The economic growth in the first quarter is better than we predicted and, of course, it will support economic growth in the second quarter to be higher than 5 percent​​​​​​​.
Jakarta (ANTARA) - Governor of Bank Indonesia (BI), Perry Warjiyo, has projected that Indonesia's economy will clock above 5 percent growth in the second quarter of 2024.

"We are optimistic that in the second quarter, it will be above 5 percent as well, and it is supported by household consumption," he said at a media briefing on the "Latest Economic Developments" at Thamrin Building, Jakarta, on Wednesday.

According to him, economic growth in the second quarter will support the continuity of government infrastructure development, which is linked to national and private strategic projects.

Warjiyo noted that Indonesia's economy expanded 5.11 percent in the first quarter of 2024, slightly higher than BI's prediction of 5.08 percent growth.

Gross domestic product (GDP) at current prices was recorded at Rp5,288.3 trillion (around US$328.83 billion), while GDP at constant prices was pegged at Rp3,112.9 trillion (around US$194.21 billion).

Sectorally, the main contributors to the economy, in terms of production, in the first quarter were the processing, trade, agriculture, construction, and mining and quarrying industries.

These five sectors contributed positively to economic growth, with their total contribution reaching 63.61 percent of the GDP.

Based on spending, the main contributors to the economic growth in the first quarter were household consumption and gross fixed capital formation, which contributed 54.93 percent and 29.31 percent respectively.

"The economic growth in the first quarter is better than we predicted and, of course, it will support economic growth in the second quarter to be higher than 5 percent," he said.

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Reporter: M Baqir, Raka Adji
Editor: Aditya Eko Sigit Wicaksono
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