Indonesia's economic growth still good amid uncertainties: BI

Jakarta (ANTARA) - Indonesia's economic growth is still good, with 5.05 percent recorded in the second quarter of 2024, amid global economic uncertainties, according to Head of the Communication Department of Bank Indonesia (BI) Erwin Haryono.

"Going forward, the economic growth in 2024 is projected to be in the range of 4.7 percent to 5.5 percent (year-over-year) with support from domestic demand," he stated in Jakarta on Wednesday.

Economic growth in the second quarter of 2024 was supported by maintained domestic economic activities. Household consumption grew higher to 4.93 percent (YoY) in line with people's increasing mobility and purchasing power that is maintained.

Overall, investment growth rose to 4.43 percent (YoY) in line with the increase in export performance and government capital expenditure. Exports grew by 8.28 percent (YoY) supported by demand from major trading partners and increasing foreign tourist arrivals.

Furthermore, the consumption of Non-Profit Institutions Serving Households (LNPRT) and government consumption grew slower to 9.98 percent (YoY) and 1.42 percent (YoY) respectively along with the end of the 2024 General Elections activities.

Haryono remarked that economic growth, which remains good, can also be seen based on business fields and spatial growth. All business fields showed positive performance in the second quarter of 2024.

The accommodation and food and beverage sectors as well as the transportation and warehousing sectors grew strongly along with the increase in community mobility during religious holidays and the school holiday period.

The manufacturing industry, as the main contributor to growth, also grew well along with maintained domestic and global demand.

Meanwhile, spatially, the year-over-year economic growth in the second quarter of 2024 in some regions in Indonesia was higher than the growth in the previous quarter.

The highest economic growth was recorded in Bali-Nusa Tenggara (Balinusra), followed by Sulawesi-Maluku-Papua (Sulampa), Kalimantan, Java, and Sumatra.