BI: Bali's Economic Growth In Increasing Trends

Nusa Dua, Bali/UNSPLASH/Dishu Morariu

DENPASAR - The Bali Province Bank Indonesia Representative Office (KPw BI) predicts that Bali's economic growth in the third quarter of 2023 will still be in an increasing trend supported by various business fields that continue to strengthen.

"Bali's main factors continue to be strong, including the peak period of tourist visits to Bali in the third quarter of each year which will strengthen the Akmamin business field (commodation and food and drink)," said Head of KPw BI Bali Province R Erwin Soeriadimadja, in Denpasar, Saturday.

The Central Statistics Agency (BPS) of Bali Province noted that foreign tourist visits to Bali in the first semester of 2023 reached 2.3 million foreign tourists, an increase of up to 534.02 percent when compared to the same period in 2022, where the number of visits was only 371,323 foreign tourists.

The countries that contributed the largest foreign tourists to Bali were Australia with a total visit of 591,437 foreign tourists, then India 214,163 foreign tourists, the United States 119,971, England 118,144 foreign tourists, Singapore 112,382, and China 104,621.

Furthermore, Malaysia 98,371, South Korea 94,180, Germany 85,670 foreign tourists, Russia 81,784 foreign tourists and other countries a total of 734,720 people.

Erwin added that in the second quarter, the transportation business field increased along with the increase in frequency and addition of direct flights.

Furthermore, agricultural business fields are also in a strong trend in line with the operation of the Tamblang Dam in Buleleng and the estimated increase in fishing products.

"The higher growth forecast remains at risk if El Nino has a deep impact. Therefore, Bank Indonesia together with the central government and local governments continue to strive to encourage various policies to accelerate Bali's economic recovery," he said.

Among them are the tourism sector, agricultural business fields, as well as infrastructure and economic transformation programs towards a strong, green, and prosperous Bali.

Previously, the Central Statistics Agency (BPS) also described the Bali economy in the second quarter of 2023 as strong as 5.60 percent (yoy), which is higher than the national economy which grew 5.17 percent (yoy).

Construction Business Fields (LU) remain strong in line with the results of the Business Activity Survey (SKDU) of Bank Indonesia in the second quarter of 2023, where the perception index of business actors still grew by 8.88 percent, higher than the previous quarter which only reached 4.44 percent.

However, Bali's growth in the second quarter of 2023 slowed compared to the previous quarter which reached 6.09 percent (yoy) driven by LU for the provision of Accommodation and Drinking Food (Akmamine), LU for Transportation, LU for Trade, and LU for Agriculture.

Bali Province is ranked sixth compared to other provinces so that it is included in a high level of growth.