Indonesia's Economic Growth Slows to 5.05% in 2023

The Central Statistics Agency (BPS) reported that Indonesia's economic growth reached 5.05% cumulatively (cumulative-to-cumulative/ctc) throughout 2023.

This growth percentage is 0.26 percentage points lower than the 2022 achievement of 5.31% (ctc).

Meanwhile, economic growth based on yearly calculations grew by 5.04% (year-on-year/yoy) in the fourth quarter of 2023. This achievement increased slightly by 0.08 percentage points from the previous 4.96% in the fourth quarter of 2022.

The economy in the fourth quarter of 2023 also grew by 0.45% quarter-to-quarter (qtq) from the third quarter of 2023. This figure is down 1.15 percentage points from the growth of the third quarter compared to the second quarter, which was 1.60%.

Amalia Widyasanti, Acting Head of BPS, stated that the pattern occurring quarter-to-quarter (qtq) in the fourth quarter is usually lower than the previous quarter or is a seasonal pattern.

(Read also: [Indonesia's Economic Growth Falls to 4.94% in Q3 2023](https://databoks.katadata.co.id/datapublish/2023/11/06/pertumbuhan-ekonomi-ri-turun-jadi-494-per-kuartal-iii-2023))

However, overall, Amalia stated that Indonesia's economic growth throughout 2023 remained stable, despite a decline.

"Amidst the global economic slowdown and the decline in the price of major export commodities, Indonesia's economy in 2023 continued to grow solidly," said Amalia at an online press conference on Monday (5/2/2024).

Indonesia's economy in 2023, measured based on Gross Domestic Product (GDP) at current prices (ADHB), reached Rp20,892.4 trillion, and per capita GDP reached Rp75 million or US$4,919.7. The value of GDP ADHB in 2023 exceeded that of 2022, which was Rp19,588.1 trillion.

Meanwhile, GDP at constant prices (ADHK) amounted to Rp12,301.4 trillion in 2023. This value also increased from the 2022 ADHK GDP of Rp11,710.2 trillion.

From the production side, the highest growth occurred in the transportation and warehousing sector at 13.96% in 2023. Meanwhile, from the expenditure side, the highest growth was achieved by non-profit institutions serving households (PK-LNPRT) expenditure at 9.83%.

(Read also: [ASEAN Economic Growth Projections by the World Bank: How about Indonesia?](https://databoks.katadata.co.id/datapublish/2024/01/10/proyeksi-pertumbuhan-ekonomi-asean-versi-world-bank-bagaimana-indonesia))