BI Survey Reveals Consumer Optimism Continues To Decrease, Is The Economy Still Strong?

Illustration (Photo: Doc. Ministry of Finance)

JAKARTA The results of the Bank Indonesia (BI) survey in July 2023 found that the Consumer Confidence Index (IKK) was at the level of 123.5. Head of the BI Communications Department Erwin Haryono said that this figure was included in the optimistic zone because it exceeded level 100.

"Bank Indonesia's Consumer Survey indicates consumer confidence in economic conditions remains strong," he said in a press release today, Tuesday, August 8.

Erwin claims to remain strong consumer confidence in July 2023 driven by the Current Economic Condition Index (IKE) and the Consumer Expectation Index (IEK) which remain optimistic.

"IKE is maintained, among other things, supported by optimism in the current income index which remains strong and the increasing purchasing index of durable goods," he said.

Meanwhile, continued Erwin, IEK remains strong, especially in the Income Expectation Index.

VOI noted that the IKK level continued to decline for two consecutive months. It is known that the Consumer Confidence Index in June 2023 was at the level of 127.1. Then in May 2023 it was 128.3.

On the other hand, Indonesia's economic growth showed an increase by perching at 5.17 percent year on year (yoy) in the second quarter of 2023. The book was better than the previous quarter of 5.03 percent.

This score also extends the record for economic growth above 5 percent in seven consecutive quarters since the end of 2021.