South Sulawesi's Economy Grew 3.24% in the Third Quarter of 2021

South Sulawesi's economy, measured by its Gross Regional Domestic Product (GRDP) at current prices, reached Rp 142.03 trillion in the third quarter of 2021. Meanwhile, based on 2010 constant prices, the province's economy grew by 3.24% to Rp 89.1 trillion in Q3 2021 compared to Q3 2020 (year-on-year/yoy).

Third-quarter growth this year slowed compared to the previous quarter's 7.68% (yoy) growth, but performed better than the same quarter of the previous year, which experienced a 1.1% (yoy) contraction.

South Sulawesi's economic growth, from the perspective of business sectors, was supported by growth in the agricultural sector (7.85% yoy), the construction sector (4.53% yoy), and the wholesale and retail trade sector (3.22% yoy). From the expenditure side, growth in household consumption (2.86% yoy), gross fixed capital formation (GFCF) (3.56% yoy), and exports of goods and services (10.62% yoy) fueled the province's economic growth.

South Sulawesi's economy experienced a contraction for four consecutive quarters from Q2 2020 to Q1 2021. This was due to the COVID-19 pandemic, which led the government to implement restrictions on social activities to curb the spread of the coronavirus.

As a result, almost all business sectors were paralyzed, causing a decline in public income and consequently a reduction in public spending. However, starting in Q2 2021, the economy began to recover and entered positive territory.

(read: South Sulawesi's Star-Rated Hotel Occupancy Rate Slightly Increased in August 2021)