No. 26/244/DKom
Solid national economic growth has been maintained in Indonesia despite increasing global financial market uncertainty. Data published by BPS-Statistics Indonesia indicate economic growth in the third quarter of 2024 recorded at 4.95% (yoy) after expanding 5.05% (yoy) in the previous period. Moving forward, economic growth in 2024 is projected in the 4.7-5.5% (yoy) range, underpinned by domestic demand.
Economic growth in the third quarter of 2024 was supported by sustained domestic economic activity. Household consumption remained solid, growing 4.91% (yoy) in line with maintained purchasing power and increasing community mobility. Overall, investment growth accelerated to 5.15% (yoy) on the back of ongoing development projects in the new Nusantara Capital City (IKN) as well as other construction activity. Government consumption increased, growing 4.62% (yoy) in line with higher government spending, while consumption by non-profit institutions serving households (NPISH) recorded high 11.69% (yoy) growth in response to increasing activity ahead of the local elections and National Sports Week (PON) XXI. Furthermore, export growth accelerated to 9.09% (yoy) given positive demand growth among Indonesia's major trading partners, coupled with higher prices for several of Indonesia's main export commodities. Service exports also increased due to an influx of inbound international travellers.
Solid national economic growth was also reflected across all economic sectors and regions. All economic sectors in the third quarter of 2024 demonstrated positive performance. As the main contributor to growth, the manufacturing industry performed well in response to maintained domestic and global demand. Accommodation and food service activities as well as transportation and storage also recorded positive growth in line with increasing mobility driven by the hosting of several national and international events. Spatially, economic growth in the third quarter of 2024 remained positive annually in all regions of the Indonesian archipelago, led by Sulawesi-Maluku-Papua (Sulampua), followed by Bali-Nusa Tenggara (Balinusra), Kalimantan, Java and Sumatra.
Jakarta, 5th November 2024
Communication Department
Ramdan Denny Prakoso
Executive Director
