BI Calls NTT Economy Quarter IV 2023 Growing 4.14 Percent

The Office of Bank Indonesia Representative for the East Nusa Tenggara Region reported that the island-based province's economy grew by 4.14 percent year on year (yoy) in the fourth quarter of 2023.

"This percentage increased compared to the previous quarter which grew by 2.08 percent yoy," said Head of BI NTT Representative Agus Sistyo Widjajati as quoted by ANTARA, Sunday, February 18.

The statement he made was based on the release of the NTT Province PDRB submitted by the NTT Central Statistics Agency.

He explained that NTT's economic growth was recorded in all business fields.

Meanwhile, growth spending was driven by increased government consumption, investment, and exports.

spatially added that he in the Bali region in the Southeast Nusa Tenggara economy of NTT contributed 22.72 percent of the total economy of Bali and Nusa Tenggara.

"The increase in NTT's economic growth is in line with national economic growth," he said.

Agus said several business fields that provided impetus for NTT's economic growth in the fourth quarter of 2023 were constructions of 14.73 percent yoy, followed by accommodation and food and drink providers of 14.57 percent yoy.

In addition, there is also trade at 3.91 percent yoy, government administration at 3.29 percent, and the agricultural sector at 1.49 percent yoy.

He said, the growth of the construction business field was driven by the continuation of the National Strategic Project (PSN) in the form of dams and construction of regional road infrastructure (IJD) through the Inpres Fund.

Then also the implementation of several activities in the NTT region is a factor driving the growth of the business field for providing accommodation and eating and drinking.

On the other hand, the growth of business fields in the trade sector was driven by an increase in trade credit. However, this growth was recorded to be slowing along with the decline in sales of motorized vehicles.

The increase in the realization of APBD spending reached 86.5 percent and the APBN reached 94.7 percent being the driving factor for the growth of the government administration sector's business fields.

"Meanwhile, the growth of the agricultural sector's business field is driven by an increase in fisheries catches," he said.