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Indonesia's Economic Growth In The Third Quarter Of 2024 Reaches 4.95 Percent

The Central Statistics Agency (BPS) has reported that Indonesia's economic growth in the third quarter of 2024 reached 4.95 percent year-on-year. This growth is slower compared to the second quarter of 2024 but slightly higher than the third quarter of 2023.

Acting Head of BPS, Amalia Adininggar Widyasanti, stated that this economic growth figure is derived from the gross domestic product (GDP) at current prices amounting to IDR 5,638.9 trillion and at constant prices totaling IDR 3,279.6 trillion.

"Thus, Indonesia's economic growth in the third quarter, when compared to the third quarter of 2023, shows a year-on-year increase of 4.95 percent," she remarked during a press conference at the BPS Headquarters in Jakarta on Tuesday, November 5, 2024.

The economic growth rate for the period of July to September 2024 has slowed down from the previous quarter, where the growth rate in the second quarter of 2024 was recorded at 5.05 percent year-on-year. Nevertheless, the economic growth in the third quarter of 2024 is slightly higher than the same period last year.

In the third quarter of 2023, economic growth was recorded at 4.94 percent year-on-year. Amalia revealed that Indonesia's economic growth continues to be supported by household consumption, which contributed 2.55 percent to the economic growth in the third quarter of 2024.

Furthermore, gross fixed capital formation (GFCF) or investment contributed 1.63 percent to economic growth, while government consumption accounted for 0.32 percent. When analyzed on a quarter-to-quarter basis, the economic growth rate in the third quarter of 2024 reached 1.50 percent.

This figure is significantly lower than the 3.79 percent growth observed in the second quarter of 2024. "The quarter-to-quarter economic growth aligns with the seasonal patterns seen in previous years, where the growth in the third quarter is lower than that in the first quarter," he stated

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Tag: BPS Central Statistics Agency Gross Domestic Product