According to Siregar, household economic activities that dominated growth are apparent in the 2023 second quarter during which an economic growth of 5.17 percent was recorded that was mainly driven by household consumption.
"In terms of sustainability and long-term improvement, economic growth based on household consumption and investment, which account for around 80 percent of the gross domestic product (GDP), is much more sustainable," Siregar stated.
At the event, titled "Leading Indonesian Financial Literacy (LIKE IT)," he noted that investment grew 4.63 percent on an annual basis (yoy).
Meanwhile, based on Statistics Indonesia's (BPS') data, Indonesia's economic growth in the second quarter of 2023 had reached 5.17 percent, much higher than the market consensus of 4.93 percent.
He highlighted that last year, exports emerged as the main driver of the economy.
In terms of the GDP, household consumption continues to grow 5.23 percent (yoy), which was encouraged by the celebration of religious holidays, such as the Ramadan Month, Eid al-Fitr, and Eid al-Adha, as well as by the provision of Religious Holiday Allowance (THR) and the 13th Salary.
Household consumption groups that recorded high growth included transportation and communication, clothing, footwear and care services, and restaurants and hotels.
Furthermore, he explained that the investment component in the Indonesian economy can still thrive further, considering the millennials and Gen Z members, who can contribute to boosting economic growth.
The number of millennial and Gen Z investors has reached 80 percent of the total 11.5 million, or 4.5 percent of Indonesia's total population, stock market investors.
Hence, to this end, he believes that vast potential still exists for the growth of young investors in Indonesia.
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Translator: Bayu S, Kenzu
Editor: Sri Haryati
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