Economic Growth In The First Quarter Of 2022 Reaches 5.01 Percent, Presidential Staff Reveals Various Contributing Government Strategies

Special Staff (Safsus) of the President for Economic Affairs, Arif Budimanta. (Photo: Doc. Antara)

JAKARTA - The rate of economic growth in the first quarter of 2022 which rose 5.01 percent is proof of the success of the government's strategy. As stated by the Special Staff (Safsus) of the President for Economic Affairs, Arif Budimanta.

"The various demand creating supply strategies currently being carried out by the government have contributed to maintaining current economic growth," said Arif, quoted by Antara, Monday 9 May.

According to Arif, the achievement of economic growth in the first quarter of 2022 is influenced by various government policies so far, such as maintaining price stability, expanding social protection programs in order to maintain and restore household consumption affected by the pandemic.

Then also the government's policy in distributing credit financing programs for MSMEs and encouraging the use of the Domestic Component Level (TKDN).

Therefore, he said, the momentum of national economic growth could be maintained in the first quarter of 2022 amidst the still enactment of the Policy for the Enforcement of Restrictions on Community Activities (PPKM).

"The government continues to try to restore the national economy, especially public consumption, which so far has the largest contribution to the national economy," he said.

The Central Statistics Agency (BPS) on Monday announced that the Indonesian economy in the first quarter of 2022 grew 5.01 percent compared to the same period last year (yoy) due to the recovery in community economic activity.

According to BPS, Indonesia's economic growth, based on annual expenditure (yoy) was supported by exports 16.22 percent, household consumption 4.34 percent, investment 4.09 percent. Meanwhile, government spending grew negative 7.74 percent.

The value of GDP at current prices in the first quarter of 2022 reached Rp. 4,513 trillion and the value of GDP at constant prices was Rp. 2,819 trillion.

On an annual basis, the Indonesian economy increased 5.01 percent (yoy), but when compared to the previous quarter in the fourth quarter of 2021, the Indonesian economy decreased by 0.96 percent (quarter to quarter/qtq).