Indonesia's 2023 Economic Growth Slows Compared To 2022

Rupiah illustration (photo: dock. Antara)

JAKARTA - The Central Statistics Agency (BPS) recorded Indonesia's economic growth throughout 2023 of 5.05 percent (yoy), or lower than in 2022 at 5.31 percent (yoy).

Acting (Plt.) Head of BPS Amalia Adininggar Widyasanti conveyed that the Indonesian economy in 2023, which was measured based on Gross Domestic Product (GDP) on the basis of applicable prices, reached IDR 20,892.4 trillion and GDP per capita reached IDR 75 million or 4,919.7 US dollars.

"Indonesia's economy in 2023 grew by 5.05 percent, lower than the achievement in 2022 which experienced growth of 5.31 percent," he explained at a press conference, Monday, February 5, 2024.

As for production, the highest growth occurred in the Transportation and Warehousing Business Field at 13.96 percent. Meanwhile, in terms of expenditure, the highest growth was achieved by the Expenditure of Consumption of Non-profit Institutions that Serve Households (PK-LNPRT) at 9.83 percent.

Selama tahun 2023 perekonomian Indonesia berdasarkan kelompok provinsi menurut pulau yang mencatat pertumbuhan tertinggi adalah Maluku dan Papua, Sulawesi, serta Kalimantan dengan pertumbuhan (ctc) sebesar 6,94 persen, 6,37 persen, dan 5,43 persen.

Meanwhile, the provincial group on the island of Java, which contributed 57.05 percent to the national economy, recorded a growth of 4.96 percent (ctc).

Economic growth throughout 2023 submitted by BPS is in line with estimates from the Ministry of Finance and Bank Indonesia (BI).

Previously, Minister of Finance Sri Mulyani Indrawati estimated that Indonesia's economic growth in 2023 was in the range of 5 percent (yoy).

"With these developments, it is estimated that economic growth in 2023 will still survive in the range of 5 percent," he said at the KSSK Press Conference at the Ministry of Finance Building, Tuesday, January 30, 2024.

Meanwhile, BI Governor Perry Warjiyo estimates that economic growth in 2023 will also be in the range of 5 percent (yoy).

"Indonesia is one of the best economic performance of the world, God willing, last year's growth was around 5 percent," he said at the launch of the 2023 Indonesian Economic Report, Wednesday, January 31, 2024.