Panen Season, BI Calls Business Activities To Increase In The First Quarter Of 2024

Bank Indonesia (Photo: Antara)

JAKARTA - The results of the Business Activity Survey (SKDU) of Bank Indonesia (BI) indicate that the performance of business activities increased in the first quarter of 2024. "This is reflected in the value of the Weighted Net Balance (SBT) of 14.11 percent, higher than the SBT in the fourth quarter of 2023 of 13.17 percent," said Head of the BI Communication Department Erwin Haryono quoting Antara. Erwin said the performance of all business fields (LU) was recorded positively with the increase mainly occurring in LU agriculture, forestry, and fisheries.

"This development is in line with the start of harvest and seasonal factors in food crops, horticulture, plantations, and livestock," he said.

The performance of LU in the processing industry and large trade LU in retail and motorcycle repair was recorded to grow positively as public demand increased during the 2024 General Election (Pemilu) and Ramadan. The production capacity used in the first quarter of 2024 was recorded at 73.61 percent, although it was stronger than the previous quarter, which was 73.91 percent. This is mainly supported by LU agriculture, forestry, and fisheries as well as LU in the processing industry.

The use of labor is indicated to remain strong and in an expansion phase. Meanwhile, the financial condition of the business world in general also remains in good condition, especially in terms of liquidity and relensability, although not as high as in the previous quarter, with easier credit access.

In the second quarter of 2024, respondents estimated that business activities would continue to increase with SBT of 18.94 percent.

All LUs are predicted to grow positively, especially in LU agriculture, forestry, and fisheries as the harvest season shifts from quarter I to quarter II, especially in food crop commodities in a number of areas, especially national food barn areas, as well as horticultural and plantation plants.

In addition, the LU for the processing industry, large retail trade LU and repair of motorized cars, transportation and warehousing lu, as well as LU for providing accommodation and food and drink are also predicted to grow positively along with increasing demand during the Idul Fitri National Religious Holiday (HBKN) and a number of marketing and promotion strategies carried out by respondents.