Indonesia's economy grows 5.11% in first quarter of 2024: highest since 2019

According to the latest statistics released by Indonesia's National Statistics Agency, Indonesia's economic growth rate reached 5.111 TP3T in the first quarter of 2024, a figure that was up from 5.041 TP3T in the fourth quarter of 2023.

Statistics reveal that Indonesia's economic growth has not reached such a peak in the first quarter since 2019, when it was 5.07% year-on-year.

Amalia, the chief representative of the National Statistical Office, mentioned that the economic expansion in the first quarter of this year was due to the two pillars of consumption and investment, which contributed 2.621 TP3T and 1.191 TP3T to the economic growth, respectively.During the quarter, Indonesia experienced the general election and the end of Ramadan celebrations, which were events that significantly pushed up the level of consumption. At the same time, government spending also increased.

According to further news, thanks to the advancement of the new capital's construction project, Kalimantan, Indonesia's economy grew at an impressive 6.17% in the first quarter of 2024.

Amalia also mentioned that compared to several other major trading partners, Indonesia's economic growth rate of 5.11% in the first quarter exceeded that of the United States, Japan, Malaysia and Singapore, but was still lower than that of China and India.

Indonesia's Finance Minister Silly Muliani said on the same day that economic data for the first quarter showed that the Indonesian economy has maintained its robustness and resilience against the backdrop of the current uncertain global economic environment.

News source:Jakarta, capital of China News Agency (CNN)