Pertumbuhan Ekonomi RI Melambat Jelang Akhir 2024 | IDX CHANNEL

Summary

Indonesia's economic growth slowed to 4.95% in Q3 2024, marking a decline from previous quarters. Key sectors like industrial processing, agriculture, and services contributed to growth, but household consumption weakened, partly due to seasonal effects and reliance on savings. The government, under President Prabowo, is exploring strategies to boost the economy, including increased spending and investment. Maluku and Papua led regional growth with the highest economic performance, while other areas like Java and Sumatra also showed positive contributions. The challenge ahead lies in sustaining consumption and achieving more robust growth in the coming quarters.

Takeaways

• 😀 Economic growth in Indonesia for Q3 2024 was 4.95% year-on-year (YoY), showing a slowdown compared to previous quarters.
• 😀 The primary driver of Indonesia's economic growth in Q3 2024 was the processing industry, which contributed 19% to the GDP.
• 😀 Despite the slowdown in Q3 2024, Indonesia's economy grew by 1.50% compared to Q2 2024, indicating some resilience.
• 😀 The government is focusing on increasing purchasing power, especially in the middle class, which has seen its consumption growth slow to 4.9%, the lowest in 13 years.
• 😀 President Prabowo Subianto held a limited meeting with the National Economic Council to discuss strategies to boost economic growth, including optimizing government spending and driving investment.
• 😀 The slowdown in household consumption is largely attributed to weaker consumer demand, with some households relying on savings to cover basic needs.
• 😀 The consumption of non-essential goods and services has particularly declined, signaling a potential economic concern, given the critical role of household consumption in Indonesia's GDP.
• 😀 Indonesia's economic growth saw regional disparities, with Maluku and Papua regions leading with the highest growth rate of 6% in Q3 2024.
• 😀 The growth in Maluku and Papua was driven by the processing industry, trade, and construction sectors, while other regions like Java, Sumatra, and Sulawesi also contributed positively.
• 😀 The government remains optimistic that Indonesia can still achieve a 5% annual growth target by the end of 2024, despite the Q3 slowdown.
• 😀 The Chief Economist of Bank Syariah Indonesia highlighted a significant drop in consumer spending during Ramadan in 2024, signaling broader challenges in maintaining consumption levels.

Q & A

What was Indonesia's GDP growth in Q3 2024?

Indonesia's GDP growth in Q3 2024 was 4.95% year-on-year (YoY), showing a slight slowdown compared to previous quarters.

What sectors contributed most to Indonesia's GDP growth in Q3 2024?

The industrial sector, particularly manufacturing, was the biggest contributor, with a 4.72% growth and a 19% share in GDP. Agriculture also contributed with a 1.69% growth and a 13.71% share in GDP.

What challenges did Indonesia face in Q3 2024 in terms of consumption?

Indonesia faced a decrease in household consumption, especially among the middle class, which saw the lowest growth in consumption in 13 years. Factors such as rising costs and declining purchasing power contributed to this decline.

How did the Indonesian government plan to address the slowdown in consumption?

The government, led by President Prabowo Subianto, is focusing on boosting middle-class purchasing power and increasing government spending to stimulate economic growth, particularly in the final quarter of 2024.

Which regions in Indonesia recorded the highest economic growth in Q3 2024?

Maluku and Papua recorded the highest growth at 6% in Q3 2024, surpassing the national average of 4.95%. These regions were primarily driven by industries such as manufacturing, trade, and construction.

What was the contribution of the Maluku and Papua regions to Indonesia's national GDP in Q3 2024?

The Maluku and Papua regions contributed 2.66% to Indonesia's national GDP in Q3 2024, with significant growth coming from industries like manufacturing, trade, and construction.

How did the growth of Java compare to the rest of Indonesia?

Java, the largest contributor to Indonesia's GDP, grew at a rate of 4.92% in Q3 2024, which is slightly below the national average. However, it remains the key driver of Indonesia's overall economic output.

What were the main factors behind the slower growth in household consumption in Q3 2024?

The slower growth in household consumption was attributed to a combination of lower consumer confidence, declining middle-class purchasing power, and higher inflation, which resulted in reduced spending on both non-essential and basic goods.

How did other regions, such as Sulawesi and Kalimantan, perform economically in Q3 2024?

Sulawesi grew by 5.87%, Kalimantan by 5.2%, and both contributed significantly to Indonesia's GDP growth. Their performance was mainly driven by industries like manufacturing, trade, and mining.

What measures were suggested by the National Economic Council to boost Indonesia's economy?

The National Economic Council recommended increasing government spending, stimulating investment, and focusing on boosting consumption, particularly within the middle class, to reverse the economic slowdown and ensure continued growth.