Indonesia's Economic Growth Slows to 4.94% in Q3-2023

ECONOMIC GROWTH - JAKARTA. The Indonesian Statistics Agency (BPS) has recorded that Indonesia's economy in the third quarter of 2023, covering the period from July 2023 to September 2023, grew by 4.94% on a year-on-year (YoY) basis.

This situation confirms that Indonesia's economy is beginning to slow down. In the previous quarter, Q2 2023, Indonesia's economy was still able to grow by 5.17%.

Acting Head of the Central Statistics Agency, Amalia Adininggar Widyasanti, stated that Indonesia's Gross Domestic Product (GDP) at current market prices (ADHB) amounted to Rp 5.296 trillion. Furthermore, when viewed at constant market prices (ADHK), it was recorded at Rp 3,124.9 trillion.

According to Amalia, the realization of economic growth in the third quarter of 2023 is still considered quite favorable, especially given the backdrop of a slowing global economy, climate change, and decreasing prices of key export commodities.

"Indonesia's economic resilience is once again reflected through a growth rate of 4.94%," said Amalia during a Press Conference in Jakarta on Monday, November 6.

Meanwhile, when compared to the previous quarter, Indonesia's economic growth in the third quarter of 2023 has achieved a quarter-to-quarter (q-t-q) growth of 1.60%.