Indonesia's economic growth in 2024 Q1 highest recorded since 2015

Jakarta (ANTARA) - Statistics Indonesia (BPS) stated that Indonesias economic growth in the first quarter (Q1) of 2024 stood at 5.11 percent year-on-year, the highest since 2015.

"If compared to the first quarter's economic growth in the previous years, economic growth in the first quarter of 2024 is the highest since 2015," Acting Head of BPS Amalia Adininggar Widyasanti stated at a press conference here on Monday.

She noted that Indonesia had earlier recorded a growth of 5.12 percent in the first quarter of 2014.

According to Widyasanti, Indonesia's economic growth in Q1 of 2024 showed a relatively solid growth of 5.11 percent though experienced a contraction of 0.83 percent as compared to the previous quarter.

She further remarked that the main contributors to the economy in Q1 of 2024 in terms of production are the processing, trade, agriculture, construction, and mining and quarrying industries.

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

"This is in line with the increase in production activities that remained strong to meet domestic and foreign demands," she highlighted.

In terms of spending, the main contributors to economic growth in the first quarter of 2024 are household consumption and gross fixed capital formation.

Widyasanti noted that household consumption and gross fixed capital formation contributed 54.93 percent and 29.31 percent respectively to the GDP.

The BPS acting head explained that spatially, economic growth remained maintained in all regions, albeit with varying rates.

Java island is still the biggest contributor to the GDP, with 57.7 percent, followed by Sumatra island, with 21.85 percent.

According to Widyasanti, Papua Province recorded the highest economic growth, at 9.35 percent year-on-year, while Bangka Belitung Islands Province is the region with the lowest economic growth, with 0.02 percent year-on-year.