BPS: Indonesia's Economic Growth in Q1 of 2024 Highest Since 2015 (2024)

FAQs

BPS: Indonesia's Economic Growth in Q1 of 2024 Highest Since 2015? ›

Indonesia's GDP Growth in Q1-2024 was 5.11 Percent (y-on-y) and Indonesia's GDP Growth in Q1-2024 was -0.83 Percent (q-to-q). Based on Gross Domestic Product (GDP) at current prices in the first quarter of 2024, Indonesia's economy reached IDR5,288.3 trillion and IDR3,112.9 trillion at constant prices (2010).

Indonesia gdp growth rate for 2022 was 5.31%, a 1.61% increase from 2021. Indonesia gdp growth rate for 2021 was 3.70%, a 5.77% increase from 2020. Indonesia gdp growth rate for 2020 was -2.07%, a 7.08% decline from 2019. Indonesia gdp growth rate for 2019 was 5.02%, a 0.15% decline from 2018.

According to the World Bank's October 2023 economic report, Indonesia's economic growth is underpinned by a pick-up in private consumption and positive terms-of-trade. GDP growth is projected at 5.0 percent in 2023 and to an average of 4.9 percent over the medium term in 2024-2026.

The resilience of the Indonesian economy amid increasing global uncertainty has also been reflected in the economic growth in the first quarter of 2024, which stood at 5.11 percent year on year (yoy), higher than the 5.04 percent yoy growth recorded in the previous quarter.

Gross Domestic Product, First Quarter 2024 (Advance Estimate) Real gross domestic product (GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024, according to the “advance” estimate. In the fourth quarter of 2023, real GDP increased 3.4 percent.

Global GDP growth is projected at 3.1% in 2024 and 3.2% in 2025, little changed from the 3.1% in 2023. This is weaker than seen in the decade before the global financial crisis, but close to currently estimated potential growth rates in both advanced and emerging market economies.

Estimated at over 21 quadrillion rupiah in 2023, it is the 16th largest economy in the world by nominal GDP and the 7th largest in terms of GDP (PPP). Indonesia's internet economy reached US$77 billion in 2022, and is expected to cross the US$130 billion mark by 2025.

Full Year GDP Growth in Indonesia averaged 4.73 percent from 2009 until 2023, reaching an all time high of 6.38 percent in 2010 and a record low of -2.07 percent in 2020. This page includes a chart with historical data for Indonesia Full Year Gdp Growth.

The industry sector is the economy's largest and accounts for 46.4% of GDP (2012), this is followed by services (38.6%) and agriculture (14.4%).

What is the main economic activity in Indonesia? ›

Major industrial sectors include petroleum and natural gas, textiles and apparel, mining, footwear, plywood, rubber and chemical fertilisers. The services sector is equally as important to Indonesia's economy, accounting for 43 per cent of GDP in 2015. Agriculture on the other hand only accounted for 14 per cent.

To achieve such growth, it is important to continue implementing reforms that remove bottlenecks that limit efficiency, competitiveness, and productivity growth. Doing so will enable Indonesia to accelerate growth, create more and better jobs, and achieve its vision of becoming a high-income country by 2045.”

The economy has shown a strong rebound since contracting in 2020 exceeding the 2019 GDP with $1.19 trillion in 2021. By the end of 2022, Indonesia's economy grew by 5.3% returning to its decade of growth above five percent that had been halted by the COVID-19 restrictions in 2020 and 2021.

The economy was forecast to have grown 5.0% in 2023 - within Bank Indonesia's estimate of 4.5% to 5.3% - and will do so at the same pace this year, a separate Reuters survey showed. Get a look at the day ahead in Asian and global markets with the Morning Bid Asia newsletter.

For the full year, the economy expanded 5.05%, slightly above government projections of around 5% while slowing from a 5.31% increase in 2022. For 2024, the country's GDP is expected to grow 5.3%, supported by spending related to the February election.

Nominal (current) Gross Domestic Product (GDP) of Indonesia is $1,319,100,000,000 (USD) as of 2022. Real GDP (constant, inflation adjusted) of Indonesia reached $950,022,000,000 in 2022. GDP Growth Rate in 2022 was 5.31%, representing a change of 56,580,000,000 US$ over 2021, when Real GDP was $1,065,710,000,000.

Indonesia's economy is expected to continue to grow by over 5 percent in 2024 and 2025, according to a report by ASEAN+3 Macroeconomic Research Office (AMRO). The report shows that Indonesia was estimated to witness a real gross domestic product (GDP) growth of 5 percent in 2023.

Cooking oil, mineral water and instant noodles are staple goods that are at the core of the Indonesian diet, so consumption growth for the goods will remain resilient in 2024 and for years to come.

Population of Indonesia in 2024

The population of Indonesia stood at 278.7 million in January 2024. Data shows that Indonesia's population increased by 2.3 million (+0.8 percent) between early 2023 and the start of 2024. 49.7 percent of Indonesia's population is female, while 50.3 percent of the population is male.

Meanwhile, he added, Indonesia's Gross Domestic Product (GDP) will grow from Rp15,400 trillion to Rp24,000 trillion by 2030. “Indonesia's GDP will reach Rp323 trillion or 55 percent bigger than ASEAN's GDP, and the figure will increase to Rp417 trillion by 2030,” he added.