Household Consumption Dominates The Establishment Of GDP Quarter II-2023

Illustration (Photo: Doc. Ministry of Finance)

JAKARTA The Central Statistics Agency (BPS) said that based on the expenditure component (demand), household consumption was still the main driver of the formation of gross domestic product (GDP) in the second quarter of 2023 which grew by 5.17 percent year on year (yoy).

Deputy for Balance and Statistics Analysis of BPS Moh. Edy Mahmud revealed that household consumption played a role of 53.3 percent.

Followed by the Gross Fixed Capital Formation (PMTB) of 27.9 percent, exports of 20.2 percent, government consumption of 7.5 percent, Non Profit Institutions that serve households (LNPRT) 1.2 percent. Meanwhile, imports contracted 18.5 percent in the second quarter.

"The final consumption of domestic (households, government, and LNPRT) grew positively. Household consumption is still the main contributor to GDP," he told the media crew, Monday, August 7.

Edy explained, household consumption grew 5.23 percent yoy supported by Eid al-Fitr and Eid al-Fitr which fell in the second quarter. In addition, the existence of THR and also the 13 millionth salary also helped increase household consumption.

"The buyout is also reflected in high mobility during Religious Holidays and school holidays," he said.

Furthermore, PMTB is mainly supported by road construction, irrigation and networks carried out by the government.

"For exports that have contracted, among others, are due to decreased mineral fuels, animal / vegetable oils, as well as iron / coal and nickel," he said.

Meanwhile, the export category that experienced an increase came from foreign exchange which came from the arrival of foreign tourists.

For information, Indonesia's economy in the second quarter of 2023 grew better than the first quarter of 2023 which was 5.04 percent but lower than the fourth quarter of 2022, which at that time was 5.46 percent.