| · Indonesia’s Economic Growth in Q3-2024 was 1.50 Percent (Q-to-Q). |
| · Indonesia’s Economic Growth in Q3-2024 was 4.95 Percent (Y-on-Y). |
| · Indonesia’s Economic Growth Cumulatively to Q3-2024 was 5.03 Percent (C-to-C). |
| Abstract |
- Indonesia’s economy in the third quarter of 2024 reached IDR5,638.9 trillion at current prices and IDR3,279.6 trillion at constant prices (2010).
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- Indonesia’s economy in the third quarter of 2024 grew by 1.50 percent compared to the previous quarter (q-to-q). On the production side, Construction experienced the highest growth at 6.06 percent. Meanwhile, on the expenditure side, Gross Fixed Capital Formation (GFCF) component experienced the highest growth at 8.44 percent.
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- Indonesia’s economy grew by 4.95 percent in the third quarter of 2024, compared to the third quarter of 2023 (y-on-y). On the production side, Other Services Activities experienced the highest growth at 9.95 percent. Meanwhile, on the expenditure side, Non-Profit Institutions Serving Households Final Consumption Expenditure (NPISHs FCE) component experienced the highest growth at 11.69 percent.
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- Cumulatively, Indonesia’s economy grew by 5.03 percent up to the third quarter of 2024 (c-to-c). On the production side, Accommodation and Food Service Activities experienced the highest growth at 9.29 percent. Meanwhile, on the expenditure side, NPISHs FCE experienced the highest growth at 15.10 percent.
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- Spatially, the Indonesian economy in the third quarter of 2024, compared to the same period last year, recorded stable growth (y-on-y). The group of provinces in Jawa Island was still the largest contributor to the economy with a role of 56.84 percent of the national GDP and recorded growth of 4.92 percent (y-on-y).
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| 1. Economic Growth in Q3-2024 Compared to Q2-2024 (Q-to-Q) Indonesia’s economy in the third quarter of 2024 compared to the second quarter of 2024 (q-to-Q) grew by 1.50 percent. The industries that experienced significant growth were Construction by 6.06 percent; Mining and Quarrying by 5.62 percent; and Manufacturing by 4.24 percent. Meanwhile, several industries experienced contractions, including Public Administration and Defence, Compulsory Social Security by 16.84 percent; and Education by 6.40 percent. |
| The structure of Indonesia’s GDP based on current prices according to industries in the third quarter of 2024 did not show any significant changes. The Indonesian economy was still dominated by the Manufacturing of 19.02 percent; followed by Agriculture, Forestry and Fishing by 13.71 percent; Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles by 13.09 percent; Construction at 10.06 percent; and Mining and Quarrying at 9.06 percent. The contribution of these five industries to the Indonesian economy reached 64.94 percent. |
| 2. Economic Growth in Q3-2024 Compared to Q3-2023 (Y-on-Y) Indonesia’s economy grew by 4.95 percent in the third quarter of 2024 compared to the third quarter of 2023 (y-on-y). Growth occured in all industries. Industries that experienced significant growth were Other Services Activities by 9.95 percent; Transportation and Storage by 8.64 percent; and Accommodation and Food Service Activities by 8.33 percent. Meanwhile, Manufacturing, as a significant contributor to Indonesia’s economy, grew by 4.72 percent. |
| 3. Economic Growth in Q1-Q3 of 2024 Compared to Q1-Q3 of 2023 (C-to-C) Indonesia’s economy up to the third quarter of 2024 grew by 5.03 percent (C-to-C). Growth occured in all industries. Industries that experienced significant growth were Accommodation and Food Service Activities by 9.29 percent; followed by Other Services Activities by 9.24 percent; and Human Health and Social Work Activities by 9.20 percent; Meanwhile, Manufacturing, as a significant contributor to Indonesia’s economy, grew by 4.27 percent. |
| For the full document click the link below: |
| Indonesia: Economic Growth in Q3-2024 was 1.50 Percent (Q-to-Q) |
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