BPS Reveals Household Consumption Slows Down In The Third Quarter Of 2024

Public consumption (Photo: Antara)

JAKARTA - The Central Statistics Agency (BPS) recorded a household consumption rate in the third quarter of 2024 of 4.91 percent year on year (yoy) or lower than Indonesia's economic growth in the third quarter of 2023 which was 4.95 percent.

Plt. Head of BPS Amalia Adininggar Widyasanti explained that all expenditure components in gross domestic product (GDP) recorded positive growth in the third quarter of 2024.

"The expenditure component that contributes the largest to GDP is household consumption with a contribution of 53.08 percent," Amalia said at a press conference, Tuesday, November 5.

However, household consumption growth slowed down when compared to the third quarter of 2023 which grew 5.05 percent and in the third quarter of 2022 it even reached 5.40 percent.

Amalia explained that household consumption growth was driven by increased consumption for restaurants and hotels, which was reflected in the increase in the occupancy rate of hotel rooms and domestic tourist trips.

Then, the transportation and communication sector also grew high, as reflected in the increase in sales of motorcycles as well as passengers of rail, sea, and air transportation.

In addition, the Central Statistics Agency (BPS) reported economic growth in the third quarter of 2024 of 4.95 percent year on year (yoy) or slowed down when compared to the second quarter of 2024 of 5.05 percent and slightly higher than the third quarter of 2023 of 4.94 percent.

Amalia explained that Indonesia's gross domestic product or GDP at 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.

"Indonesia's economy grew 5.03 percent during the period January to September 2024," he said.