) said the domestic economy will continue its strong growth above 5% in the second quarter of 2020. Bank Indonesia (BI) Governor Perry Warjiyo said economic growth in the second quarter of 2024 will be supported by household consumption which strengthened along with the momentum of Eid al-Fitr. "We believe that in the second quarter of 2024 it will be higher than 5%, and it will also be supported by household consumption, especially related to public spending during Ramadan and Eid al-Fitr, which will support economic growth in the second quarter," he said at the Media Briefing on Recent Economic Developments, Wednesday (8/5/2024). The Central Bureau of Statistics noted that Indonesia's economic growth in the first quarter of 2024 grew by 5.11% on an annual basis (year-on-year / yoy), higher than the fourth quarter of 2024 of 5.04% yoy. The increased economic growth in the first quarter of 2024 was mainly supported by higher domestic demand, where household consumption grew by 4.91% yoy, along with the implementation of the 2024 General Election, national holidays, and collective leave.