Indonesia's economic growth reached 5.44% in the second quarter
JAKARTA - Based on data from the Central Statistics Agency (BPS), Indonesia's economy grew high in the second quarter of 2022, amid the risk of a weakening global economy and rising inflationary pressures. This development is reflected in the economic growth in the second quarter of 2022 which reached 5.44% (yoy), far above the previous quarter's 5.01% (yoy).
Acceleration of economic performance is supported by increasing domestic demand, especially household consumption, and export performance that remains high. The improvement in the national economy is also reflected in the increase in the growth of the majority of business fields and in all regions. Looking ahead, Indonesia's economic recovery is predicted to continue, supported by increased mobility, sources of financing, and business activities. However, the impact of the global economic slowdown on export performance and the potential for restraint in household consumption due to rising inflation should be watched out for.
From the expenditure side, economic growth in the second quarter of 2022 was supported by almost all of its components. Household consumption grew strongly at 5.51% (yoy), well above the previous quarter's achievement of 4.34% (yoy). This positive performance was driven by the increase in community mobility in line with the loosening of mobility restrictions and activities related to the celebration of National Religious Holidays (HBKN).
In terms of Business Fields (LU), the performance of almost all LUs in the second quarter of 2022 shows continued economic improvement. The improvement was mainly driven by several foreign trades such as the Manufacturing, Transportation and Warehousing Industries, as well as Wholesale and Retail Trade. (LM)