Maluku's Economy Shows Slower Growth in Q3 2021

The Central Statistics Agency (BPS) reported that Maluku's economy grew by 4.17% year-on-year (yoy) in the third quarter of 2021. This growth slowed from 4.64% (yoy) in the previous quarter.

However, Maluku's economic growth in the last quarter was still higher than the same period the previous year. Maluku's economy contracted by 2.6% in the third quarter of 2020.

BPS stated that household consumption contributed 67.77% to Maluku's total economy. However, growth in this component slowed from 1.15% in the second quarter of 2021 to 0.06% in the third quarter of 2021.

Government consumption contributed 37.87% to Maluku's economy. Growth in this component also slowed from 15.21% to 3.14%.

Gross Fixed Capital Formation (GFCF) was the third-largest contributor to Maluku's economy. Unlike the previous components, GFCF increased from 4.1% to 5.09%.

Meanwhile, the trade component experienced positive growth. Maluku's foreign exports amounted to 2.01% in the third quarter of 2021, up from a contraction of 40.02% in the previous quarter.

Import growth was 38.83% in the last quarter. This figure is significantly higher than the second quarter of 2021, which contracted by 33.87%.

Finally, the growth of non-profit institutions serving households (LNPRT) was 3.16%. This figure is better than the previous quarter, which experienced a contraction of 1.26%.