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Indonesia's Economic Growth Slows to 4.95% in Q3 2024

Erlina Fury Santika 06/11/2024 14:32 WIB

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BPS data shows that Indonesia's economic growth reached 4.95% in the third quarter of 2024. This figure is down compared to the previous month's achievement of 5.05%.

Indonesia's Economic Growth (Q1 2019 - Q3 2024)

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Indonesia's Economic Growth Slows to 4.95% in Q3 2024

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Indonesia's Economic Growth (Q1 2019 - Q3 2024)

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The Central Statistics Agency (BPS) report shows that Indonesia's economic growth reached 4.95% year-on-year (yoy) in the third quarter of 2024.

This figure weakened by 0.1 percentage points compared to the achievement in the second quarter of 2024, which reached 5.05% (yoy). The growth in the third quarter of 2024 was only slightly higher than the same period last year.

"This growth is slightly higher than the third quarter of 2023, which grew by 4.94% (yoy)," said the Acting Head of BPS, Amalia Adininggar Widyasanti, in an online press conference on Tuesday (5/11/2024).

Quarter-to-quarter (qtq), Indonesia's economic growth reached 1.50%. This figure also fell compared to the second quarter of 2024, which grew by 3.79% (qtq).

"This qtq economic growth is in line with seasonal patterns as seen in previous years, namely that qtq growth in the third quarter is lower than in the second quarter," said Amalia.

Meanwhile, based on cumulative-to-cumulative (ctc) measurement, it grew by 5.03% from January to September 2024.

Indonesia's economy, based on the Gross Domestic Product (GDP) at current prices, reached Rp5,638.9 trillion in the third quarter of 2024. Meanwhile, at constant 2010 prices, it reached Rp3,279.6 trillion.

In the third quarter of 2024, growth occurred across all economic sectors compared to the third quarter of 2023.

The sectors experiencing significant growth were other services at 9.95%; transportation and warehousing at 8.64%; and accommodation and food service activities at 8.33%. Meanwhile, the manufacturing industry, which plays a dominant role in the Indonesian economy, grew by 4.72%.

Spatially, the group of provinces on Java Island remained the largest contributor to the economy, accounting for 56.84% of national GDP and recording growth of 4.92% (yoy).

(Also read: [This is the Main Driver of Indonesia's Economic Growth in the Third Quarter of 2024](https://databoks.katadata.co.id/ekonomi-makro/statistik/672ab692d0501/ini-pendorong-utama-pertumbuhan-ekonomi-ri-pada-kuartal-iii-2024))

Editor : Erlina Fury Santika

"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."