Indonesian Economy Grows 5.17 Percent in Q2 2023

Indonesia’s economy grew by 5.17 percent year-on-year (yoy) in the second quarter of 2023, based on data from the Central Statistics Agency (BPS).

IDXChannel - Indonesia’s economy grew by 5.17 percent year-on-year (yoy) in the second quarter of 2023, based on data from the Central Statistics Agency (BPS). 

Indonesia’s economy based on Gross Domestic Product (GDP) at current prices in the second quarter of 2023 reached Rp5,226.7 trillion and at constant prices (2010) stood at Rp3,075.7 trillion.

According to BPS Deputy for Balance Sheet and Statistical Analysis Moh Edy Mahmud, household consumption was the main contributor to the country's growth in the third quarter of 2023 at 2.77%

"It was followed by gross fixed capital formation (PTMB) at 1.39% and government consumption at 0.73%," said the BPS official in a media release on Monday (7/8/2023).

"Household consumption continues to grow positively, driven by religious events such as Ramadan, Eid al-Fitr, Eid al-Adha," he added.

Compared to the previous quarter, Indonesian economy in the second quarter of 2023 grew by 3.86 percent. Furthermore, Indonesia’s economy grew by 5.11% in the first semester of 2023, compared to the same period last year. 

Spatially, the Indonesian economy in the second quarter of 2023 shows strengthening in several regions. The group of provinces on Java Island was the main contributor to the national economy with a share of 57.27 percent and recorded a growth rate of 5.18 percent (yoy). (WHY)