Jakarta (ANTARA) - Indonesian Finance Minister Sri Mulyani highlighted that Indonesia was able to show good progress amid the weakening economies of other countries due to the global situation.

According to the minister, the good progress is reflected in the economic growth of 5.17 percent recorded in the second quarter of 2023.

"This is a very good achievement, at a time when many other countries are experiencing an economic slowdown," she tweeted on her official Instagram account @smindrawati as quoted in Jakarta on Tuesday.

Moreover, this achievement helped Indonesia to maintain an economic growth of above five percent for seven consecutive quarters, she pointed out.

The minister then drew attention to various factors that contributed to the achievement of Indonesia's economic growth, with the first being, high household consumption growth of up to 5.23 percent (year-on-year/yoy). She affirmed that this achievement is one of the government's successes in reducing inflation that ultimately maintained the people's purchasing power and consumer confidence.

In addition, Eid al-Fitr and Holiday Allowances (THR) also contributed to growth in household consumption, she highlighted.

Next is investment strengthening that grew 4.63 percent yoy, she stated.

Related news: Indonesia's economic growth far above global average: IMF

According to Sri Mulyani, government spending from the state budget also increased sharply to reach 10.62 percent yoy. She is optimistic that this performance would contribute to boosting economic activity.

Mulyani attributed the contraction in exports by 2.75 percent to the weakening global economy. Meanwhile, imports were at minus 3.08 percent due to the number of working days.

The minister remarked that regional growth was also evenly distributed. Java Island recorded growth of 5.18 percent yoy; Sumatra, 4.90 percent yoy; Kalimantan, 5.56 percent; Sulawesi, 6.64 percent; Bali and Nusa Tenggara, 3.01 percent; and Papua, 6.35 percent.

Sri Mulyani remarked that the spatial distribution of economic growth is supported by various infrastructure developments that encourage equal distribution of development across the country.

However, the minister emphasized the importance of efforts to maintain the momentum of this economic recovery and growth, such as by focusing on creating jobs, reducing unemployment, eradicating poverty, fighting stunting, reducing inequality, and creating fair and equitable welfare.

"The state budget always works hard to protect the people and support an economy that grows in quality, equitably, and sustainably," she stated.

Related news: State revenue to reach 11.08--12.38% of GDP in 2024: Minister

Translator: Imamatul Silfia, Resinta S
Editor: Yuni Arisandy Sinaga
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