Indonesia's Economic Growth Reaches 5.11% in the First Quarter of 2024

Economics & Macro

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Erlina Fury Santika 06/05/2024 20:10 WIB

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Indonesia's economic growth reached 5.11% in Q1 2024, according to BPS (Badan Pusat Statistik). This represents a slight contraction from the previous quarter.

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

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Indonesia's Economic Growth Reaches 5.11% in the First Quarter of 2024

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

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The Central Statistics Agency (BPS) reported that Indonesia's economic growth reached 5.11% year-on-year (yoy) in the first quarter of 2024.

This growth in Gross Domestic Product (GDP) decreased by 0.83% compared to the previous quarter (quarter-to-quarter/qtq), which was 5.04% (yoy) in the fourth quarter of 2023.

Nevertheless, Amalia A. Widyasant, Acting Head of BPS, stated that this growth figure represents a significant achievement.

"This is the highest first-quarter growth throughout the 2019-2024 period," said Amalia in an online press conference on the BPS YouTube channel, Monday (May 6, 2024).

Based on the Gross Domestic Product (GDP) figures, the value at current prices reached Rp5,288.3 trillion in the first quarter of 2024. Meanwhile, at constant 2010 prices, it was Rp3,112.9 trillion.

From the production side, BPS stated that the government administration, defense, and mandatory social security sector experienced the highest growth, at 18.88%.

From the expenditure side, the household consumption expenditure of non-profit institutions serving households (PK-LNPRT) experienced the highest growth at 24.29%.

Conversely, the deepest contraction in growth from the production side occurred in the education services sector at -10.34%. From the expenditure side, government consumption expenditure (PK-P) experienced the deepest contraction at -36.69%.

Regionally, the group of provinces on Java Island still showed a significant spatial influence on the Indonesian economy, accounting for 57.70% in the first quarter of 2024. Unfortunately, Java Island experienced a growth slowdown of 4.84% (yoy) compared to the first quarter of 2023.

(Also read: [Households, the Main Support of Indonesia's Economy in Q1 2024](https://databoks.katadata.co.id/datapublish/2024/05/06/rumah-tangga-penopang-utama-ekonomi-ri-kuartal-i-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."

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Indonesia's Economic Growth Reaches 5.11% in the First Quarter of 2024

Indonesia's Economic Growth Reaches 5.11% in the First Quarter of 2024

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Indonesia's Economic Growth Reaches 5.11% in the First Quarter of 2024

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