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Indonesia's Economy Saw 4.95 Percent Growth Throughout Third Quarter Of 2024
Thursday, 07 Nov 2024
Indonesia's Central Statistics Agency (BPS) has announced that the country's economy grew by 4.95 percent year-on-year in the third quarter of 2024. While this marks a slowdown from the 5.05 percent growth seen in the second quarter of 2024, it's still a bit better than the same quarter last year.
Amalia Adininggar Widyasanti, the Acting Head of BPS, explained that this growth figure comes from 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 the third quarter of 2024 to the same period in 2023, we see a year-on-year increase of 4.95 percent," she said during a press conference at BPS Headquarters in Jakarta on Tuesday, November 5, 2024.
The growth rate for July to September 2024 has dipped from the previous quarter, but it still shows a slight improvement over last year's third quarter.
In the third quarter of 2023, the economy grew by 4.94 percent compared to the same time last year. Amalia pointed out that household spending played a big role in this growth, adding 2.55 percent to the overall economic increase for the third quarter of 2024.
On top of that, gross fixed capital formation (GFCF), which refers to investments, contributed 1.63 percent, while government spending added 0.32 percent. Looking at the numbers from one quarter to the next, the growth rate for the third quarter of 2024 was 1.50 percent.
This is a noticeable drop from the 3.79 percent growth seen in the second quarter of 2024. "The quarter-to-quarter growth fits the seasonal trends we've noticed in past years, where the third quarter typically shows less growth than the first," he mentioned.
