JAKARTA - Bank Indonesia (BI) considers Indonesia's economic growth to remain strong amid the slowdown in the global economy.
Based on data from the Central Statistics Agency (BPS), the economic growth in the fourth quarter of 2023 grew by 5.04 percent (yoy), an increase compared to growth in the previous quarter of 4.94 percent (yoy). With this development, Indonesia's overall economic growth in 2023 was recorded to grow strongly by 5.05 percent (yoy).
Assistant Governor of the Communications Department Erwin Haryono said that in 2024, economic growth is predicted to increase in the range of 4.7 percent-5.5 percent.
"It is supported by domestic demand, especially the continued growth in consumption, including the positive impact of holding elections, as well as increasing investment, especially buildings in line with the continued development of the National Strategic Project (PSN) including the Capital City of the Archipelago (IKN)," he explained in his official statement, Tuesday, February 6.
Sementara itu, Erwin melihat kinerja ekspor diprakirakan belum kuat sebagai dampak ekonomi global yang belum kuat dan harga komoditas yang menurun.
In addition, Bank Indonesia will continue to strengthen the synergy of the Government's fiscal stimulus with a macroprudential stimulus of Bank Indonesia to encourage economic growth, especially in terms of domestic demand.
Erwin said that the increasing economic growth in the fourth quarter of 2023 was supported by almost all components of GDP. Household consumption grew by 4.47 percent (yoy) in line with the increase in mobility, especially on Christmas and New Year's National Religious Holidays (HBKN), stable people's purchasing power, and increased consumer confidence.
Consumption of Non-profit Institutions that Serve Households (LNPRT) grew high by 18.11 percent (yoy) driven by increased election preparation activity. Government consumption increased by growing by 2.81 percent (yoy) driven by personnel spending and spending.
Meanwhile, investment grew by 5.02 percent (yoy) mainly supported by building investments as infrastructure development continued and increased investment activities.
Furthermore, exports grew by 1.64 percent (yoy) supported by demand from key trading partners who continued to grow positively amid the decline in the price of leading export commodities, as well as improving service exports in line with the increase in the number of foreign tourists.
Erwin said that increasing economic growth was also reflected in the side of the Business and Spatial Fields. In terms of Business Fields (LU), all LU in the fourth quarter of 2023 showed positive performance with high growth recorded in sectors related to mobility, especially Transportation and Warehousing, Provision of Accommodation and Drinking, as well as Large and Ecoherent Trade.
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"TheLU of the Processing Industry as the main contributor to growth also grew well along with the strong domestic and global demand," he said.
Sementara itu, Erwin melihat secara spatial, pertumbuhan ekonomi triwulan IV 2023 di sebagian besar wilayah Indonesia lebih tinggi dibandingkan dengan pertumbuhan triwulan sebelumnya.
"Economic growth in the fourth quarter of 2023 was recorded in the Sulawesi-Maluku-Papua (Sulampua) region, followed by Kalimantan, Java, Bali-Nusa Tenggara (Balinusra), and Sumatra," he concluded.
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