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Against a backdrop of global economic moderation, economic growth in Indonesia remains solid. The latest data published by BPS-Statistics Indonesia indicates 5.03% (yoy) national economic growth in the first quarter of 2023, up slightly from 5.01% (yoy) in the previous period. Moving forward, Bank Indonesia projects solid economic growth in 2023 with a bias towards the upper bound of the 4.5-5.3% range on the back of improving domestic demand and persistently strong export performance.
Solid economic growth in the reporting period was supported by all GDP components. Exports maintained high 11.68% (yoy) growth, underpinned by strong demand in key trading partner countries. Household consumption growth improved to 4.54% (yoy) in line with increasing mobility and purchasing power, coupled with lower inflation. Government consumption expanded 3.99% (yoy), primarily driven by procurement and personnel expenditures. Meanwhile, non-building investment growth also remained solid in line with export performance, though overall investment was sluggish at 2.11% (yoy) given subdued building investment growth.
Robust economic growth was also reflected by broad-based sectoral and spatial growth. All economic sectors recorded positive growth in the first quarter of 2023, primarily underpinned by the Manufacturing Industry, Wholesale and Retail Trade as well as Mining and Quarrying. Meanwhile, the Transportation and Storage sector, Accommodation and Food Service Activities as well as Other Services posted strong growth on greater public mobility and a surge of inbound international travellers. Spatially, economic growth in the first quarter of 2023 was maintained in nearly all regions of Indonesia, led by Kalimantan, followed by Sulawesi-Maluku-Papua (Sulampua), Java, Sumatra and Bali-Nusa Tenggara (Balinusra).
Jakarta, 5th May 2023
BI 7-Day Reverse Repo Rate Held at 5.75%: Synergy Stability and Reviving Growth
Net Liabilities of Indonesia’s International Investment Position Decreased In Q2/2023
External Debt in Indonesia Remains Manageable in July 2023
Official Reserve Assets August 2023 Remained High
Bi 7-Day Reverse Repo Rate (BI7DRR) Held at 5.75%: Synergy Maintaining Stability and Reviving Growth
Indonesia’s Balance of Payments Remained Solid Despite Global Uncertainty