BPS: Consumption is still the main contributor to the economy in the first quarter of 2023

Armfalcon.com, JAKARTA — The Central Statistics Agency (BPS) noted that household consumption is still the main contributor to the economy in the first quarter of 2023. BPS revealed that the first quarter economy grew 5.03 percent on an annual basis (year on year/ yoy).

“The biggest contributor to gross domestic product (GDP) is consumption, which grew 4.54 percent (yoy) with a 2.44 percent share in the first quarter of 2023,” said BPS Deputy for Balance Sheets and Statistical Analysis Edy Mahmud in the Announcement of the Release of Economic Growth for the First Quarter 2023 in Jakarta, Friday (5/5/2023).

He mentioned that the Ramadan 2023 moment boosted food and beverage consumption growth, although it was not too significant because there were only nine days of fasting in the first quarter of this year.

The highest growth in household consumption occurred in transportation and communication consumption, which was reflected in increased sales of motorcycles and rail, sea and air transport passengers, as well as restaurant and hotel consumption, which was reflected in increased hotel room occupancy rates (TPK).

Apart from household consumption with a contribution of 2.44 percent, Edy said net exports and gross fixed capital formation (PMTB) were the other highest contributors with a share of 2.1 percent and 0.68 percent respectively. Then, followed by government consumption of 0.22 percent and other components minus 0.41 percent.

Exports also grew significantly by 11.68 percent (yoy) in the first quarter of 2023, driven by an increase in mineral fuels, animal/vegetable fats and oils, iron and steel, as well as an increase in the number of foreign tourists to Indonesia.

source : Between