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GDP up 5.01% in Q1 on strong exports, higher mobility
First-quarter domestic economic growth has exceeded economists’ expectations amid higher exports and an increase in public mobility in response to eased COVID-19 restrictions.
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Workers carry sacks of fish feed at the Cirata Reservoir in Cianjur, West Java, on May 7. (AFP/Adek Berry )
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irst-quarter domestic economic growth has exceeded economists’ expectations amid higher exports and an increase in public mobility in response to eased COVID-19 restrictions.
Indonesia’s GDP rose 5.01 percent year-on-year (yoy) in the January-to-March period of this year but fell 0.96 percent compared to the last quarter of 2021, Statistics Indonesia (BPS) reported on Monday.
"This quarter's mobility was the best since the pandemic began, as public activity exceeded the normal level," BPS head Margo Yuwono told reporters.
Economic growth in the first quarter was reflected in market indicators including automotive sales, which saw a 45 percent yoy increase, corporate income tax, which rose 136 percent yoy, and industrial capacity utilization, which rose 72 percent yoy.
The latest growth numbers fall on the upper end of the Finance Ministry's predicted range of 4.5 percent to 5.2 percent yoy and beat financial research firm Moody's Analytics' prediction of 4.7 percent yoy growth.
"There seems to have been an increase in corporate activity because the data shows that corporate tax income is very impressive, which [suggests an] increase in economic activity," Margo continued.
Household spending, which accounts for 53 percent of domestic GDP, rose by 4.34 percent yoy as reduced mobility restrictions paved the way for consumer spending in the tertiary sector. As domestic cement and capital goods sales skyrocketed, gross fixed capital formation, or investment, rose 4.09 percent yoy to account for 30 percent of GDP.
