Indonesia’s Economy in Q3-2024 Grows Slowly at 4.95 Percent

Economic Growth (Unsplash)

JAKARTA - The Central Statistics Agency (BPS) reported that economic growth in the third quarter of 2024 was 4.95 percent year on year (yoy).

"Indonesia's economic growth in the third quarter of 2024 when compared to the third quarter of 2023 or year on year grew by 4.95 percent," said Acting Head of the Central Statistics Agency (BPS) Amalia Adininggar Widyasanti in a press conference, Tuesday, November 5.

For information, economic growth in the third quarter of 2024 was 4.95 percent lower when compared to economic growth in the first and second quarters of 5.11 percent and 5.05 percent (yoy) respectively.

Amalia said that when compared to the second quarter of 2024 on a quarter to quarter (QtQ) basis, it grew by 1.50 percent.

Amalia said that the Indonesian economy grew by 5.03 percent throughout the period from January to September 2024 (ctc).

According to Amalia, this economic growth is in line with the seasonal pattern as in previous years, namely quarter-to-quarter growth in the third quarter was lower than in the second quarter.

However, when compared to the previous year, Amalia said that Indonesia's economic growth in the third quarter of 2024 grew 4.95 percent higher when compared to economic growth in the same quarter in the previous year.

"This growth is slightly higher when compared to the third quarter of 2023 which grew by 4.94 percent. Once again, cumulatively the Indonesian economy grew by 5.03 percent," she said.

Amalia explained that Indonesia's gross domestic product or GDP based on current prices in the third quarter of 2024 reached IDR 5,638.9 trillion. Also, GDP based on constant prices reached IDR 3,279.6 trillion.