Ramadan Brings Blessings! Consumer Optimism Soars Throughout April 2023

Illustration (Photo: Doc. Ministry of Finance)

JAKARTA Bank Indonesia (BI) reported that consumer perceptions of the economy increased during April 2023 ago. This was revealed by BI based on the results of the latest Bank Indonesia Consumer Survey.

Head of the BI Communication Department Erwin Haryono said, during the period that coincided with Ramadan, the Consumer Confidence Index (IKK) was recorded at 126.1.

"This figure is higher than before, which was 123.3 in March 2023," he said in a written statement on Tuesday, May 9.

According to Erwin, the strengthening of consumer confidence in April 2023 was driven by the Current Economic Condition Index (IKE) and the Rising Consumer Expectation Index (IEK).

"IKE is recorded to increase in all components of its formation, especially in the current job availability and income index. IEK is also recorded to increase, especially in the job availability expectation index," he said.

Separately, the Central Statistics Agency (BPS) confirmed that Indonesia's economic growth rate managed to penetrate the level of 3.05 percent year on year (yoy) in the first quarter of 2023.

BPS Deputy for Balance and Statistics Analysis, Edy Mahmud, explained that this positive score was supported by consumption that soared during Ramadan.

"House consumption is the largest contributor to the formation of gross domestic product (GDP) in the first quarter," he said.