North Sumatra Investment Book
INDONESIA GDP GROWTH
BB BANK INDONESIA
BANK SENTRAL REPUBLIK INDONESIA
Strong GDP Growth¹
I
II III IV
II IV I IV I IV I
2017
2018
2019
2020
2021
2022
qtq
yoy
Source: Central Bureau of Statistics of Indonesia (BPS), ** Including non-profit household consumption
GDP Regionally
4.10
SUMBAR
KEP. RIAU
6.40
BENGKULU
4.75
Sumber: BPS, diolah
2023 Budget
SUMSEL
LAMPUNG
DANTEN
403
W
AMTARA
KALTIM
AY
GORONTALO
198
KALBAR
5.01
SULUT
5.201
MALUT
KALTENG
17,75
KEP. BABEL
SULBAR
PAPBAR
-0.37
KALSEL
5.32
SULTRA
MALUKU
SULSEL
5.57
5,11
4.44
4,61
DALI
NTB
JATIM
6,61
NTT
5.53
Q42203'22
Q4'22-03 22
Q4 22<Q3'ZZ
Indonesia Growth Prospect in 2023
Bank Indonesia
Institutions
Consensus Forecast (February 2023)
World Bank (GEP, Jan 2023)
IMF (WEO, Jan 2023)
5,01
0,36
III IV
PAPUA
GDP growth (%)
5.3
4.5-5.3
4.5
4.8
4.8
Indonesia economy expands at rate of 5.31% (yoy) in Full 2022,
which is the best full-year GDP growth rate since 2013. It is
reflected that Indonesian economy performed well amid still troubled
global conditions. Meanwhile, in the last quarter of 2022 the
Indonesian economy showed a growth rate of 5.01% (yoy) slightly
slower than last quarter 5.73% (yoy). Solid economic performance
was supported by persistently strong domestic demand, investment,
and exports. National economic improvements were also reflected
by various economic sectors and all regions of the archipelago.
Moving forward, economic growth is expected to remain intact on
the back of domestic demand in line with improving mobility and the
ongoing completion of national strategic projects (PSN).
In terms of spending, nearly all components recorded positive
growth in the reporting period. Household consumption
expanded 4.48% (yoy) despite moderating from 5.39% (yoy) in the
previous period. Strong growth was consistent with increasing public
mobility, the limited impact of fuel price adjustments as well as
disbursements of social assistance (bansos) and energy subsidies.
Investment still going strong to 3.33% (yoy) despite moderating from
4.98% (yoy), primarily driven by non-building investment in
machinery and equipment. Meanwhile, government consumption
experienced a 4.77% (yoy) contraction due to lower procurement
spending for Covid-19 handling as the number of Covid-19 cases is
slowing down. Exports continued to expand with growth reaching
14.93% (yoy), despite moderating from previos quarter underpinned
by persistently strong demand in Indonesia's main trading partners,
together with policy to accelerate exports of crude palm oil (CPO).
But, it is moderating because the commodity prices in the
international market is slowing down. Import growth was also
slowing down at 6.25% (yoy) in the reporting period.
Nearly all economic sectors growing strong in the last quarter of
2022, primarily driven by the Manufacturing Industry, Mining,
Agriculture as well as Wholesale and Retail Trade. Regionally,
economic improvements were bolstered by growth in all regions of
Indonesia, led by Sulawesi-Maluku-Papua (Sulampua), followed by
Java, Bali-Nusa Tenggara (Balinusra), Kalimantan and Sumatra.
6
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