Economic Update Indonesia: Economy Expands at a Rate of 4.95% (Y/Y) in Q3-2024
Albeit still at an admirable level, Indonesia’s economic growth rate fell slightly short of expectations in the third quarter of 2024 (Q3-2024). Based on the data released by Indonesia’s Statistical Agency (Badan Pusat Statistik, BPS) on 5 November 2024, Indonesia’s gross domestic product (GDP) grew by 4.95 percent year-on-year (y/y) in Q3-2024.
Considering our projection was set at the range of 5.0–5.1 percent (y/y) for Q3-2024 the outcome can be regarded slightly disappointing. On the other hand, it does raise chances that we don’t need to revise our full-year 2024 economic growth projection for Indonesia, which is still set at 5.0 percent (y/y).
Below, we take a deep dive into the statistics. But we can already give away here that two matters seem to have (slightly) dragged down growth in Q3-2024 compared to Q2-2024, namely (1) modestly easing household consumption, and (2) a significant increase in imports (despite the generally appreciating rupiah rate in Q3-2024) that are subtracted from the GDP components to calculate overall GDP.
Overall, international conditions were still highly uncertain in Q3-2024. There is the ongoing Russo-Ukrainian war, an escalating conflict in the Middle East, high interest rates (with key central banks finally starting cutting rates in September 2024), and the shaky economy of China (the biggest trading partner of Indonesia).
Fortunately, Indonesia has this enormous and thriving domestic market that makes sure economic expansion remains on track, despite global turmoil. In this article we zoom in on all GDP components of Indonesia to give a comprehensive overview of the performance of the country’s national economy in Q3-2024.
[...]
Buy the report (31 pages) to read the full analysis. This report (an electronic report, PDF) can be ordered by contacting us through email and/or WhatsApp:
- info@indonesia-investments.com
- +62(0)882.9875.1125
This report discusses:
- GDP in current and constant prices
- Quarterly and annual GDP growth
- GDP distribution
- Growth of business sectors
- Household consumption
- Gross fixed capital formation (including direct investment)
- Trade (exports and imports)
- Government spending
- Regional economic growth
Price of this report:
Rp 50,000 (or equivalent in other currencies)
