economy

BPS: Indonesia Saw 4.95% Economic Growth Of 4.95 In The Third Quarter Of 2024

Indonesia's economic growth for the third quarter of 2024 has been reported by the Central Statistics Agency (BPS) to be 4.95 percent year-on-year. While this marks a slowdown compared to the 5.05 percent growth seen in the second quarter of 2024, it is a slight improvement over the third quarter of 2023.

Amalia Adininggar Widyasanti, the Acting Head of BPS, explained that this growth figure is based on a gross domestic product (GDP) of IDR 5,638.9 trillion at current prices and IDR 3,279.6 trillion at constant prices.

"Therefore, when we compare Indonesia's economic growth in the third quarter to the same period last year, we see a year-on-year increase of 4.95 percent," she noted during a press conference held at the BPS Headquarters in Jakarta on Tuesday, November 5, 2024.

The growth rate for the July to September 2024 period has indeed slowed from the previous quarter, but it still shows a slight increase compared to the same quarter last year.

In the third quarter of 2023, the economy experienced a year-on-year growth of 4.94 percent. Amalia pointed out that household consumption played a vital role in this growth, contributing 2.55 percent in the third quarter of 2024.

Additionally, gross fixed capital formation (GFCF), or investment, added 1.63 percent to the economic growth, while government consumption made up 0.32 percent. When looking at the growth from one quarter to the next, the rate for the third quarter of 2024 was 1.50 percent.

This is a notable decrease from the 3.79 percent growth recorded in the second quarter of 2024. "The quarter-to-quarter economic growth reflects the seasonal trends we've seen in past years, where the growth in the third quarter tends to be lower than that of the first quarter," he mentioned.?

Tag: Amalia Adininggar Widyasanti BPS Central Statistics Agency Economic Growth