BPS: Indonesia's 2023 Economic Growth Grows 5.05 Percent

Acting Head (Plt.) Head of the Central Statistics Agency, Amalia Adininggar Widyasanti (Photo: Youtube Screenshot)

JAKARTA The Central Statistics Agency (BPS) noted that Indonesia's economic growth in the fourth quarter of 2023 was 5.04 percent on an annual basis (yoy) after slowing down in the third quarter of 2023 by 4.94 percent (yoy).

Acting Head (Plt.) Head of the Central Statistics Agency, Amalia Adininggar Widyasanti said that amid the slowdown in the global economy and the decline in leading commodity prices, Indonesia's economic growth in 2023 was 5.05 percent.

"Economic growth in 2023 reached 5.05 percent," he said at a press conference, Monday, February 5, 2024.

Amalia said global economic growth continued to grow but slowed down when compared to the previous year. Meanwhile, Indonesia's main trading partner countries such as China, the United States, and Japan and India improved in the fourth quarter of 2023.

However, there has been a decline in international commodity prices such as coal, palm oil, which is Indonesia's mainstay export commodity.

On the other hand, Indonesia's gross domestic product (GDP) at current prices (ADHB) is IDR 5,302.5 trillion and on a constant price basis (ADHK) is IDR 3,139.1 trillion.

Amalia said that the 2023 growth achievement was higher than the growth achievement in the December 2022 period which was 5.01 percent (yoy).

"With this achievement, the Indonesian economy seems to remain solid and resilient, with good growth," said Amalia.

Amalia said that the achievement of economic growth in 2023 was supported by a number of domestic economic indicators that were quite solid. For example, manufacturing activities from the Prompt Manufacturing Index of Bank Indonesia (PMI-BI) are in the expansion zone.

Then, the realization of domestic and foreign investment also grew by 16.20 percent (yoy), at the same time capital expenditures, both from the government and the community grew positively.