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November 5, 2024 | 01:54 pm
TEMPO.CO, Jakarta - Indonesia’s economic growth slowed down in the third quarter of 2024, recording 4.95 percent year-on-year (y-o-y) compared to the 5.05 percent y-o-y in the second quarter, Statistics Indonesia (BPS) reported.
The Acting Head of BPS, Amalia Adininggar Widyasanti, stated that quarterly-based economic growth, or quarter-to-quarter (q-to-q), follows a seasonal pattern as seen in previous years. "The q-to-q growth in the third quarter is lower than the second quarter," she said Tuesday, November 5, 2024.
Significant contributors to the Gross Domestic Product (GDP) growth are manufacturing, agriculture, trade, construction, and mining sectors, accounting for 64.94 percent of the GDP.
Amalia highlighted that the sector with the highest growth is transportation and warehousing, due to the rise in transport users, shipment of goods, and accommodation and food and beverage services. The growth is driven by national and international events such as the Mandalika MotoGP and the 21st National Sports Week (PON).
The Institute for Economic and Social Research of the Faculty of Economics and Business at Universitas Indonesia (LPEM FEB UI) has previously forecasted the economic growth slowdown, predicting a growth between 4.94 and 4.98 percent y-o-y in the third quarter of this year.
Analysts from LPEM FEB UI mentioned the economic growth contraction was caused by a drastic downshift in government spending despite seasonal factors. Consequently, the Indonesian economy is expected to stagnate between 5.00 and 5.05 percent throughout 2024.
LPEM FEB UI also predicted sluggish economic growth next year at 5.1 percent, falling short of the 2025 State Budget target of 5.2 percent economic growth.
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