"If compared to the first quarter's economic growth in the previous years, economic growth in the first quarter of 2024 is the highest since 2015," Acting Head of BPS Amalia Adininggar Widyasanti stated at a press conference here on Monday.
She noted that Indonesia had earlier recorded a growth of 5.12 percent in the first quarter of 2014.
According to Widyasanti, Indonesia's economic growth in Q1 of 2024 showed a relatively solid growth of 5.11 percent though experienced a contraction of 0.83 percent as compared to the previous quarter.
She further remarked that the main contributors to the economy in Q1 of 2024 in terms of production are the processing, trade, agriculture, construction, and mining and quarrying industries.
These five sectors contributed positively to economic growth, with a total contribution reaching 63.61 percent of the GDP.
"This is in line with the increase in production activities that remained strong to meet domestic and foreign demands," she highlighted.
In terms of spending, the main contributors to economic growth in the first quarter of 2024 are household consumption and gross fixed capital formation.
Widyasanti noted that household consumption and gross fixed capital formation contributed 54.93 percent and 29.31 percent respectively to the GDP.
The BPS acting head explained that spatially, economic growth remained maintained in all regions, albeit with varying rates.
Java island is still the biggest contributor to the GDP, with 57.7 percent, followed by Sumatra island, with 21.85 percent.
According to Widyasanti, Papua Province recorded the highest economic growth, at 9.35 percent year-on-year, while Bangka Belitung Islands Province is the region with the lowest economic growth, with 0.02 percent year-on-year.
Related news: OJK projects solid growth for Indonesia with maintained core inflation
Related news: Ministry highlights importance of care work for economic growth
Related news: Standardization helps boost national economic growth: BSN
Translator: Bayu Saputra, Raka Adji
Editor: Azis Kurmala
Copyright © ANTARA 2024
