Household Consumption Supports GDP Growth in Q3 2022

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Viva Budy Kusnandar 08/11/2022 15:00 WIB

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Household consumption grew by 5.39% (year-on-year) in the third quarter of 2022, contributing the most to national GDP growth.

Indonesia's Annual GDP Growth Based on Expenditure Components (Quarter III-2022)

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Household Consumption Supports GDP Growth in Q3 2022

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Indonesia's Annual GDP Growth Based on Expenditure Components (Quarter III-2022)

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The Central Statistics Agency (BPS) reported that Indonesia's Gross Domestic Product (GDP) grew by 5.72% in the third quarter of 2022 compared to the third quarter of 2021 (year-on-year/yoy).

"The GDP growth in the third quarter of this year was driven by the maintenance of purchasing power among the lower-income groups due to social assistance and energy subsidies. Similarly, activity among the upper-middle class, particularly for tertiary needs, also contributed," said BPS in its press release on Monday (7/11/2022).

In more detail, the GDP component of household consumption expenditure grew by 5.39% (yoy) in the third quarter of 2022, contributing the largest share at 50.3% to national GDP growth.

The component of household non-profit institutions (LNPRT) consumption expenditure grew by 6.09% (yoy), contributing 1.15% to GDP.

Government consumption expenditure in the third quarter of 2022 contracted by 2.88% (yoy), contributing 7.57%. Gross fixed capital formation (PMTB) grew by 4.96% (yoy), contributing 28.55%, while exports of goods and services grew by 21.64% (yoy), contributing 26.23%.

Finally, the component of imports of goods and services, when subtracted, grew by 22.98% (yoy) in the third quarter of 2022, contributing 21.65% to national GDP.

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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Household Consumption Supports GDP Growth in Q3 2022

Household Consumption Supports GDP Growth in Q3 2022

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Household Consumption Supports GDP Growth in Q3 2022

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