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Despite Bleak Projections, All Indonesian Business Sectors Grew in Q1 2023

Adi Ahdiat 05/05/2023 13:31 WIB

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Several international institutions project a slowdown in Indonesia's economy in 2023. However, in the first quarter of this year, the national GDP across all business sectors still showed positive gro

Indonesia's Annual GDP Growth Rate by Economic Sector (Quarter I 2023)

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Despite Bleak Projections, All Indonesian Business Sectors Grew in Q1 2023

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Indonesia's Annual GDP Growth Rate by Economic Sector (Quarter I 2023)

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Several international institutions project a slowdown in Indonesia's economy in 2023. However, until the end of the first quarter of this year, national economic data still looks positive.

According to the Central Statistics Agency (BPS) report, Indonesia's Gross Domestic Product (GDP) at current prices reached Rp5,071 trillion in Q1 2023.

Measured by GDP at constant 2010 prices, Indonesia's economy in Q1 2023 reached Rp2,961 trillion, growing 5.03% compared to Q1 of the previous year (year-on-year/yoy).

In Q1 2023, growth occurred across all economic sectors. The fastest-growing sector was Transportation and Warehousing.

Meanwhile, the sectors with the lowest growth were Construction; Real Estate; and Agriculture, Forestry, and Fisheries.

Here's a breakdown of Indonesia's annual GDP growth rate by economic sector in Q1 2023, ordered from highest to lowest:

* Transportation and Warehousing: 15.93% (yoy)
* Accommodation and Food Service Activities: 11.55% (yoy)
* Other Services: 8.90% (yoy)
* Information and Communication: 7.19% (yoy)
* Business Services: 6.37% (yoy)
* Water Supply, Waste Management, Waste and Recycling: 5.69% (yoy)
* Mining and Quarrying: 4.92% (yoy)
* Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles: 4.89% (yoy)
* Health and Social Work Activities: 4.77% (yoy)
* Financial and Insurance Services: 4.48% (yoy)
* Manufacturing: 4.43% (yoy)
* Electricity and Gas Supply: 2.67% (yoy)
* Public Administration, Defense, and Compulsory Social Security: 2.09% (yoy)
* Education Services: 1.02% (yoy)
* Real Estate: 0.37% (yoy)
* Agriculture, Forestry, and Fisheries: 0.34% (yoy)
* Construction: 0.32% (yoy)

According to BPS, in Q1 2023, the structure of the Indonesian economy did not experience any significant changes.

The Indonesian economy is still dominated by Manufacturing with a contribution of 18.57%; followed by Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles 12.95%; Mining and Quarrying 11.85%; Agriculture, Forestry, and Fisheries 11.77%; and Construction 9.88%.

Cumulatively, these five sectors contributed 65.02% to the national economy.

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."

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Despite Bleak Projections, All Indonesian Business Sectors Grew in Q1 2023

Despite Bleak Projections, All Indonesian Business Sectors Grew in Q1 2023

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