"Our consumption level is strong and Thank God, people's consumption has increased due to the election," Hartarto observed here on Wednesday.
He said that the increase in people's consumption can be seen from national economic growth, which reached 5.05 percent year on year (yoy) in 2023.
He further said that preparations for the election pushed up Gross Fixed Capital Formation (GFCF) and non-routine consumption of Non-Profit Organizations Serving Households (LNPRT) in the fourth quarter of 2023.
According to Hartarto, good political stability can help maintain economic stability. The regular holding of elections is a sign that the country's political situation is stable, he noted.
"Economic stability occurs because of the election holding, so political stability affects economic stability. Political stability is seen by the regular election held every five years, which makes Indonesia's situation predictable," he said.
Meanwhile, Statistics Indonesia (BPS) said that compared to other consumption components, LNPRT consumption recorded the highest year-on-year growth at 18.11 percent in the fourth quarter of 2023.
Meanwhile, household consumption and GFCF were the main contributors to GDP growth in the fourth quarter of 2023, and added 53.83 percent and 30.57 percent to the GDP, respectively.
Earlier, Finance Minister Sri Mulyani Indrawati said that she is optimistic Indonesia's economy will grow strongly by 5.2 percent in 2024.
"Based on global dynamics and domestic economic potential, Indonesia's economy is estimated to continue to grow strongly by 5.2 percent in 2024," she observed on February 7.
According to Tourism and Creative Economy Minister Sandiaga Salahuddin Uno, the economic turnover during the election could cross Rp1 trillion, or around US$64 million.
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Translator: Uyu L, Kenzu
Editor: Azis Kurmala
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