Banten's Economy Grew 4.62% in the Third Quarter of 2021

According to data from the Central Statistics Agency (BPS), Banten's economy, based on the nominal Gross Regional Domestic Product (GRDP) at current prices, reached Rp 167.7 trillion in the third quarter of 2021. Meanwhile, based on the 2010 constant price GRDP, Banten's economy grew by 4.62% to Rp 114.64 trillion in the third quarter of 2021 compared to the third quarter of 2020 (year-on-year/yoy).

The provincial economy, a spin-off from West Java Province, experienced a recession due to the Covid-19 pandemic. Banten's GRDP contracted for four consecutive quarters, from the second quarter of 2020 to the first quarter of 2021. However, in the second quarter of 2021, it managed to grow by 8.99% (yoy).

In terms of economic sectors, positive growth from the manufacturing sector (5.57% yoy), the construction sector (12.62% yoy), and the wholesale and retail trade sector (1.65% yoy) boosted Banten's economy in the third quarter of this year.

From the expenditure side, growth in household consumption (2.65% yoy), gross capital formation (GCF) (3.44% yoy), and foreign exports (32.13% yoy) supported Banten's GRDP growth during the July-September 2021 period.