Economy Grows 5.17 Percent, Coordinating Minister Airlangga: Alhamdulillah Solid!

Coordinating Minister for the Economy Airlangga Hartarto (Photo: Capture the Youtube screen of the Coordinating Ministry for the Economy)

Coordinating Minister for the Economy Airlangga Hartarto gave an official statement shortly after the Central Statistics Agency (BPS) released the economic growth rate in the second quarter of 2023 which was 5.17 percent year on year (yoy).

According to Airlangga, Indonesia's achievements are quite important. The reason is, growth of 5.17 percent is relatively good amidst the current global slowdown trend.

"Alhamdulillah, based on the release of BPS this morning, it was stated that economic growth in the second quarter of 2023 grew positively at 5.17 percent year on year (yoy), or quarterly to quarteral (qtq) at 3.86 percent," he told reporters in Jakarta, Monday, August 7.

Airlangga explained that this good result continued the record economic growth was always above 5 percent in seven consecutive quarters or since the fourth quarter of 2021.

"For this achievement, Indonesia managed to return to being an upper middle income country in June 2023 with a (per capita income) figure of 4,580 US dollars. We hope that by the end of 2024 it can reach 5,500 US dollars," he said.

Airlangga added, compared to other countries, Indonesia's growth is considered very strong with a controlled inflation rate of around 3 percent.

Our growth is solid, and is only below China which is 6.3 percent or Uzbekistan 5.6 percent. Several other countries such as Vietnam, the United States, Singapore, and Germany are still experiencing contractions," he said.

Airlangga also said that household consumption still dominates the formation of Gross Domestic Product (GDP) by making a growth of 5.32 percent yoy supported by Eid holidays and schools.

"Spatially, GDP is still dominated on the island of Java with 57.2 percent of the national level," he said.