Household Consumption Supports Economic Growth in Q2 2022

Economics & Macro

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Dzulfiqar Fathur Rahman 05/08/2022 14:10 WIB

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Household consumption grew 5.51% in the second quarter year-on-year, further boosting economic growth, according to the Central Bureau of Statistics.

Annual GDP Growth, by Expenditure (Second Quarter 2022)

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Household Consumption Supports Economic Growth in Q2 2022

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Annual GDP Growth, by Expenditure (Second Quarter 2022)

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The Central Statistics Agency (BPS) reports that household consumption grew by 5.51% in the second quarter compared to the previous year. Household consumption was the main driver of economic growth.

Household consumption contributed 51.47% to the overall gross domestic product (GDP).

Household consumption growth followed the easing of community activity restrictions and the expansion of Covid-19 vaccination coverage. Public spending also tended to be higher during Ramadan and the Idul Fitri holiday, which fell in April and May respectively.

Investment, the second largest contributor, grew by 3.07% in the second quarter compared to the previous year. Although this growth rate was lower than the previous quarter, investment still increased following the revival of credit disbursement and capital expenditure.

Overall, Indonesia recorded annual GDP growth of 5.44% in the second quarter. This growth rate is higher than Bank Mandiri's forecast of 5.15%.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."