Economic Growth In The Fourth Quarter Of 2022 Is Decelerating Even Though It Is Still Above 5 Percent, Why?

Illustration (Photo: Doc. Antara)

JAKARTA The Central Statistics Agency (BPS) stated that Indonesia's economic growth in the fourth quarter of 2022 was recorded at 5.01 percent year on year (yoy).

Head of BPS Margo Yuwono said this figure was lower than the third quarter of 2022 which reached 5.73 percent.

According to him, quarterly economic growth does have its own pattern, which is the fourth period lower than the third period.

"In terms of production, in the fourth quarter of the transportation and warehousing business sector experienced the highest growth of 16.99 percent. Meanwhile, in terms of expenditure, the export component of goods and services experienced the highest growth of 14.93 percent," he said on Monday, February 6.

Although in general it is lower, in the fourth quarter there is growth in terms of production, namely the government administration business field.

Household consumption became the highest source of growth at the end of last year with a contribution of 2.38 percent. Followed by net exports of 2.17 percent, and gross fixed capital formation (PMTB) of 1.09 percent," he said.

Meanwhile, for the third quarter of 2022, many are supported by the field of health services and social activities (providing social assistance). Then, in terms of production, it is supported by the transportation and warehousing business fields experiencing the highest growth.

As for the full year, the Indonesian economy throughout 2022 is known to grow 5.31 percent or higher than the realization in 2021 which is only 3.70 percent.

The incision also succeeded in meeting the government's target of targeting 5.2 percent to 5.3 percent.