Economic Update: Indonesian Economy Expands at a Rate of 5.11% (Y/Y) in Q1-2024
The macroeconomic data that were released by Indonesia’s Statistical Agency (BPS) on Monday 6 May 2024 were largely in line with our expectations. BPS announced that the nation’s gross domestic product (GDP) growth was recorded at 5.11 percent year-on-year (y/y) in Q1-2024, which is within our projection of 5.1–5.2 percent.
We consider this growth rate a very healthy one amid ongoing hectic international conditions, such as geopolitical turmoil in the Middle East, the Russo-Ukrainian war, persistently high global interest rates and lackluster global economic growth (led by Indonesia’s biggest trading partner, China).
In this article we are going to zoom in on all GDP components of Indonesia to give a comprehensive overview of the performance of the Indonesian economy in the first quarter of 2024 (Q1-2024).
Q1-2024 Indonesian GDP in Current and Constant Prices
Based on current prices, Indonesian GDP reached a level of IDR 5,288.3 trillion (or approx. USD $330.52 billion using an IDR 16,000 per US dollar exchange rate) in Q1-2024. Table 2 shows that Indonesian GDP in fact contracted on a quarter-on-quarter (q/q) basis in Q1-2024, with the main reasons being the decline in gross fixed capital formation (GFCF), the decline in exports, and the decline in government spending. The contraction in Indonesian GDP was recorded at -0.27 percent (q/q) in Q1-2024.
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