Economic Update Indonesia: Indonesian Economy Expands at a Rate of 5.04% (Y/Y) in Q4-2023
The macroeconomic data that were released by Indonesia’s Statistical Agency (BPS) on Monday 5 February 2024 were largely in line with expectations. However, there is some room for concern as Indonesia’s household consumption wasn’t as strong as we hoped it to be amid the festive season (Christmas and New Year celebrations).
According to the latest data from BPS, the Indonesian economy grew by 5.04 percent year-on-year (y/y) in the final quarter of 2023 (Q4-2023). Meanwhile, with all 2023 data collected, BPS also determined Indonesia’s full-year 2023 economic growth at 5.05 percent (y/y).
Obviously, an economic growth rate of 5.05 percent (y/y) in 2023 is a good result for Indonesia, particularly amid hectic international times, with a looming China-led global economic slowdown, uncertainty over when the US Federal Reserve will start cutting interest rates, sliding global commodity prices, and the Russo-Ukrainian and Israel-Hamas wars. However, growth failed to meet the Indonesian government’s growth target of 5.3 percent (y/y). In this article we zoom in on all GDP components of Indonesia to give a comprehensive overview of the Indonesian economy.
When we break down economic output per person, then we see that Indonesia’s per capita GDP had risen to USD $4,919.7 at the very end of 2023 (see table 2).
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