TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
2024 GDP beats forecasts on stronger consumption, investment
Despite weakness in exports, Indonesia’s gross domestic product (GDP) growth last year exceeded expectations on the back of stronger household spending and investment.
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
Another hazy day: Air pollution shrouds skyscrapers in Jakarta on the morning of Sept. 5, 2023, as seen from the vicinity of the Jakarta Convention Center (JCC) in South Jakarta. (JP/A. Muh. Ibnu Aqil)
I
ndonesia’s gross domestic product (GDP) growth has exceeded expectations on the back of stronger household spending and investment, but there are signs of weakness in exports amid lower global prices for key Indonesian commodities.
Indonesia’s economic growth was “still solid”, considering the “abnormal situation full of uncertainty” in the world, Coordinating Economic Minister Airlangga Hartarto commented on the 2024 GDP data in a press briefing on Wednesday.
The minister pointed to geopolitical tension, high interest rates and a slowdown in China as global economic challenges.
In a press conference earlier in the day, Statistics Indonesia (BPS) interim head Amalia Adininggar Widyasanti revealed that Indonesia’s economy grew by 5.03 percent in 2024, topping forecasts ranging between 5 percent flat to 5.02 percent.
It fell short, however, of a government target of 5.2 percent proclaimed last year by the administration of then-president Joko “Jokowi” Widodo.
Economic activity in 2024 was buoyed by accelerated growth of investment and household expenditures, the latter of which alone has long accounted for more than 50 percent of the country’s GDP.
After shrinking to 53 percent of the entire GDP pie in 2023, household expenditures, also referred to as private consumption, bounced back to 54 percent last year after growing by 4.94 percent.
