Central Java's Economy Grew by 2.56% in the Third Quarter of 2021

Central Java's economy, measured by Gross Regional Domestic Product (GRDP) at current prices, reached Rp 359.54 trillion in the third quarter of 2021. Measured by GRDP at constant 2010 prices, the province's economy grew by 2.56% to Rp 251.24 trillion in Q3 2021 compared to Q3 2020 (year-on-year/yoy).

The main contributors to Central Java's GRDP in Q3 2021, by industry sector, were the manufacturing industry, which grew by 2.62% (yoy), and the wholesale and retail trade sector, which grew by 6.52% (yoy). The manufacturing industry contributed 33.61%, while wholesale and retail trade contributed 13.69% to the province's economy.

From the expenditure side, household consumption, which grew by 1.84% (yoy), and gross fixed capital formation (GFCF), which grew by 5.22% (yoy), boosted Central Java's economy. Household consumption contributed 59.37% and GFCF contributed 32.21% to the province's GRDP.

The COVID-19 pandemic initially impacted Central Java's economy, resulting in four consecutive quarters of contraction from Q2 2020 to Q1 2021. However, in Q2 2021, the Central Java economy rebounded and recorded growth.

Central Java's economy also grew by 1.66% in Q3 of this year compared to the previous quarter (quarter-to-quarter/q-to-q). Cumulatively, from Q1 to Q3 2021, it grew by 2.44% compared to the same period in the previous year (cumulative-to-cumulative/c-to-c).