Jakarta (ANTARA) - Deputy chief of staff for economy at the Presidential Staff Office (KSP), Edy Priyono, has said that the government has prepared a number of strategies to maintain economic growth and people's purchasing power.

Priyono noted that Indonesia's economy in the third quarter of 2023 continued to grow positively, namely at 4.94 percent (year on year). The figure was slightly lower compared to the second quarter growth of 5.17 percent.

"Even though Indonesia's economic growth is still quite strong, the government is still wary of the continued impact of the global economic slowdown and increasing food prices caused by the El Nino phenomenon," he said here on Tuesday.

Its strategies for tackling those issues have included allocating a fund of Rp26.09 trillion (around US$1.66 billion) for the distribution of the first and second phases of rice assistance and El Nino cash assistance, he informed.

During each phase of the rice assistance program, which is targeting 21.35 million beneficiaries, each recipient will receive 10 kilograms of rice for three months.

The government has prepared more than 1.2 million tons of rice for the assistance. As of late October 2023, the realization of the distribution had reached 82 percent.

As for the El Nino cash assistance, the government is providing assistance of Rp200 thousand (around US$12.76) per month to 18.8 million beneficiaries from November to December.

He said that amid the economic slowdown and global uncertainty, Indonesia's economy is still quite strong compared to other G20 countries.

From the expenditure side, household consumption and investment were the main pillars of economic growth in the third quarter.

Priyono said that household consumption consistently grew above economic growth, reaching 5.06 percent (yoy). In line with that, investment also grew by 5.77 percent (yoy). Notably, investment has increased consistently since the beginning of 2023.

"Indonesia's economic growth, which remains strong, is also reflected in the production side, especially supported by the process manufacturing industry's (growth of) 5.20 percent," he added.

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Translator: Mentari Dwi, Raka Adji
Editor: Azis Kurmala
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