Households, the Mainstay of the Indonesian Economy in Q1 2024

Economics & Macro

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Nabilah Muhamad 06/05/2024 18:05 WIB

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According to BPS data, household consumption was the main driver of Indonesia's GDP from the expenditure side in Q1 2024.

Indonesia's Gross Domestic Product (GDP) at Current Prices by Expenditure Component (Quarter I 2024)

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Households, the Mainstay of the Indonesian Economy in Q1 2024

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Indonesia's Gross Domestic Product (GDP) at Current Prices by Expenditure Component (Quarter I 2024)

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The Central Statistics Agency (BPS) reported that Indonesia's Gross Domestic Product (GDP) at current prices reached Rp5,288.3 trillion in the first quarter of 2024.

Measured at constant prices, the value was equivalent to Rp3,111.29 trillion, growing 5.11% compared to the first quarter of the previous year (year-on-year/yoy).

In the first quarter of 2024, household consumption was the main driver of the Indonesian economy in terms of expenditure.

Household consumption at current prices reached Rp2,905 trillion, equivalent to 54.93% of the total national GDP at current prices.

Next, Gross Fixed Capital Formation (GFCF) contributed Rp1,550.1 trillion (29.31%).

"These two components made the largest contribution to the total national GDP," said Acting Head of BPS Amalia Adininggar Widyasanti in a press conference on Monday (6/5/2024).

Following this, there was a contribution from Exports of Goods and Services worth Rp1,130 trillion (21.37%), Government Consumption Rp330.6 trillion (6.25%), and Changes in Inventories Rp133.9 trillion (2.53%).

Then there was Consumption of Non-Profit Institutions Serving Households (NPISH) Rp75.8 trillion (1.43%), and statistical discrepancy (difference between GDP by industry and GDP by expenditure) amounting to Rp208.3 trillion (3.95%).

There was also a reduction from Imports of Goods and Services valued at Rp1,045.4 trillion or 19.77% of the total national GDP at current prices.

Editor : Adi Ahdiat

"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."