NTT's Economy Grew 2.37% in the Third Quarter of 2021

East Nusa Tenggara (NTT)'s economy, measured by its Gross Regional Domestic Product (GRDP) at current prices, reached Rp 28.08 trillion in the third quarter of 2021. Meanwhile, based on the 2010 constant prices, the province's economy grew by 2.37% year-on-year (yoy) to Rp 17.83 trillion in the third quarter of 2021.

The growth of the agricultural sector (4.26% yoy), the construction sector (15.48% yoy), and the wholesale and retail trade sector (5.7% yoy) supported NTT's economy during the July-September 2021 period.

From the expenditure side, the growth of household consumption (1.67%) and gross fixed capital formation (6.6% yoy) were the main drivers of the province's GRDP growth.

NTT's GRDP experienced a contraction for three consecutive quarters, from the second to the fourth quarter of 2020, due to the COVID-19 pandemic. However, starting from the first quarter of 2021, the province's economy returned to positive growth.

NTT's economy recorded its highest growth of 7.42% (yoy) in the second quarter of 2011. During the pandemic, the province's economy experienced its deepest contraction of 2.27% (yoy) in the fourth quarter of 2020.