BI Predicts NTT 2024 Economic Prospects To Grow 4.48 Percent

Illustration (Photo: Doc Antara)

JAKARTA - The Bank Indonesia Representative Office for the East Nusa Tenggara Region (NTT) predicts that the economic prospects for NTT in 2024 are estimated to grow by 3.68 to 4.48 percent year on year (yoy).

"This percentage is higher than the realization of NTT's economic growth in 2023 which is at 4.14 percent year on year (yoy)," said Head of BI NTT Representative Agus Sistyo Widjajati as reported by ANTARA, Tuesday, July 30.

In terms of expenditure, Agus said, the strengthening of NTT's economic performance was supported by increased consumption, especially in government consumption in the implementation of Democracy Party activities throughout 2024.

In line with this, the contents of the growth business field (LU) are estimated to be supported by government administration and large and retail trade.

Nevertheless, higher growth could be restrained by the impact of El Nino in the previous year which caused the shifting of the planting season and reduced the production of food crops in NTT Province.

On the other hand, the threat of the African Swine Fever (ASF) virus outbreak, which infected pigs, is a higher growth-resistant factor.

Meanwhile, NTT inflation in 2024 is estimated to be in the target range of 2.5 plus minus yoy.

He said, based on his disaggregation, the pressure of inflation is expected to occur in all components of inflation, namely volatile, food, administrative prices, and core.

Easing the intensity of El Nino is predicted to reduce the pace of volatile food inflation with production results increasing again after the start of the rainy season in early 2024.