Breaking News! Indonesia's Economic Growth Of 5.01 Percent In The First Quarter Of 2022

Illustration (Photo: Doc. Ministry of Finance)

JAKARTA – The Central Statistics Agency (BPS) reported that Indonesia's economic growth at the beginning of this year made very encouraging results.

Head of BPS Margo Yuwono said the growth rate in the first quarter of 2022 was recorded at 5.01 percent on an annual basis or year on year (yoy) when compared to the same period in 2021.

"The high economic growth rate in this first quarter, apart from the recovery in community economic activity, also occurred due to the low-based effect in the first quarter of 2021 where we know that the Indonesian economy in the first quarter of last year experienced a contraction of 0.70 percent," he said when giving an explanation to the crew. media via virtual channels, Monday, 9 May.

According to Margo, 65.74 percent of the production of gross domestic product (GDP) comes from the industrial, trade, agriculture, mining, and construction sectors.

"This processing industry has a 19.19 percent share and is a lever with the main textile and apparel sub-sectors, as well as the food and beverage industry," he said.

However, economic growth in the first quarter was lower than the fourth quarter of 2021 (quarter to quarter/qtq).

"In terms of qtq, Indonesia's economic growth at the beginning of this year was lower than the fourth quarter of 2021 with a contraction of 0.96 percent," he said.