BPS Indonesia Economic Growth Reached 4 95 Percent In 3rd Quarter 2024

Friday, 08 Nov 2024

By ferry@insightinnews.com The Central Statistics Agency (BPS) has unveiled that Indonesia's economic growth for the third quarter of 2024 has reached an impressive 4.95 percent year-on-year. While this figure reflects a deceleration compared to the second quarter of 2024, it nonetheless surpasses the growth recorded in the same quarter of the previous year. Amalia Adininggar Widyasanti, the Acting Head of BPS, elaborated that this growth is calculated from a gross domestic product (GDP) at current prices amounting to IDR 5,638.9 trillion, with constant prices reflecting a total of IDR 3,279.6 trillion. "Consequently, when juxtaposed with the third quarter of 2023, Indonesia's economic growth demonstrates a year-on-year increase of 4.95 percent," she articulated during a press conference held at the BPS Headquarters in Jakarta on Tuesday, November 5, 2024. The growth rate for the period spanning July to September 2024 has indeed moderated from the preceding quarter, where the second quarter of 2024 recorded a growth rate of 5.05 percent year-on-year. However, it is noteworthy that the economic performance in the third quarter of 2024 is slightly elevated compared to the same timeframe last year. In the third quarter of 2023, the economic growth was noted at 4.94 percent year-on-year. Amalia further disclosed that household consumption remains a pivotal driver of Indonesia's economic growth, contributing 2.55 percent to the overall growth in the third quarter of 2024. In addition, gross fixed capital formation (GFCF) or investment played a pivotal role in driving economic growth, contributing 1.63 percent, while government consumption added a modest 0.32 percent. A closer examination of the quarterly data reveals that the economic growth rate for the third quarter of 2024 stood at 1.50 percent. This figure represents a notable decline from the robust 3.79 percent growth recorded in the preceding quarter. "The quarter-to-quarter economic growth reflects the seasonal trends observed in prior years, where the third quarter typically experiences a dip compared to the first quarter," he remarked.

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