JAKARTA - The Central Statistics Agency (BPS) reported Indonesia's economic growth of 5.11 percent on an annual basis or year on year (yoy) in the first quarter of 2024.
In the first quarter of 2024, the amount of Gross Domestic Product (GDP) on the basis of Valid Prices (ADHB) was recorded at IDR 5,288.3 trillion, while GDP on a Constant Price Basis (ADHK) reached IDR 3,112.9 trillion.
"Aided by domestic economic activity that remains strong, Indonesia's economy grew solid by 5.11 percent in the first quarter of 2024 yoy," said Acting Head of BPS Amalia Adininggar Widyasanti in a BPS data release, Monday, May 6.
BPS noted that the main contributors to economic growth in the first quarter of 2024 in terms of production are the manufacturing, construction, mining and quarrying and trade industries.
"This is in line with the increase in production activities that remain strong to meet domestic and foreign demand," he said.
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Meanwhile, said Amalia, in terms of expenditure, the main contributor to economic growth in the first quarter of 2024 is household consumption and gross fixed capital (PMTB) formation.
"Nevertheless, the highest growth occurred in LNPRT consumption driven by general election activities (elections).
For your information, Indonesia's economy grew 5.04 (yoy) and 0.45 percent (qtq) in the fourth quarter of 2023. In the first quarter of 2023, the Indonesian economy also grew 5.04 percent (yoy).
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