Household Consumption Contributed 54% to Indonesia's Q2 2024 GDP

According to the Central Bureau of Statistics (BPS) report, Indonesia's Gross Domestic Product (GDP) at current prices reached Rp5,536.5 trillion in the second quarter of 2024.

Measured at constant prices, the value was equivalent to Rp3,231 trillion, growing 5.05% compared to the second quarter of the previous year (year-on-year/yoy).

During this period, household consumption was the main driver of Indonesia's GDP in terms of expenditure.

The value of household consumption at current prices in the second quarter of 2024 reached Rp3,019.1 trillion, equivalent to 54.53% of the national GDP at current prices.

"This indicates that domestic demand and consumer purchasing power remain quite strong," said BPS Deputy for Balance and Statistical Analysis Moh. Edy Mahmud in a press conference on Monday (5/8/2024).

According to Edy, household consumption in the second quarter of 2024 was also driven by increased public mobility during religious holidays and school holidays.

Then, the gross fixed capital formation (GFCF) component contributed Rp1,544.1 trillion, equivalent to 27.89% of GDP.

Next, the contribution of exports of goods and services was Rp1,184.8 trillion (21.40%), government consumption was Rp404.5 trillion (7.31%), and statistical discrepancy (the difference between GDP by industry and GDP by expenditure) amounted to Rp262.5 trillion (4.74%).

Then there was a change in inventory of Rp148.7 trillion (2.69%) and consumption of non-profit institutions serving households (NPISH) of Rp73.3 trillion (1.32%).

There was also a reduction from imports of goods and services amounting to Rp1,100.5 trillion or 19.88% of the total national GDP at current prices.