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Indonesia’s GDP growth reaches nine-year high
Indonesia’s economy grew at the fastest pace since 2013 last year, marking the highest economic output since President Joko “Jokowi” Widodo took office.
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President Joko “Jokowi” Widodo speaks during the Mandiri Investment Forum in Jakarta on Feb. 1, 2023. (BPMI Setpres/Rusman)
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ndonesia’s economy grew last year at the fastest pace since 2013, marking the highest economic output since President Joko “Jokowi” Widodo took office.
The country’s gross domestic product (GDP) rose by 5.31 percent in 2022, handily beating the preceding year’s 3.71 percent but failing to match the 2013 figure of 5.56 percent, Statistics Indonesia (BPS) reported on Monday.
Economic output in the fourth quarter of last year increased by 5.01 percent from the equivalent period of 2021, much lower than the year-on-year (yoy) increase of 5.72 percent seen in the third quarter.
The statistics agency attributed the slowdown to weaker purchasing power as a result of increased inflation in last year’s final quarter.
“Indonesia experienced solid economic growth in 2022,” BPS head Margo Yuwono told reporters in a press conference called to publish the latest GDP report.
The World Bank and the International Monetary Fund had expected Indonesia’s 2022 GDP growth to come in at 5.2 and 5.3 percent, respectively, while the Asian Development Bank had a bullish forecast of 5.4 percent.
