Jakarta's Economy Grew 2.43% in the Third Quarter of 2021

Jakarta's Economy Rebounds Amidst Easing Covid-19 Cases

Jakarta's economy has rebounded in line with the easing of Covid-19 cases, despite ongoing community activity restrictions. Based on data from the Central Statistics Agency (BPS), Jakarta's economy, measured by the Gross Regional Domestic Product (GRDP) at constant 2010 prices, grew by 2.43% in Q3 2021 compared to Q3 2020 (year-on-year/yoy). This growth was slower than in Q2 2021, which saw a 10.94% (yoy) increase.

Details show that export spending on goods and services recorded the highest growth in Q3 2021, reaching 19.06% (yoy). Similarly, import spending on goods and services, a component that reduces GRDP, also grew by 18.3% (yoy).

Government spending grew by 6.97%, followed by household consumption at 4.57% (yoy). Gross fixed capital formation (GFCF) and non-profit household spending grew by 1.29% and 0.25%, respectively.

Household consumption remained the largest driver of Jakarta's economy in the third quarter of this year, contributing 61.51% to the total GRDP, followed by GFCF with a 34.83% contribution.

Meanwhile, Jakarta's economy, measured by GRDP at current prices, reached Rp 724.8 trillion in Q3 2021. The manufacturing industry recorded the highest growth at 11.85% (yoy), followed by transportation and warehousing at 7.97% (yoy), and accommodation and food services at 7.09% (yoy).

The main pillars of Jakarta's economy in Q3 2021 were the wholesale and retail trade, repair of motor vehicles and motorcycles sector, contributing 16.69%. This was followed by the manufacturing industry at 12.5% and the construction sector at 11.31%.