West Java's Economy Quarter III-2024 Grows 4.91 Percent, Unemployment Drops 0.65 Percent

West Java's economy and unemployment in the third quarter of 2024 (doc. West Java Provincial Government).

JAKARTA - The West Java economy based on the amount of Gross Regional Domestic Product (GDP) at current prices in the third quarter of 2024 reached IDR 708.47 trillion and at the basis of constant prices in 2010 it reached IDR 439.08 trillion.

West Java's economy in the third quarter of 2024 against the third quarter of 2023 grew by 4.91 percent year on year (YoY), or against the previous quarter experienced growth of 0.49 percent quarter to quarter (qtoq).

Head of BPS Jawa Barar, Darwis Sitorus, in his press statement said the source of the growth rate (Source of Growth / SOG) in terms of the business field with the largest contribution was the manufacturing business field of 2.18 percent.

As for the expenditure side, the biggest positive contribution to growth is the export component of goods and services of 7.27 percent.

Meanwhile, reported by the West Java Provincial Government website, West Java BPS also stated that the number of workforces in August 2024 was 26.19 million people, an increase of 0.79 million people compared to August 2023.

The Labor Force Participation Rate (TPAK) increased by 1.22 percentage points from 66.49 percent to 67.71 percent.

The number of people working was 24.42 million people, an increase of 0.91 million people from August 2023.

All business fields have experienced an increase in employment absorption. The business field that experienced the largest increase was other service business fields (0.15 million people).

A total of 11.14 million people (45.61 percent) work in formal activities, an increase of 0.60 million people compared to August 2023.

The percentage of half unemployment increased by 1.40 percentage points, from 6.32 percent in August 2023 to 7.73 percent in August 2024.

On the other hand, full workers decreased by 1.58 percentage points compared to August 2023.

The Open Unemployment Rate (TPT) in August 2024 was 6.75 percent, down by 0.69 percentage points compared to August 2023 which was 7.44 percent.

When viewed by residential areas, TPT in urban areas (6.98 percent) is higher than TPT in rural areas (5.84 percent).

TPT in urban areas experienced a decline of 0.94 percentage points compared to August 2023, while those in rural areas experienced an increase of 0.19 percentage points.

When viewed based on the highest education assigned, TPT in August 2024 has a pattern almost the same as in August 2023.

In August 2024, TPT from the graduates of Vocational High School (SMK) was still the highest compared to the other graduates in education, which was 12.74 percent.

Meanwhile, the lowest TPT is elementary and lower education, which is 2.89 percent.

Compared to August 2023, almost all levels of education experienced a decline in TPT, except at the higher education level (Diploma I / II / III and Universitas) which experienced an increase of 0.97 percentage points and 0.76 percentage points, respectively.

The largest decrease in TPT occurred at the High School (SMA) education level, which was 1.42 percent.

In August 2024, the distribution of unemployment according to the highest education set showed a slightly different pattern from the previous two years, which was marked by a significant increase in unemployment for the first high school graduates (SMP).

Over the past three years, the distribution of unemployment according to the highest education set is still dominated by high school graduates, which is 30.93 percent.

Meanwhile, unemployment for the end of Diploma I / II / III and Universities was 1.97 percent and 7.37 percent, respectively.