Good News For All Of Us! The Economy Is Growing 5.44 Percent In The Second Quarter Of 2022

JAKARTA - The Central Statistics Agency (BPS) reported that the rate of economic growth in Indonesia in the second quarter of 2022 on an annual basis (year on year / yoy) was 5.44 percent.

Head of BPS Margo Yuwono said that when compared to the first quarter of 2022 (quartal to quarter/qtq), the economic growth rate was 3.72 percent.

“On a quarterly basis, the growth in the second quarter is definitely higher than the first quarter due to seasonal factors (Eid al-Fitr). Meanwhile, yoy, economic growth has steadily increased from the previous period," he said during a virtual press conference on Friday, August 5.

According to Margo, all business fields recorded growth except for the government administration and education services sectors which experienced contractions.

Meanwhile, the business fields with the highest growth were transportation and warehousing as well as accommodation and food and beverages driven by the easing of travel requirements and the momentum of Eid.

"All leading sectors, namely industry, mining, agriculture, trade, and construction continue the trend of recovery and grow moderately," he said.

Margo added that the source of Indonesia's economic growth in the second quarter of 2022 according to the source of expenditure was still dominated by household consumption. Followed by the achievement of net exports, Gross Fixed Capital Formation (PMTB) which represents investment, and others.

"Based on the location of the region, the economy is still centered on the island of Java with a contribution of 56.5 percent nationally. Then, Sumatra supports 22 percent, Kalimantan 9 percent, Sulawesi 7.1 percent, Bali and Nusa Tenggara 2.7 percent, and Maluku and Papua as much as 2.5 percent," he explained.

For information, the achievement of economic growth of 5.44 percent yoy in the second quarter of this year continued the positive record in the first quarter which grew by 5.01 percent.