Coordinating Minister for the Economy, Airlangga Hartarto, says that Indonesia’s economic growth has surpassed that of China, Singapore, and South Korea, booking a 5.05 percent growth year-on-year in the second quarter of 2024.
“Compared to China, Indonesia’s growth is still higher. China’s growth was 4.7 percent,” Airlangga told a press conference in Jakarta on Monday, August 5, 2024.
He also pointed out that Indonesia’s economic growth exceeded that of Singapore, South Korea, and Mexico. He noted that Singapore’s economic growth was at 2.9 percent, South Korea’s was 2.3 percent, and Mexico’s was 2.24 percent.
“Amid global uncertainties, our economic fundamentals remain strong, and in the second quarter of 2024, Indonesia grew by 5.05 percent,” Airlangga remarked.
He added that Indonesia’s economic growth was supported by controlled inflation, which stood at 2.13 percent. Other components also showed positive overall trends.
“In terms of household consumption, we grew by 4.93 percent, contributing 54.53 percent to economic growth. Expenditures by non-profit institutions serving households (NPISHs), government consumption, gross fixed capital formation, and exports and imports of goods and services were also positive,” he cited.
It was observed, however, that Indonesia’s economic growth slowed to 5.05 percent in the second quarter of 2024, compared to 5.17 percent year-on-year in the same period last year. Additionally, the growth was lower than the 5.11 percent recorded in the first quarter of 2024.
Deputy for Balance and Statistical Analysis at Statistic Indonesia (BPS), Moh. Edy Mahmud, said that the quarter-on-quarter economic slowdown of 3.79 percent was in line with seasonal patterns observed in previous years.
“However, the economy grew steadily at 5.08 percent in the first half of 2024 compared to the same period last year,” Edy told a press conference in Jakarta on Monday, August 5, 2024.
