Ekonomi Q1-2024 Tumbuh 5,11%, Benarkah Indonesia Tahan Banting?

Summary

In Q1 2024, Indonesia's economy demonstrated resilience with a 5.11% year-on-year growth, despite a seasonal quarterly contraction of 0.83%. This growth was driven by robust household consumption and significant government spending, although exports and imports showed minimal increases. Regional disparities were notable, with areas like Kalimantan and Maluku Papua experiencing strong growth. While Indonesia outperformed some major economies, it faces challenges from global uncertainties, including rising oil prices and interest rates. The government aims for a 5.2% growth target for the year, emphasizing the importance of new growth sources and prudent fiscal management.

Takeaways

• 📈 Indonesia's economy grew by **5.11%** year-on-year in Q1 2024, the highest quarterly growth since 2019.
• 🏠 Household consumption increased by **4.91%**, driven by the Lebaran celebrations and the upcoming elections.
• 💰 Government spending surged by **19.9%**, significantly boosting overall economic activity.
• 📉 Quarter-on-quarter growth showed a contraction of **0.83%**, consistent with seasonal patterns from previous years.
• 🌍 The global economy is projected to grow at only **3.2%**, highlighting external risks to Indonesia's economic performance.
• 🔍 Regions like Kalimantan and Maluku Papua experienced notable growth rates of **6.17%** and **12.15%**, respectively.
• 📊 The manufacturing PMI reached **52.8**, indicating expansion, but growth slowed in regions such as Sumatra, Java, and Sulawesi.
• ⚠️ President Joko Widodo emphasized the importance of cautious fiscal management amid rising global uncertainties.
• 💵 The potential increase in Bank Indonesia's interest rates may negatively impact consumer spending and investment.
• 🔮 The government remains optimistic, targeting **5.2%** growth for 2024, supported by initiatives to boost productivity in SMEs.

Q & A

What was the year-on-year economic growth rate of Indonesia in Q1 2024?

The year-on-year economic growth rate of Indonesia in Q1 2024 was 5.11%.

How does the Q1 2024 growth rate compare to previous quarters?

The Q1 2024 growth rate of 5.11% is higher than the growth rate of 5.04% in both Q4 2023 and Q1 2023.

What factors contributed to the economic growth in Q1 2024?

The economic growth in Q1 2024 was primarily driven by household consumption, which benefited from the Lebaran holiday and the 2024 elections.

What was the quarter-on-quarter performance of the economy in Q1 2024?

In Q1 2024, the economy contracted by 0.83% on a quarter-on-quarter basis.

What areas of Indonesia saw significant growth, and which areas experienced declines?

Kalimantan (6.17%) and Maluku-Papua (12.15%) experienced significant growth, while Sumatra, Java, and Sulawesi saw declines.

How did government spending change in Q1 2024?

Government spending increased by 19.9% in Q1 2024.

What does the manufacturing PMI indicate about Indonesia's economic activity?

The manufacturing PMI indicates expansion at 52.8%, showing that the manufacturing sector is growing compared to Q1 2023, which had a PMI of 50.75%.

What global economic conditions are affecting Indonesia's growth prospects?

Global economic conditions affecting Indonesia's growth include rising oil prices, increasing interest rates, and a slowdown in global economic growth, which is expected to be 3.2%.

What is President Joko Widodo's outlook on Indonesia's economic challenges?

President Joko Widodo emphasized the need for caution in fiscal management due to various global challenges, including potential recessions in other countries.

What growth target does the Indonesian government set for 2024, and what factors are considered in this forecast?

The Indonesian government aims for a growth target of 5.2% for 2024, taking into account factors such as household consumption, inflation control, and global economic conditions.