Central Sulawesi's Economy Soared 11.7% in 2021

Central Sulawesi's economy, based on the 2010 constant price Gross Regional Domestic Product (GRDP), surged 11.7% to Rp149.85 trillion compared to the previous year.

This achievement is better than the previous year's growth of only 4.86%. It also surpasses the national economic growth of 3.69%, and is the second highest after Papua's economic growth of 15.11% in 2021.

Meanwhile, based on current prices GRDP, Central Sulawesi's economy reached Rp246.99 trillion in 2021. This value represents approximately 1.46% of the national Gross Domestic Product (GDP) of Rp16,970.8 trillion.

Foreign direct investment (FDI) in the fourth quarter of 2021, which grew by 72.32% (year-on-year/YoY), and exports in the fourth quarter of 2021, which also grew by 68.64% (YoY), boosted the economy of this province with its capital city in Palu. For information, the value of iron and steel exports from Central Sulawesi in the fourth quarter of last year grew by 65.16% (YoY).

From the perspective of economic sectors, the manufacturing industry was the main pillar of Central Sulawesi's economy, contributing 34.88% (fourth quarter). This was followed by the agricultural sector at 18.23%, and mining and quarrying at 14.72%.

The manufacturing industry recorded growth of 19.62% last year, the highest compared to other sectors. This was followed by the construction sector with 16.88% growth, and mining and quarrying with 12.32% growth.

From the expenditure side, the gross fixed capital formation (GFCF) component contributed the most, namely 51.08% (fourth quarter of 2021) to the Central Sulawesi GRDP. This was followed by household consumption at 30.14%.

The GFCF component recorded the highest growth, at 49.1% last year. This was followed by government consumption, which grew by 4.9%, and household consumption, which grew by 2.71%.