"Especially optimism in seeing the potential of the domestic economy in the short term," Kacaribu noted in an official statement received in Jakarta, Tuesday.
Moreover, he said, the manufacturing industry, which continues to be expansive, reflects the strength of Indonesia's economy amid the global economy that is still overshadowed by the trend of slowdown and uncertainty.
In the midst of global economic pressure, Indonesia's manufacturing sector has consistently expanded throughout the first quarter of 2023. The national manufacturing PMI indicator strengthened again to a level of 51.9 in March 2023, from 51.2 in February 2023.
There are indications that the level of domestic demand has continued to increase, supporting manufacturing production activities in the midst of relatively strained export demand.
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In addition, distribution and logistics have continued to improve in the last two months and been able to boost production activities in the country.
According to Kacaribu, Indonesia and India are two of the few Asian countries that experienced an increasing trend of Manufacturing PMI. India's PMI was recorded at a level of 56.4, from 55.3 in last February.
Despite the slowdown, Thailand and the Philippines are still in the expansionary zone, with PMI of 53.1 and 52.5 respectively.
Meanwhile, Vietnam, with a PMI of 47.7, and Malaysia, with 48.8, experienced contractions, and so did Japan, with a PMI of 49.2, and Korea, 47.6, that remained in the contraction zone throughout the first quarter.
"The PMI of Asia's largest economy, China, is relatively stagnant at a level of 50.0," he stated.
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Translator: Agatha Olivia, Cindy Frishanti Octavia
Editor: Yuni Arisandy Sinaga
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